What Does the Future of the Supply Chain Look Like?
Technology, automation, climate change, and customer demands continue to improve the future of the supply chain. However, companies must take a more proactive approach than waiting for these supply chain improvements to dictate how they respond. Instead, they should seek to implement changes that will streamline their operations and create opportunities to get ahead of the competition. Beyond helping companies gain a competitive edge, an efficient supply chain is cost-effective and environmentally responsible in most cases.
Consider some of the most significant changes supply chain professionals should expect to see within the next five years:
Artificial Intelligence, Machine Learning, and Predictive Analytics
As technology continues to evolve, so too will the supply chain. Artificial intelligence (AI), machine learning, and predictive analytics are critical for improving supply chain efficiency. Companies can use these advancements to streamline their supply chains and reduce inefficiencies. For example, some companies use AI for spending management, including tracking exchange rate volatility and identifying the most cost-effective product suppliers.
Integrating new forms of technology is only helpful if you have a resilient, flexible and forward-thinking team that is prepared to learn about and adapt to new technology and practices. Companies should focus on creating a digitally inclusive, collaborative environment that prioritizes professional growth and ongoing learning opportunities. Look for candidates who can see things from a bird’s eye view and possess excellent problem-solving skills.
Many companies have adopted greener supply chain management methods as consumer expectations continue to evolve due to climate change. For example, some companies have seen new consumption preferences from customers, like requesting goods in new locations and formats. As a result, many companies switched to digital-first selling formats during the COVID-19 pandemic.
Some companies implemented regional sourcing hubs to expand their regional supply chain networks responsibly. Regional sourcing hubs and eco-friendly material handling solutions make selling in new regions and networks easier and more sustainable.
Supply Chain Management Across Industries
Many industries have felt the effects of these changes and disruptions beyond anyone’s control, like the COVID-19 pandemic or natural disasters like earthquakes and tsunamis. In particular, the food and beverage, industrial and retail industries have seen supply chain disruptions in the last few years. Finding efficient, sustainable material handling solutions can help companies cut supply chain costs, proactively minimize inefficiencies, and avoid costly mistakes in the long term.
Contact Polymer Solutions International for Custom Plastic Molding Products and Solutions
Problem-solving and custom material handling solutions are at the forefront of supply chain improvements for many industries, including the food and beverage, pharmaceutical, pet food, and retail sectors. At Polymer Solutions International, our engineers custom-design innovative, sustainable material handling solutions that serve various industries’ shipping and handling needs. We’ll help your company reduce losses with material handling solutions that meet your industry’s transportation standards and specifications.
Contact us online or call us at 877-444-7225 to learn more about our material handling products and solutions or request a custom quote.