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Supply Chain and Logistics Trends

By October 13, 2023October 25th, 2023Uncategorized

Supply Chain and Logistics Trends Taking the Lead in 2024

Navigating the ever-evolving landscape of the supply chain and logistics sector requires a proactive approach that integrates agility, sustainability, and visibility into core business operations. As we enter the final quarter and prepare for the challenges and opportunities ahead, embracing change is a necessity to attain a competitive advantage.

In this article, Supplylite founder and CEO, Mike Billingham, explores the top 3 trends shaping the sector and shares how your business can accelerate the pace of change to stay ahead in the coming year.

Supply Chain and Logistics Trends

CEO, Founder |
Mike Billingham

Agility | Devise Alternative Solutions to Overcome Disruptions

Agility will remain imperative as economic headwinds and shifts in supply and demand force businesses to adapt quickly. Managing rising costs and effectively mitigating disruptions within the supply chain are key to surviving. 

Agile organisations have real time data available to reduce disruptions and validate 3PL provider costs and service delivery against KPIs. Legacy ERP platform solutions need to be uplifted with innovative supply chain-oriented capability to deliver confidence across the supply chain lifecycle for all levels of the organisation. Organisations need swiftly deployable alternative solutions to minimise the impact of disruptions, and ensure ongoing operations that meet customer obligations.

Enhancing supply chain agility involves investing in technologies and innovations designed to counteract modern-day disruptions. The design of supply chains has evolved significantly in recent years with the introduction of technologies like Blockchain. Blockchain enabled software keeps your supply chain information protected, and provides real time data to support effective decision making. Organisations that can harness this technology will enhance their agility and gain valuable visibility and transparency across members of their supply chain network.

Sustainability | Adopt a Sustainable and Responsible Business Model

Australia has made significant progress in its energy transition to meet the 2050 net-zero emissions target, with businesses placing a stronger emphasis on environment preservation. Strategically, cutting energy consumption and reducing waste helps businesses shrink their environmental footprint and promotes an efficient, sustainable and responsible business model.

Initiatives such as waste management and reverse logistics are crucial in reducing the environmental impact of storage and handling operations, it includes reducing energy consumption and implementing recycling programs.

Organisations are recognising the value of decommissioning stranded or end-of-life fossil fuel assets. Australia faces a substantial challenge, with the Australian Oil and Gas Outlook report stating there will be an estimated total decommissioning and closure liability of $60 billion from 2020 to 2050. 

Decommissioning activity will grow materially in coming years, with businesses considering their obligations over diverse jurisdictions.

Visibility | Enhance Visibility for Efficiency

With ongoing disruptions occurring across supply chains, business leaders are prioritising investing in digital solutions to gain real time visibility. A recent McKinsey report highlights the need for end-to-end (E2E) integrated solutions rather than point solutions. Supply chain leaders that increased their E2E visibility were two times more likely to report no material challenges compared to their counterparts.

Real time supply chain visibility empowers businesses and reduces costs. Having complete visibility, businesses can improve decision making and operational processes by identifying the most efficient routes and procedures, feeding those savings directly to the bottom line.

E2E visibility is essential to effectively monitor a supplier’s performance, creating quality assurance, and supporting ongoing improvements in operational efficiency. Visibility reduces production costs and increases client satisfaction by pinpointing inefficiencies and leaks in the supply chain, resulting in an uplift in the organisation’s ability to deliver on their commitment to their customers.

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