The future of the supply chain is an ever-evolving topic. Many factors impact the supply chain; technology advancements, key learnings from the pandemic, changes in customer behavior, and many more – have all played important roles.
In recent years, we have seen an upward trend in companies investing and incorporating advanced technology into day-to-day operation, drastically transforming business performance. Based on the latest market trends, here’s what is in store for the future of the supply chain.
Collaboration: Bridging the Gap between Technology and Operations
The importance of collaboration in an increasingly technological world is paramount. To have successful collaboration, every organization needs to work to bridge the gap between technology and operations in the supply chain industry. In GSC’s operations, we’ve seen technology collaboration bolster operational efficiency, allowing additional time to proactively flag issues with shipments, save our clients more money and improve client satisfaction overall. In a world that once (and for many logistics companies still do) live in tracking every operation component in spreadsheets, integrating data in real-time to your operations systems is critical. Investing in valuable technology solutions demonstrates first-hand how organizations can streamline operations, enhance productivity and drive sustainable growth.
Data-Driven Decision Making and Process Optimization
The basis of what makes technology so powerful in the industry is one thing: data. The integration of business processes with data is not something new and the power of data cannot be underestimated in supply chain management. 75% of businesses who have improved their data quality in 2022 have exceeded their annual objectives in some way, according to Experian. Organizations need to adopt a data-driven approach to remain competitive. By putting the data at the forefront of your strategy, businesses can enhance organization, achieve high-level execution, and identify cost-saving opportunities, ultimately resulting in optimized global supply chains.
Aligning Growth and Profitability Strategies
In an evolving supply chain environment, organizations need to align growth with profitability strategies. Every business approach this differently and should be adaptive to the current economic condition. For example, there are potential trends of lower valuations, a normalization of long-term averages, and a reduction in investments and transactions in the current market. So, by strategically aligning growth objectives with profitability goals, organizations can navigate market fluctuations and drive sustainable success in the long run.
Customer Experience Remains at the Heart of it All
Developing a data-centric business strategy and enabling seamless collaboration between operations and technology while aligning growth and profitability strategies is critical. However, this must be designed with the customer experience in mind. Businesses can cultivate customer loyalty, generate a positive reputation and gain a competitive edge by delivering superior customer experience. Understanding your customer’s goals, and helping them exceed expectations, should be the cornerstone of everything an organization does. Even with the best systems in place, customer approval remains critical to a business’s success.
At GSC, we’re excited to remain on the frontlines of the ever-changing supply chain and to see what the future has in store. Curious how GSC leverages advanced technology in operations? Check out our services and solutions here.