Successful brands have discovered that flexibility and visibility are the keys to surviving unanticipated supply chain disruption as businesses of all kinds continue to deal with economic instability, shipment delays, and supply chain bottlenecks.
Macroeconomic risk management will become a crucial component of planning tools and procedures as businesses continue to struggle with global volatility, supply shortages, and geopolitical shifts. Now is the time to evaluate whether you have plans for mitigating potential hazards and flexible compliance requirements that can expand your company in 2023.
The new year is an excellent time to rethink your supply chain strategy, but where should you begin? CargoInsights, finds the answer to it from the industry.
Even in 2023, we still anticipate a transition to digital communication from paper-based operations. The sector must realise that this inconvenience lowers operating effectiveness and only lowers operating effectiveness but also raises error margins, says Ashish.
According to a recent IATA report, global air cargo volumes are expected to fall four percent year on year in 2023. Cargo volume will fall to 57.7 million tonnes next year, down from 60.3 million tonnes this year, as the market cools after strong periods of growth during the COVID-19 pandemic. Because of the cost difference between air and ocean, there may be a modal shift from air to less expensive ocean. The smallest shift from air to ocean may slow the growth of the air cargo industry.
But there is not all bad news. With the airlines returning to more passenger aircrafts, the ongoing recovery in belly capacity will highlight cargo yields.
However, upskilling is a major concern in today’s world; a great deal of skill development is required. We cannot deny that the industry is doing everything possible to up-skill its employees, but the challenge remains that few people prefer logistics as a career option. We hope that, with the implementation of the National Logistics Policy (NLP), the skill development council will take these concerns seriously. However, in the logistics industry, companies must train their employees on a regular basis to keep them informed about new laws and regulations affecting the industry, as well as how to handle cargo.
With the airlines returning to more passenger aircrafts, the ongoing recovery in belly capacity will highlight cargo yields