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.
Rahul S Dogar, CEO, Holisol Logistics says, the drivers of the logistics industry will largely remain unchanged in 2023. On the retail side of the business, a significant shift from e-commerce to omnichannel sales is taking place. While the manufacturing sector will focus more on exports as a result of the government’s push, every country is looking to China and reviewing their sourcing strategy. National Logistics Policy is becoming a part of corporate debate, and new logistic strategies will be developed with this in mind.
There is a shortage of ready talent in terms of skilled manpower for logistics growth, the type of solutions and services we provide. In a competitive environment, we must hire and train people, which is both good and bad. The only way to meet the high demand is to implement a large, institutionalised programme to train more and more people in logistics processes. There is a lot of work being done, thanks to NSDC support, but it is still insufficient. We need 100 times that amount to support the industry’s talent needs.
The government has announced some positive initiatives for the sector, they would be extremely beneficial to the industry as a whole once completed.
While E-commerce requires absolute speed and accuracy in the way these supply chains must be handled, the only way to deliver that level of precision and efficiency is through the use of technology, robust processes, and trained personnel. E-commerce companies have been so focused on perfecting the last part (fulfilment + last mile), I believe it is time for them to shift their attention to the upstream supply chain as an efficiency driver.
To keep up with track and trace, the use of technology has seen the most investment in recent years and will continue to do so as companies try to solve previously unresolved issues while also competing for faster delivery. The problem of faster delivery can only be solved holistically from end-to-end supply chain view, so that each part of the supply chain performs its own part quickly and in perfect synchronisation with the next part. This would necessitate technological investments in end-to-end supply chain systems at the levels of planning, optimisation, and execution. As prescriptive and predictive analytics become required features of demand and supply planning, the use of AI/ML/Big data technologies will take centre stage.
The government has announced some positive initiatives for the sector. However, because the scope of these initiatives is so vast, it will take some time for them to bear fruit and see the light of day. They would be extremely beneficial to the industry as a whole once completed. We are closely monitoring developments and will make plans to align with and benefit from these reforms and initiatives.
