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ASCM’ Identifies Supply Chain Trends for 2024

ASCM Identifies Supply Chain Trends for 2024

Jan. 8, 2024
An alarming increase in cybercrime will continue, says industry group.

In reaction to a number of influences on the supply chain that companies had to face in  2024, ASCM is offering some guidance on what to expect in 2024. Here is an except from an blog by Elizabeth Rennie.

Artificial intelligence

Advances in artificial intelligence (AI) are happening at an unprecedented rate and offering numerous immediate returns — particularly in the areas of intelligent sourcing, inventory management and logistical route-planning. Cobots drive warehousing efficiency through picking and packing, loading and unloading, and moving heavy objects; computer vision supports defect detection and object recognition; robotics enable safer assembly and welding; and augmented reality advances training, maintenance and quality control. Meanwhile, machine learning (ML), a subset of AI that allows computers to learn without being explicitly programmed, will be used to make predictions and decisions about demand forecasting, quality control, new product development and much more.

Agility and resilience

Our consumer-centric world requires a different type of supply chain — one that’s able to predict, prepare and respond to rapidly evolving demand and product and channel mix. As such, supply chain agility will require new capabilities and tools, including machines capable of faster changeovers and handling a wider range of products and shipment types, collaborative robots, smart packaging, and others. Skilled, flexible workforces will be essential, as more humans program and work alongside these advanced technologies and cross-functional teams collaborate to solve problems in short, incremental sprints. All of this will foster supply chain resilience, a 2024 strategic priority that must be embedded with digitization, optimization, sustainability and talent development.

Cybersecurity

Modern supply chains are global, and so are the threats they face. Cybercriminals are not bound by geography and can target any entry or access point in the supply chain, driving the need for cybersecurity to be a core part of digital and intelligent networks. An alarming increase in cybercrime is likely to continue, leading to more data breaches, delays and shortages, reputational damage, compliance issues, safety risks, and financial loss. Supply chain professionals must safeguard their networks by staying up-to-date on best practices; using a risk-based approach to cybersecurity; and investing in cybersecurity solutions, training and awareness.

Green and circular supply chains

Many supply chain organizations have set ambitious goals to become carbon neutral and achieve net-zero waste and water objectives in the near future. At the same time, increasing pressure from consumers, employees, investors, governments and regulators will compel others to carefully consider the sustainability of their future operations. To achieve green and circular supply chains, organizations must ensure change can take root across the end-to-end value chain. This will involve partner collaboration, implementation of the right tech, educating employees, setting clear tracking targets, measuring impact, identifying areas for improvement, and reporting on progress in order to be held accountable.

Here is the full list. 

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