As the global economy is developing, the trends and challenges in supply chain management are rapidly changing.
The role of supply chain professionals are transforming from cost managers to managing relationships with stake holders, connecting with suppliers and tracking the orders with taking care of the finance.
Also, many organizations are changing according to consumer behaviours and demands.
To keep speed with these changes, it’s important to keep an eye on the supply chain and logistics trends that are happening right now.
Check out the trends in logistics and supply chain management:
– Growth in e-commerce
As we are moving with digital communications and technology, the e-commerce segment is continuously growing.
The new economy of e-commerce solutions and global trade has forced companies to redefine their corporate strategies and to redesign their business models.
E-commerce is bringing extensive growth and a landscape of continuing change in managing logistics and supply chain operations.
– Freight market
With development taking place in almost every sector, the shipment of goods and services are transformed. Freight forwarding and contract logistics continue to be a growth industry.
The freight marketers who honed in on spot rates may have seen short-term cost savings, while those who focused on strategic carrier relationships traded potentially higher rates for long-term mutual benefits.
The logistics industry encompasses important operations like transportation, warehousing, the supply of goods and services that support the business and the economy.
The structure of the supply chain is significantly influenced by different taxes based on the location of the business.
By eliminating multiple state taxes, the logistics companies can consolidate their warehouses instead of maintaining one in each state to avoid central tax.
GST offers a massive opportunity for logistics service providers to enhance their role and improve penetration of organized participants
– Data security strategy
Supply chains are more dependent on digital technologies at every stage of the sourcing, manufacturing and distribution process.
The supply chain as a whole is only truly secure when all entities throughout the supply chain carry out effective, coordinated security measures to ensure the integrity of supply chain data, the safety of goods, and the security of the global economy.
– Big Data
Organizations are diving into their data sets and coming up from the deep with key insights to apply to their operations, making it clear that big data has an important role to play in any industry.
Big Data in supply chain reflects the common use of data information for marketing purposes.
To learn more about the transformative nature of logistics and enhance your career profile, check out XLRI’s Executive Program in Logistics and Supply Chain Management provided by Education Lanes.