Thinkers360 2024 Predictions for Supply Chain are member-sourced from our opt-in B2B thought leader and influencer community with 100M+ followers on social media combined. The 2024 Predictions for Supply Chain are part of a series to provide actionable insights for business and technology executives.
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We asked a selection of our Thinkers360 global thought leaders and influencers about their predictions for Supply Chain in 2024. Here’s what they told us…
What are your predictions for Supply Chain in 2024?
Supply chains will extensively adopt green technologies such as solar and wind energy, electric vehicles, and energy-efficient systems to minimize their carbon footprint. Artificial Intelligence (AI) and advanced analytics will play a crucial role in optimizing the use of resources, while predictive analytics will help in forecasting demand more accurately to avoid overproduction and waste, and AI will enhance material flow and routing to reduce energy usage. Advanced sensor technologies and IoT will enable real-time monitoring of environmental impact across the supply chain, enabling companies to monitor emissions, waste generation, and water usage in real-time, allowing for immediate corrective actions and continuous improvement towards sustainability goals.
– Tom Raftery, Technology Evangelist, Podcast Host, Thought Leader & Influencer.
2024 is the year that supply chain professionals will find a language that they are comfortable using to manage the most sensitive issues companies face. Human rights, diversity, environmental impact, and global politics, are challenging, but all of them intersect with most supply chains. Rather than shying away from these topics (and the operational issues that accompany them), supply chain professionals will settle into a set of specific terms and expressions that allow them to address these thorny issues without sounding polarizing or unprofessional.
– Kelly Barner, Co-Founder, Head of Content and Operations at Art of Procurement.
Supply chains continue to be disrupted by geopolitical impacts, global trade policy, and legislation. In order to mitigate risk, multi sourcing and supplier relationship management become paramount for organisations. Becoming a customer of choice will help to mitigate both the risks of non-supply as well as mitigating the continued impacts of high than normal inflation. Muti sourcing across geographies allows for geographic risks to be managed. Many organisations will look to localising supply closer to markets of sale/consumption, and increasing visibility into the supply chains continues to be important, and as supply chains become more localised this becomes easier to achieve. Procurement functions continue to be business critical, and continue their reporting line evolution away from part of finance to be more operationally focussed.
– Gordon Donovan, Global Director Market Research – Procurement & External Workforce at SAP.
My prediction for supply chain in 2024 is simple. Get your data clean. What you can’t measure, you can’t manage, from material master data, to inventory, to warehousing and beyond. We have done a lot of work this year helping clients clean their material master data, and what they’ve discovered is many product codes/SKUs for the same items, this alone can lead to overbuying, impacting cash flow and storage issues. And that doesn’t even include the generic or partial descriptions, could you have inventory sitting in the warehouse gathering dust because it’s not been set up with a clear and useful description? All of the above also impact finance. It’s time to get your data COAT on, make sure it’s: Consistent – standard naming conventions, everyone using the same processes and terminology. Organized – classified or categorized correctly. Accurate – are the weights and measurements correct? If not this could cause issues. Trustworthy – once you have consistent, organized and accurate data, it’s trustworthy.
– Susan Walsh, Founder/MD at The Classification Guru Ltd.
Clean energy supply chains will become more decentralized and resilient. Currently, clean energy supply chains are often centralized and dependent on a few key suppliers. This makes them vulnerable to disruptions. For example, the recent war in Ukraine has highlighted the risks of relying on a small number of suppliers for critical materials such as nickel and lithium. In 2024, we will start to see a shift towards more decentralized and resilient clean energy supply chains. This will be driven by a number of factors, including: The increasing availability of renewable energy resources: Renewable energy resources such as solar and wind are becoming more widespread and affordable. This will make it possible to develop clean energy supply chains that are less reliant on centralized fossil fuel infrastructure. The development of new technologies: New technologies such as battery storage and electric vehicles are making it possible to store and transport clean energy more efficiently. This will make it possible to develop clean energy supply chains that are more decentralized and resilient. Government policies: Governments around the world are increasingly supporting the development of clean energy supply chains. This support is coming in the form of subsidies, tax breaks, and other financial incentives. The metaverse will become a major platform for supply chain management. The metaverse is still in its early stages of development, but it has the potential to revolutionize the way we manage supply chains. In the metaverse, companies will be able to create virtual representations of their supply chains, complete with digital twins of their suppliers, factories, warehouses, and transportation networks. This will allow them to simulate and optimize their supply chains in ways that are not currently possible.
Supply chain distribution is here to stay given the geopolitical climate. Being able to respond will be critical. Buyers will place heightened importance on supplier relationships and look for solutions that allow them to collaborate with their suppliers in real time. Supply chain leaders will prioritize getting clean and accurate data to help them make the best possible decisions in real time. More and more importance will be placed on service management/user experience. This will lead to improved business collaboration and becoming more aligned with business priorities.
– Sarah Scudder, Chief Marketing Officer at SourceDay.
The last few years of crisis have highlighted the importance of strong, resilient and agile supply chains in gaining competitive advantage. The next few years will cement the importance of the Chief Supply Chain Officer as a key driver in strategic growth and innovation.
– Maria Villablanca, Co-Founder and CEO at Future Insights Network.
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