Emerging Trends in Supply Chain Management in 2024
Do you know more than 50% of supply chain organizations will invest in applications that support artificial intelligence and advanced analytics capabilities?
New Age trends in supply chain management have been a breakthrough for organizations worldwide. Companies are becoming adept in handling complex business demands of various industries whilst leveraging advanced automation through Dynamics 365 Supply Chain Management ERP.
These organizations are pacing ahead by managing quick end-to-end supply chain and logistical requirements by leveraging Dynamics 365 Automation. This is because they are moving forward with time.
Similarly, every organization should keep pace with new technology and Automation in the Supply Chain Industry. The future of the supply chain realm is dynamic, and organizations should align with it to succeed.
What is Supply Chain Management?
When we think of Supply Chain Management the first thing that comes across is supplying goods, however, it is much more than that. It is not only the supplying of goods but also the management and flow of goods.
Supply chain management is handled by AI, software, or other intelligent automated business solutions in the modern world of a digital paradigm shift. These intelligent applications manage order creation, fulfillment, and information tracking that is involved among suppliers, manufacturers, retailers, transport managers, and logistics professionals. These features are unlike the usual traditional processes of operating.
One of the most important features includes product lifecycle management, and supply chain planning which incorporates planning and the maintenance of the production process.
Secondly, it also has logistics control which comprises fleet, transport management, and order management.
Further, Supply Chain Management can support, monitor, and streamline activities around global trade involving multinational processes.
Make sure your supply chain is all set for the future. Contact Our Expert
Future Trends in Supply Chain Management
The global supply chain landscape is evolving rapidly due to increasing business complexities around the world. Technological advancements play a major role in helping businesses surpass these complexities.
However, there are so many more game-changing trends that are going to shift the paradigm. Scroll to learn major trends in Supply Chain Management in 2024 & beyond.
1. Advanced Automation and AI Trends in Supply Chain Management
This is because industry leaders are witnessing success rates with artificial intelligence in supply chain management in the contemporary business landscape. Professionals know that the future of the supply chain is huge.
Even when we look at the Data from Statista, it shows that Automation and AI have helped global organizations streamline inventory management processes, smart manufacturing strategies, and real-time, logistics and delivery control.
Let’s read how trends in AI have optimized the way organizations work.
- Demand Forecasting in Warehouse Supply and Management is boosting productivity and decreasing the cost.
- Easy prediction of delays in delivery and other vehicle processes.
- Real Time Visibility whilst loading and tracking parcels.
- Decreased rate in overall processing.
- The organization is efficient in forecasting, optimizing, and improving efficiency.
- Now businesses can drive operational benefits with the help of AI & Automation.
2. Cloud-based Technology Supply Chain Trends
According to the stats and research, cloud technology in supply chain management will surpass 40$ Billion by 2027.
This is enough to justify the fact that there is a significant shift in traditional ways of managing supply chain trends. This is because, the Cloud-based solutions permit companies to get the hang of actionable insights, making them make better decisions, analyze what is befitting for company growth etc. Let’s scroll to read how cloud-based technology is managing business like never before.
- Garnering Intelligent insights from customers, retailers, wholesalers etc.
- Planning logistics management, inventory, and transport Management efficiently
- Insights on sourcing and procurement as cloud-based solutions can curate a master, insightful database of all the suppliers.
- Save Costs as cloud-based technology doesn’t require any charges, it is subscription-based.
- Improve Scalability during high and unmanageable demands.
3. Digital Supply Chain Management Trends
As per insights from Gartner, bringing digital transformation into the supply chain can increase 20% revenue and can lead to a 50% reduction in costs.
The entire world now talks about digital transformation because they know that this is the need of the hour. The earlier quoting process with a multitude of suppliers was time-consuming, however, now digital is here, we take less turnaround time.
Even issues like disruption in quality and control can be managed efficiently. Further, access to a team anywhere geographically is bound to keep quality and control situations in check. Managing vendors overseas is getting simpler with digital supply chain trends and there are other game-changing advantages as well. Read below:
- Functioning in real-time rather than outdated historical transactional inputs accelerates innovation and reduces time to market.
- Better Decision-making with Integrated IT and informational technology can easily predict risks, which is again imperative for any organization.
- Increased Productivity as with Digital Supply Chain trends one can observe maximum productivity and efficiency.
- Reduced Cost as accurate forecasting can maximize productivity and efficiency. This leads to quicker access and thereby the costs.
- With digital amplification one can improve customer satisfaction, by managing and replying to customers on time.
Therefore, after figuring out the ever-growing demand of machine customers who rely on digital solutions, we can sure see that the trends in digital supply chain management are here to stay.
4. Supply Chain Resiliency
Bain and Company reported that companies that have arrangements for supply chain resilience were able to expand their output capacity by up to 25% or more!
Supply chain resiliency is the organization's ability to manage operational disruptions through contingency forecasting. This initiates from material sourcing to logistics till the final delivery of products and services. The features below ensure that the Supply Chain Resiliency trend will always stay.
- Lower Risk Factors
Supply Chains can be vulnerable to risks and company losses if not operated well. Resilient supply chain technology can reduce risk by streamlining the potential disruption.
- More Innovations
Resilience in Supply Chain Management can indeed lead companies to reduce the risks and thereby focus more on innovation and growth.
- Powerful and Secure Data
Supply Chain resiliency leads to understanding data and then making decisions that better the productivity and success rate. This intelligent automation gives supply chain professionals the insights they need to respond quickly to unexpected events.
How Dynamics Square Helps You to Elevate Your Business
You can embrace the future of the supply chain with Dynamics Square effectually! See how
Leverage AI-informed real-time metrics for your next project WIN
By ensuring modern automation which incorporates digital solutions, such as dashboards, business intelligence, and Internet of Things (IoT) technology to further simplify processes such as stock management.
The D365 Supply Chain Management solution will let you stay ahead of the curve with real-time visibility, unified data, and predictive AI features that help you improve resource planning and expedite product and service delivery.
Expect reduced manual tasks, such as invoicing, through automation, which will save time and reduce money.
Stay Agile and Resilient with Trends in the Digital Supply Chain
- Maximize and Streamline Asset Performance
Witness Improved overall equipment effectiveness (OEE) and reduced redundant downtime.
- Revolutionize Manufacturing Operations
Dynamics 365 Supply chain management will innovate your operations with advanced technologies. Our Dynamics 365 consultants will help you attain that purpose.
- Amplify Growing Digital Commerce needs with Reduced Risks
We ensure that order fulfillment with AI and real-time stock will help you overcome supply chain disruptions.
Being a Microsoft Solutions Partner for 12+ years, we have garnered a lot of knowledge and experience in implementing Dynamics 365 Supply Chain solutions. We know how to future-proof your business with trending and advanced technology.
With 150+ technical consultants, we will let you create a niche in this highly competitive market. You can drop us an email at email@example.com or call us directly at +1 281 899 0865.