Supply Chain Predictions 2024: AI, Sustainability Top of Mind
Since the start of the decade, supply chains have become a strategic pillar for many global businesses and industries. Over the past three years, the risks and shortfalls in our global supply chains have been brought to the forefront across all industries. Supply chains are now recognized as central to business survival, success, and growth, rather than an opportunity to just reduce costs. Companies have, and will continue to revisit, risk-mitigation strategies. 2024 is the year a constant flow of regulations around Environmental, Social, and Governance (ESG) will be coming into effect. Employees, stakeholders, customers and regulatory bodies are demanding sustainability data, and decision-makers must understand how the supply chain performs, which suppliers and logistics providers contribute to a greener business model, and what changes can impact the rest of the business. Suppliers that cannot meet ESG regulations, will see business dwindling as customers look for more sustainable alternatives. The future will bring a greater focus on companies using Internet of Things (IOT), AI and other technologies within their factories, across the supply chain of smart assets, and into the hands of consumers and customers leveraging the smart products and devices it enables. Technology will also help alleviate worker shortages and improve retention by improving the retention, productivity and decision making of existing employees, and attracting new talent with state-of-the-art tools. And as the degree of automation increases, it frees up the workforce from repetitive tasks, and allows them to focus on more complex problems and decisions that require human interactions. One thing is certain. Supply chains play a vital role in a business’s strategy both today and moving forward. Learn more on forbes.com.