The 2020 supply chain looks vastly different to its counterpart ten years ago. Instead of being laden down by paper-based processes, complexities and inefficiencies, the 2020 supply chain is becoming digital, autonomous, intelligent and, most importantly, incredibly efficient. Some have labeled this supply chain transformation ‘Supply Chain 4.0.’
Here’s what 2020 (and beyond) holds for supply chain management.
Supply chains will become entirely digital
Supply chains are moving towards becoming largely automated, intelligent and efficient as we move into the Fourth Industrial Revolution (or Industry 4.0). Through automation, artificial intelligence, and blockchain, supply chains will essentially be able to run themselves – and much more effectively than we are able to do so ourselves.
The digital supply chain is fundamentally founded on making processes more efficient, saving costs and expanding company reach. Many businesses depend on their supply chains, so it makes sense that we are moving towards investing in them for improved and more effective company processes.
Ethical and transparent will be the norm
Having governance over one’s supply chain will no longer been an option – it will be a necessity. Companies will have to track and trace their supply chains, ensuring that no unethical processes such as child labour are included. Otherwise, they face being potentially excluded from the consumer gaze.
Future supply chains will actively exclude child and forced labour, conflict sourcing, unsustainable mining and sourcing, and move towards a better, more ethical and sustainable system.
Supply chains will be more efficient than ever before
Supply chains will become more efficient through digital transformation and better supply chain management.
This will allow for companies to gain entire visibility over their supply chains and know where they’re sourcing from and who they are supplying to.
Our platform STAMP Supply provides insight into your company’s entire supply chain, without requiring you to replace pre-existing processes. This allows you to view all suppliers and identify any anomalies in your supply chain. STAMP Supply is also blockchain-enabled, setting you up for the future of logistics.
Interested in finding out more about STAMP Supply? Click here.