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What Can We Expect From Supply Chains in 2021?
Supply chains are essential for businesses today. With the widespread COVID-19 infections and lockdown restrictions, organizations across the world have become more and more dependent on reliable supply chains.
Throughout 2020, business owners had to deal with countless disruptions in supply chains. If anything, the pandemic has shown us just how intertwined our transportation and distribution systems are and how impactful supply chain disruptions can be, both socially and economically.
With every disruption and supply chain mistake made in 2020, a lesson was learned. As the new year approaches, what can we expect from supply chains in 2021?
- Artificial Intelligence (AI) and Machine Learning
According to Gartner, in 2019, 37% of organizations had implemented AI in their supply chains, and those numbers have grown in 2020. AI and Machine Learning can read, identify, and replicate complex content and procedures.
It is easier to improve and keep track of your inventory, staff productivity, customer experience, and your supplier’s selection process if you are automating your supply chain.
In 2021, technology will play an important role in the efficiency of supply chains across the globe.
- Blockchain Technology
More businesses will likely be looking into integrating blockchain technology into their supply chains. As the name suggests, blockchain allows all of the components of the supply chain to be integrated into a single platform.
Blockchain takes you straight to your consumers and helps distribute digital data securely.
- Sustainability
As the years go by, sustainability is becoming more and more essential for businesses and consumers. It is estimated that 66% of millennials are more likely to consume from an eco-friendly brand. Sustainable packaging is playing an important factor on customer loyalty, and it is good for the environment and businesses. Minimal packaging can reduce your costs, but also make a good mark on the environment.
Being informed and prepared for the trends in supply chains for 2021 will help you and your business stay ahead of the game in the new year. At Thompson Ahern, we are ready to assist you and your businesses to ensure that you can get through turbulent times and make the best decisions for your supply chain. Contact us at info@taco.ca for more information.