Equipment Manufacturers are confident they can overcome supply chain issues.
“Almost half of OEM respondents said that they are now working on implementing monitoring tools to help them greater understand the risks and constraints their organizations are subjected to.”
Original equipment manufacturers are adopting new practices to cut down on backlogged supply chains. Almost two-thirds of respondents said they had experienced improvements. Many OEMs have acknowledged the lack of emphasis on reducing carbon emissions. However, the few companies that do monitor their environmental impact have seen improvements in the supply chain.
Opinion: India’s gain could be China’s loss in a supply chain reallocation.
“Supply chain shifts have also resulted in investments outside the US. Notably, the technology supply chain has witnessed rising investment in areas outside China for several years now.”
The article argues for India becoming one of the most dominant global supply chain networks for three key reasons.
Focusing on the ease of doing business has reflected a 17% projected increase in GDP by 2028.
The booming mobile manufacturing industry by raising import duties on finished devices.
India has promoted the “assembly, programming, testing and packaging” model to drive manufacturing.
Six emerging supply chain software trends to watch.
Companies want software that drives decision alignment.
Increasing demand for risk evaluation models to help companies run simulations.
Artificial Intelligence possesses the capabilities to change the supply chain industry completely.
Establishing micro-services to work in supply chain management.
The cloud has been an essential piece for many supply chain companies as 94% of them are utilizing the cloud.
Labor Management systems are more than just a method to monitor employees.
Top five strategies to fortify supply chains in 2023.
Automation —> repetitive manual tasks can be digitized to optimize production.
Reserve Inventory —> Building up a small inventory can help with resilience during unpredictable phases.
Geographical Diversification —> Not relying on a single country for supplies helps ensure disruptions are averted. For example, Europe heavily relied on Russia for gas which resulted in energy shortages.
Agile Internal Processes —> prioritizes ongoing collaboration with clients and stakeholders at every step.
Supply Chain Monitoring —> Monitoring suppliers across all levels allows businesses to detect potential issues early on, preventing larger disruptions down the road.