Supply Chain Management: What’s in Store?
By Afia Ahmad
With the demands of customers constantly evolving, various changes in the supply chain industry are needed.To keep up with these changes, there are various short term courses and long term courses one can take up to stay in the loop. As far as predictions are concerned, the future of Supply chain management looks to be heading towards achieving unheard levels of operational efficiency. Here are some of the future trends in Supply Chain Management.
Rise of importance of service chains as compared to production chains
In most business sectors today, there has been a rise of discerning customers who seem to be creating demands for better pre and post-sales service concerning the goods that they procure. Companies that place emphasis on these services as well rather than solely having a product-centric model will clearly emerge past competitors in the future.
Emphasis on increased product knowledge, warranties, store service and good consumer services is on the rise and will lead to the organization functioning as a well oiled machine, with customer satisfaction reigning from the time of procurement right to the end.
Micro segmentation: The key to success.
Micro segmentation can be defined as the exact point of the general buying process that sets off or triggers the decision to purchase. A detailed knowledge of consumer segments- micro segments is imperative to the crackdown of the point of success or failure of each product.
In the future, organizations will be required to have a proper comprehension of their micro segments and consequently have supply chains that efficiently service them, supported by a solid business strategy. In the field of supply chain management, to be successful in the coming years, it is pertinent to adopt a business to consumer mindset rather than one that is solely business to business.
The rise of Artificial intelligence in mainstream supply chain activities.
Increasingly, for the purpose of driving revenue growth, organizations seem to be digitizing supply chains.
The main implication of this is owed to the rapid generation of huge amounts of data. Artificial intelligence will help systematically analyze this data, in not only understanding the different aspects and variables but also anticipating future scenarios. It will in the future, help establish a smooth flowing supply chain with the ability to foresee and deal with uncertainties. The rise of Artificial intelligence in supply chains will eventually result in the generation of an ecosystem that involves supply chains that link with each other allowing a seamlessly smooth flow of information and products from the beginning to the end
Complete disclosure of supply chain externalities
Supply chains in the future will need to define and disclose the impact an organization’s business processes especially the manufacturing process, has on parts of society. While many organizations have worked on supply chain sustainability, in the years to come companies will have to thoroughly disclose the environmental impact of the supply chains including their carbon footprint. There has been a rise in the demands of transparency with products such as now with the labeling of beverages and food. In the same way demands of impact disclosure will soon arise as customers and consumers are becoming more aware.
To be increasingly aware of the dynamics of supply chain management, it is possible to take an online course or professional course to sharpen the skills required to work efficiently in an organization. There are plenty of online training courses available as well. What the future holds for supply chain management also includes globalization of knowledge work, change of designs catered to serve the base of the pyramid and the leveraging of social media for an effective feedback process.