Supply chain trends for 2023
-Charlie Wood, CEO, Wiise The pandemic has seen unprecedented disruption to businesses, particularly those in manufacturing, warehousing, and logistics over the past couple of years. From the shutdowns of ports to geopolitical instability, material and talent shortages to fluctuating demand, the pandemic has simply put supply chains to the test. The disruption is far from over. As KPMG observes, threats and challenges include cross-border trade issues, heightened cyber-crime, material access turmoil, and scope 3 emissions scrutiny. Amid these headwinds, four key trends have begun to emerge that will influence how Australian manufacturers and distributors will evolve their businesses in 2023 and beyond. 1. The rise of real time insights Despite ‘digital transformation’ being a business buzzword for many years, the warehousing and logistics sector has lagged significantly behind other industries when it comes to tech adoption. Even in 2022, some organisations still use paper-based record-keeping inventory, which is extremely inefficient and inaccurate. Manual processes and decades-old legacy systems mean that some companies simply don’t have a clear overview of the stock they have in their warehouse, posing a serious business risk, particularly in times of economic downturn. Manufacturing, warehousing, and logistics businesses need a single source of truth that will enable them to be efficient and cost-effective in terms of stock control and customer commitments, such as investing in an enterprise resource planning (ERP) solution that streamlines business operations. Visibility and provenance in fulfilment have become vital for partners and end consumers who want to know the origin of a product and its components, where it is in the shipping process, and when it’s due to arrive. According to research from CommBank, 74% of Australian manufacturers planned to increase investment in digital technology over the next 12 months. Real-time insights that provide businesses with a clear overview of their inventory are imperative […]