Supply Chain Predictions for 2024: Emerging Trends and Technologies

  • 11 June 2024
  • 5 Min Read

Last year supply chain management made a major ripple by influencing the diaphragm of eCommerce. The automated SCM proved to be more connected, and more wholesome in providing predictive analytical data by smart monitoring of inventories and preventing overstocking or stock shortages during peak demand season. It provided higher security and safety in the transportation of cargo through autonomous vehicle logistics—a system that continuously updates about the movement of goods, alerts about diversions or disruptions in the route, and suggests the best routes for faster delivery of goods till the last-mile connectivity.

This was the eCommerce supply chain in 2023, does this hold for 2024 or is the industry about to witness new emerging trends and technologies? With this article, let’s explore the anticipated trends and technologies that are expected to shape the supply chain landscape in the coming years.

In the last decade, supply chain has brought a structural change in the global business pattern and for many, it is the pillar of successful business. Considering it as a fact, the anticipated trends via which businesses can stay ahead of the curve can be bifurcated into two groups—

  • 1. SCM trends that are going to stay
  • 2. SCM game changers

1. Smart Supply Chain—the New Normal, Trends that are to Stay

Every year with a slew of technological developments, the supply chain has become smarter. Let’s take a look at how the installation of automated systems has brought a paradigm shift with resilient supply chain strategies.

  • a. Cloud-based Supply Chain Platforms— The supply chain is a complex system, by embracing cloud-based integration, organizations have become proactive, and quicker in responding to queries or requests daily, addressing errors and resultant inefficiencies on time.
  • b. Blockchain in Supply Chain Blockchain is a tamper-proof supply chain visibility solution. It is a record of events through a shared ledger, that has enhanced visibility, transparency, and traceability of even the tiniest scion of information exchanged in a specific supply chain. Organizations can question, challenge and locate the status of an item, this overcomes inherent silos in the system, make the whole process dependable, and enhances reliability. This event prepares organizations for any upcoming supply chain traumas or shocks.
  • c. Inventory Management Optimization— Efficient management of inventory is a far bigger challenge for companies dealing with multiple platforms. Inventory optimization technologies sync operations, and make it easy to locate stocks and distribute to improve the timely dispersal of items for order fulfillment. Predictive analytics in inventory management leverage resources for the cost-effective dissemination of stocks.
  • d. IoT (Internet of Things) in Logistics— IoT-enabled logistics allows real-time tracking of inventories in the warehouse, while in transit and at other levels of the supply chain. Businesses which have incorporated it in their system, have been able to trace and track data about an inventory and record success in the business. It provides reliable insights into demand and limits shortages or over-production of an item.
  • e. Sustainable Supply Chain Practices— The supply chain has been termed as the greatest offender when it comes to carbon emissions. The go-to words in the year gone by had been the sustainability of the supply chain to reduce carbon footprint in order fulfillment until the last-mile delivery. IoT has been quite a help as it was easy to club orders for delivery or use alternative methods for reducing fuel consumption and find practical, cost-effective green logistics solutions for the benefit of businesses.
  • f. Resilient Risk Mitigation— An automated system prepares businesses for shocks and shows ways for cost-effective, beneficial risk mitigation before much damage to the business. This improves customer relationships as well and saves businesses.

2. Artificial Intelligence in Supply Chain—the Game Changer in 2024

As the famous paraphrase goes, ‘One thing which is constant is change’! Artificial Intelligence, Machine Learning, automation, IoT, and blockchain have made an impressive impact on supply chain management in the last decade. Several studies claim that in 2024, companies are geared to spend 50% on AI and advanced technologies to stay ahead of the curve and meet demands without transferring any burden to the customers. The focus has largely shifted to meeting the promise made to the customers most cost-effectively.

Machine learning and Artificial intelligence forecasting have always been a great support to supply chain, however, there is increasing talk about Generative AI, a subset of AI and digitalization. It can enhance cybersecurity in the supply chain, improve forecasting by improved scanning of data from multiple tiers, and provide more appropriate predictive analytical data for future reference.

2024 is a year of awakening, it’s a call on how to manage the complex supply chain management for sustainability and ESG. Migration by businesses to the more advanced, integrated, and better syndicated digital architecture of SCM has started surfacing.

For example, companies such as Amazon use drones for inventory management for faster, more efficient, and more sustainable means for delivery and logistics. By the end of the year, it is anticipated drones are going to become an inseparable part of supply chain management as they can bring down operational costs and at the same time reduce carbon emissions. In fact, as last-mile delivery innovations, drones are being considered as a possible alternative and experiments have already started. It can bring down fuel consumption, is cost-effective, and promotes green logistics.

Embrace 2024 Supply Chain Digital Migration with Advatix Cloudsuite™

The biggest game changer in 2024 will be, ‘Has a business been able to identify and embrace the digital migration?’ The swifter and smoother the process, the greater the chances to record success and propel business toward a broader profit margin.

Advatix Cloudsuite™ is your digital migrator for supply chain management. It can redefine the supply chain landscape with Artificial Intelligence forecasting to build a system that supports high demand with the latest tools and technologies and by preparing your team for foolproof supply chain solutions.