Supply chain management has seen significant changes in recent years because of technological advances and global challenges. According to KPMG research, in 2024, almost 50% of supply chain organizations will invest in applications that support artificial intelligence (AI) and advanced analytics capabilities.
Our world is constantly changing, and so are the trends in supply chain management. As a result, it's extremely important for companies to be aware of these trends and prepare to implement them to stay ahead of their competitors.
But what are these supply chain trends in 2024? In this blog post, we will guide you through some of the main trends that lie ahead. So, follow along as we explore what the future holds for supply chain management in 2024.
Recent shifts have shown that risk resilience in supply chains is more critical than ever. Instead of relying on suppliers from far away, many companies are now choosing regional supply chains. This move helps them react faster to changes and reduces the chances of delays or problems.
In a recent Forbes BrandVoice article, it was highlighted that in 2024, more businesses are expected to opt for suppliers closer to them or diversify where they get their materials from. This isn't just about avoiding trouble; it's about being able to serve customers better and quicker.
Check out our blog post on how to achieve supply chain resilience →
Sustainability is a major concern for companies, especially with the new rules about ESG (environmental, social, and governance). Businesses must share how much carbon they emit, and they're looking at their supply chains to find this data. Since about 70% of a company's emissions, according to Deloitte, can come from its supply chain, it's a key area to improve.
Now, businesses are focusing more on emissions incurred throughout the entire value chain, which makes things more complex. To keep up and stay green, companies need to get their suppliers on board. The main goal would be to make supply chains not only efficient but also sustainable.
More about how to achieve and manage green supply chains →
According to a PwC survey in 2023, nearly 86% of the companies agreed that they should invest more in technology to identify, track, and measure supply chain risks. By using technologies like Artificial Intelligence, the Internet of Things, and robotics, companies can see everything that's happening in their supply chain in real-time. This, in turn, makes it easier to deal with unexpected events or problems.
This shift helps businesses move from disconnected operations to a unified and agile network. As a result, companies improve how they manage supplies, logistics, and services.
While the benefits are clear, challenges remain. One of the examples is prioritizing long-term digital transformation over short-term fixes and the need to upskill employees to adapt to new digital tools. Despite these obstacles, investment in digitalization is critical to the success of modern supply chains.
Make sure to read this relevant white paper on digital supply chain transformation →
According to KPMG, one of the biggest trends in 2024 is generative AI (GenAI) and how it will change supply chains. GenAI is a type of AI that gets smarter over time, making supply chains more efficient and better in all aspects. It can handle big data sets to improve planning, manage inventory, and even improve communication.
For businesses, the goal is to blend GenAI into their supply chain strategies to make supply chains easier to handle. This means figuring out where GenAI fits the best, updating teams with new skills, checking data quality for AI use, and revisiting complex projects that GenAI can now deal with. With GenAI, companies will be able to stay competitive and meet the challenges of the future.
Moreover, intelligent digital twins are becoming more and more popular. This intelligent digital twin is a system that uses artificial intelligence to collect and analyze data, imitate human decision-making, and create new knowledge through human-AI collaboration. In the near future, they will help make the “unknown known.”
Check out our blog post about intelligent digital twins and AI →
Supply chain management platforms like anyLogistix are simplifying the way supply chains are handled. With these platforms, people with minimal tech skills can adjust to changes or disruptions in their supply chain.
By using APIs (Application Programming Interfaces) and pre-built integrations, these platforms connect disparate systems. This in turn reduces time spent recreating supply chains as well as the risk of errors. This means companies can more easily adapt to new market demands, disruptions, or strategy shifts.
In our journey towards digital excellence, understanding the role of the API in anyLogistix and its connection to Business Intelligence (BI) is important. That’s why we are hosting a free webinar from our own experienced team dedicated to building a digital twin model with an API. So, make sure to register to stay up-to-date on supply chain trends in 2024 with anyLogisix.
A review of supply chain trends in 2024 leads to a clear conclusion: digital transformation is key. Tools like AI, digital twins, and platforms like anyLogistix are reshaping supply chains for the better, making them smarter and more responsive.
With anyLogistix, you can design, optimize, and analyze your company's supply chain. To better understand the capabilities of anyLogistix, check out our case studies, where we show exactly how anyLogistix has been used to solve problems for leading companies around the world.
