Experts in the supply chain industry are uncertain about the industry’s outlook for 2023. The past few years have been a challenge for the supply chain, but those challenges forced changes that we will see in action in 2023. Here’s what we’re expecting:
A Tech Revolution
Many companies are leveraging technology, specifically AI, to make their operations more efficient. Pactum, a company that offers AI-powered software to help big companies automate routine supplier negotiations, recently received $20 million in investments. This signals a significant change in the industry that seeks to automate logistics to speed up processes and increase productivity.
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Continued Supply Chain Challenges
The supply chain experienced a tough two years during the Covid-19 pandemic, but these headwinds aren’t over yet. Along with the feared recession, the industry faces various challenges in 2023, from the Russian war in Ukraine to more common extreme weather conditions. These challenges will slow the supply chain’s operations and add to movements to make the industry more resilient.
Risk Resiliency to Be Top of Mind
The challenges experienced in the last two years and the challenges to be encountered in the next year are adding to the movement to become a more resilient and agile industry. Risks associated with geopolitical conflicts, port congestions, and cyber security are all contributing to the concern about the resilience of the sector.
Reshoring
Reshoring is becoming a popular trend across the logistics industry to manage risk. During the pandemic, one of the biggest challenges facing the supply chain industry was the port congestion that delayed shipments and hurt the entire economy. This experience gave the management of many logistics companies the idea to bring manufacturing back to North America. According to Deloitte, up to 62% of manufacturers have already started the process of reshoring. While this means higher manufacturing prices, the savings from domestic shipping could make up for these costs. For the rest of the manufacturing industry, this change will bring more jobs to every sector.
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