Empowering your business: the top 10 trends for growing manufacturers in 2023
1. Advanced analytics and automation
Advanced analytics and automation will continue to accelerate, helping organizations mitigate disruption via digital, agile supply chain management. The implementation of predictive and prescriptive analytics — as well as advances in big data, algorithms, and robotics — will have broad-reaching effects. Specifically, the organizations that harness the power of these solutions will benefit from greater visibility, data-driven decision-making, execution efficiency, predictability, and profitability. Of course, all of this hinges on effective data security and governance, as well as a dedication to reskilling employees.
Supply chain talent is critical to all manufacturers and as such, people at all levels of the supply chain should be included in any improvement activities Anticipate a convergence of training, plus better pay and benefits for existing employees; as well as hiring talent with foundational skills in data analytics. Companies should include reskilling, upgrading and training personnel, and retaining talent, as traditional approaches may not be as relevant to future supply chain needs.
Visibility will be a key objective for organizations to manage the more complex supply chains of today. For instance, the ability to track and trace goods from the source is increasingly expected by consumers. Using the internet of things will continue revolutionizing real-time visibility. Additionally, building "Digital Twins" in your supply chain will enhance communication, trust, and collaboration within and beyond organizational boundaries.
Being your customer's best supplier is on the minds of supply chain professionals everywhere. Customer expectations continue to expand and they demand ethical, sustainable business practices. Understanding and adapting to your customer's values will place you at a competitive advantage. Especially if you can find ways to do this without significant increases in price.
The rise of e-commerce is perhaps the most obvious and commonly understood force affecting today’s supply chains. All around the world, warehouses are jam-packed — some even have products piling up outside their doors. In fact, this incredible demand squeeze represents the longest ongoing expansion peak in five years. E-commerce and omnichannel fulfillment will continue to shape the way organizations identify and establish key priorities, creating challenges with regard to scale and network efficiency while producing new opportunities to gain competitive advantage.
6. Supply chain agility
Supply chain agility- flexible networks that can effectively respond to dynamic customer demand and, or supply disruptions are fundamental. It is important to proactively identify ways to increase responsiveness through AI and developing Response Rules. However, as there is no one-size-fits-all approach, organizations must also foster continuously innovative cultures. The agile supply chains of the future will be those that can react quickly to changes, delays, and unexpected events.
7. Supply chain adaptability
Supply chain resilience will continue to require data expertise, novel solutions, and strong collaboration among the global networks of today. Strategies, including diversification of suppliers, production capabilities, and logistics. Resilient, and adaptable supply chains are critical to mitigating adverse events faster than the competition, providing excellent customer service, and generating value and market share.
8. Digital supply chains
Digital Twins of your supply chains will continue to be an essential element of several trends, including visibility, resilience, and agility. Digitized networks can easily monitor the flow of materials, cash, and data between your suppliers and your customers. Many components may already be in place - sensors, MES, process automation, and controls.
The adoption of tools such as blockchain, artificial intelligence, and machine learning can meaningfully improve your decision-making.
9. Artificial intelligence, machine learning, Robotics, Additive Manufacturing
Artificial intelligence and machine learning are fundamental to integrating people, processes, and systems in Smarter Factories of today. Technology-enabled initiatives like Industry 4.0/5.0, Robotics, and Additive Manufacturing provide tremendous growth opportunities.
Artificial intelligence, machine learning, Robotics, Additive Manufacturingxplosion of data, and data-driven organizations are creating many more areas of vulnerability. This interconnectedness means supply chain partners can inadvertently expose each other and their customers to privacy breaches, identity theft, and worse. Expect greater collaboration when safeguarding networks, devices, people, and programs. In addition, more organizations will choose to invest in redundancy, firewalls, advanced anti-hacking9 technologies, and employee training.