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6 Ways to Future Proof Your Supply Chain
PUBLICATION
6 WAYS TO FUTURE-PROOF YOUR SUPPLY CHAIN
17 April 2023
ARTICLE
CONTACTS & RELATED RESEARCH
The flexibility and resiliency of global supply chains have been tested over the
past three years as a result of supply disruptions, transportation capacity
limitations, skyrocketing costs, labor shortages, unpredictable demand, channel
shifts and wildly fluctuating inventory levels. Now, many companies are having
to deal with these issues and more as economic conditions increasingly tax
supply chains. Although volatility and uncertainty are expected and considered
during planning to remain competitive or gain a competitive edge, companies are
still left to wonder what the future holds.
How are companies viewing their supply chains to plan for an uncertain future,
enable resiliency, keep costs in check and excel in serving their customers?
Several strategies that many companies are considering and enacting in 2023 and
beyond include the following tactics:
1. Automation and labor-reducing technologies. While labor supply continues to
be constrained and costs are on the rise, some companies will find that
automation, technology, and material handling equipment provide labor
mitigation at an increasingly affordable price point. These resources
provide predictable throughput and enable accompanying labor to focus on
value-added functions, thereby reducing repetitive and difficult tasks while
improving employee satisfaction. Some technologies also reduce space needs,
enabling companies to either operate in a smaller space or stay in their
existing spaces for a longer period of time before outgrowing them.
About 20% of warehouses in 2022 used some form of robotics, up from 15% in
2018, according to research firm Interact Analysis.
2. Onshoring, nearshoring, reshoring, and “friend-shoring.” These concepts have
been on the radar of companies for years due to rising costs of overseas
operations, tariffs, supply disruptions, port and shipping issues,
government incentives, and the burden of carrying excess inventory to
mitigate long supply lead-times. But the shift from offshore to more
proximate suppliers is not an overnight fix because considerations ranging
from acquiring new suppliers to cost, quality and capacity concerns impact a
company’s strategy and decision making. Many are slowly employing a
“shoring” strategy via supplier diversification and reducing overseas supply
without cutting it off completely.
According to the Reshoring Initiative, a record-breaking 350,000 jobs were
announced in 2022 related to reshoring and foreign direct investment in the
U.S., up from 255,000 in 2021.
3. Big data. Supply chains generate a huge volume of data but many companies
either do not effectively utilize that data or do not know what to measure.
Analytics and performance management are key components within the supply
chain of the future. Predictive and prescriptive analytics, data
visualization, targeted dashboards, and a robust performance management
process can enable companies to not only react quickly to performance issues
but, in many cases, anticipate them and take action before issues arise. One
capability to watch is the use of Digital Twins, a digital representation of
warehouse operations that enables companies to better respond to
disruptions, inefficiencies and model potential scenarios for business and
continuity planning.
4. Autonomous and electric vehicles. As electric and autonomous vehicles gain
widespread adoption, distance ranges improve, and charging stations become
more prevalent, impacts to infrastructure, support industries, labor market,
electrical grid capacities, transit times and location of facilities will be
affected. If more autonomous trucks are on the road, will long-distance
transit times improve since drive-time limitations may no longer apply? Some
international companies are also adopting autonomous or remote-operated
forklifts in their operations as a mitigation to labor shortages. Will
remote forklift operations become more widespread? If so, it could have a
significant impact on labor, facility design, operating costs, and
efficiency.
U.S. EV sales grew by 65% during 2022, according to Kelly Blue Book parent
company Cox Automotive.
5. Drones for delivery and operations. Drones have been the subject of
interest, investment, experimentation, and intrigue for several years but
are gaining broader adoption. Drones are not limited to deliveries and
returns/pickups but expanding to in-warehouse functions such as inventory
management, auditing and quality assurance. As drones become more widely
used, concerns regarding safety, security, and FAA/ governmental regulation
or restrictions will continue to be highlighted. Demand for skilled remote
drone operators will also be on the rise but will supply keep up with
demand, or will automation be the answer?
6. Sustainability and “Green Supply Chain.” Sustainable building techniques and
“greening” the supply chain have already gained significant traction and
adoption in the U.K. and Europe. In the U.S., however, many companies are
taking a “wait and see” stance. Many are declaring green-friendly sentiments
and long-range strategies to investors but are reluctant to act until
sustainable building materials and techniques are more affordable or provide
a greater return on investment. That said, it is not a matter of if more
sustainable/ green building practices will gain more traction in the U.S.;
it is a matter of when. As the adoption of these materials, techniques, and
initiatives become more cost-effective and as pressure from customers and
shareholders builds for companies to demonstrate “corporate responsibility”
as it relates to environmental concerns, green building and environmentally
responsible initiatives will be on the rise. Still, the costs may need to be
passed along to customers, and shareholder resolve, and consumer loyalty
will be tested.
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Industrial and Logistics
Authors
J.C. RENSHAW
Senior Supply Chain Consultant
+1 678 575 9530
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