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7 Supply Chain Predictions For 2015

With the New Year now well under way, here are some supply chain predictions that could help make 2015 even better.

Globalization

The supply chain world is already a global one. Since markets are so interconnected all across the globe, parts come from different places in the world. It is crucial to keep track of where they are and where they are going. Furthermore, due to language barriers, one must be careful to avoid errors when tracking items. One way to solve this problem, and avoid wasting and time and money, is by using barcodes. Barcodes work the same regardless of what language the user speaks.

Emerging Markets

Emerging markets like the Asia Pacific and Latin American regions will offer even more growth opportunities in 2015 and beyond. While China has long been a popular sourcing region in many supply chains, with proper tracking methods, it will be possible for businesses to reap the rewards that these new markets will offer. Around 600 cities around the world will see GDP growth of 65 percent over the next ten years.

Real-Time Tracking

The growth in computing power over the last few years is amazing. Thanks to services like Amazon Web Services, small businesses can have a large capacity that only big companies could have. This allows them to do things like track inventory in real time. “Software allows procurement to effectively track and manage supplier performance as well as identify risk and problem areas,” Mickey North Rizza of BravoSolution wrote in Supply Chain Digital. “Many companies currently struggle with how to leverage the data captured by the software. In 2015, procurement executives will be charged with finding out how to unlock the tremendous value the analytics in the software provides.”

On-Demand Procurement

With the growth in computing power offering more accurate supply chain management, it becomes possible to employ greater use of “just-in-time” manufacturing. For example, it will be possible for manufacturers to offer completely customized packaging when the customer needs it. This should save a lot of money for the manufacturers since they won’t order packaging upfront that goes unused.

Analytics

With cloud computing on the rise, which allows easier ways to track and analyze data, there will be a growing need for analytics. After all, gathering data is useless if businesses don’t do anything with it. By digging deeper into the data, companies can identify recurrent problem areas and deal with them before they disrupt the supply chain.

Sustainability

More than ever, consumers are aware of environmental issues and they are increasingly critical of the ways in which companies source raw materials and manufacture their products. This means manufacturers will have to pay more attention to environmental and human rights issues while ethically sourcing their materials. Consumers have more information on how the products they buy are made and will choose more ethical producers even if their products cost more.

Managing Complexity

Managing complexity is what supply chain and inventory management is all about. With the global economy and changes in manufacturing that have been mentioned above, it’s difficult to stay on top of a supply chain. Using specialized solutions and barcodes can help businesses run more smoothly. These are some ways we think the world of the supply chain is going to change over 2015 and beyond; you should start preparing. What do you think the future holds for supply chains - tell us in the comments...