As we close in on 2023, this is the prime time to be paying attention to trends while you prepare for your end-of-the-year strategic planning process. Here are three supply chain management trends to keep an eye on in the coming months according to Forbes:
- Inflation: This could be a good time to start contemplating stock-keeping units reductions as we power through raising rates. Also, customers are becoming more aware about prices, so it is important to reevaluate if you are using any raw materials that are responsible for driving higher product costs and could potentially be substituted.
- The N-Tier Supply Chain: Risk management is in high demand as unpredictable events have become more common. As companies began to embrace risk management solutions in the past year, they learned that they couldn’t identify “n-tier problems.” However, there are now technological fixes that use a combination of data, graph databases, and artificial intelligence with great reliability.
- ESG Compliance: Governments are requiring more companies to prove that they are a sustainable and ethical business. If those companies do not comply, penalty fines can be up to two percent of annual sales and the reputation of the company brand can be tarnished if prosecuted.