Unpredictable and vulnerability due to lack of awareness
This pandemic has posed setbacks among the supply chain industry which they haven’t witnesses in the last 100 years. Very few companies have responded positively with all-ready attitude. Majority of them turned out to be the victims of negative effects of the pandemic.
Investments were loomed
When the market is in an uncertain phase, companies would start pulling down their tech investment. Industries such as automotive and industrial product-based companies were the worst hit. But many industries such as healthcare have also seen investors betting high.
New-age requirements for employee safety
Due to pandemic, many employees started working from home. But it wasn’t possible for a few factory workers. Hence the management had to make arrangements for physical spacing, personal protective equipment (PPE) and contract-tracing. Many labor-intensive industries are investing a huge amount of money to protect their employees.
Reskilling existing employees
The supply chain industry is gearing up to reskill their in-house employees in the upcoming years. Since the primary focus of businesses lies upon cost-optimisation, it is inevitable that they have to retain their workforce to spend less on new hires.
IoT on the go
Businesses are in need of increased visibility. To make this happen, IoT sensors and devices are in need for products where we require high-end temperature monitoring such as medicines, frozen foods and vaccines. The rate of automation, AI in machine learning and other technologies have increased to the next level. Many companies are now turning their focus on environmental and sustainability goals (ESG). This is to maintain regulation policies of various companies by bringing in sustainable supply chain practices.
Digital transformation on the go
Digitization is rising. You can connect various horizons such as procurement, planning, logistics and manufacturing digitally to automate your workforce.