Potential Pitfalls Cybersecurity threats Cyber attacks pose an escalating threat to the integrity of supply chains worldwide. From internal system breaches disrupting production to data compromises and targeted attacks on suppliers, the aftermath of a single cyber attack can ripple throughout the supply network. –Bindiya Vakil, CEO, Resilinc With 86% of the cybersecurity threats facing the manufacturing sector targeted rather than opportunistic, and nearly half of reported breaches around intellectual property theft, organizations must commit to protecting their manufacturing floor. This is critical when you consider U.S. manufacturers perform more than three-quarters of private-sector R&D, driving more innovation than any other sector. –Berardino Baratta, CEO, MxD Geopolitical instability Rising geopolitical instability threatens supply chains more than ever, and Taiwan will be the primary conflict hot spot in 2024. Disruption in the Taiwan Strait would impact an estimated half of all the world’s container ships that pass through it. Trade wars between the United States and China are another concern. 2024 will highlight a gap between increasing trade war restrictions and shifting technology investments. Since it will take up to three years for new semiconductor plants to come online, many companies will face sourcing problems for high-tech components previously available from Chinese suppliers. –Julie Gerdeman, CEO, Everstream Rerouting challenges A significant supply chain disruption looms as major ocean carriers avoid the Suez Canal for shipments from Southeast Asia to the U.S. East Coast. Short-term eects include transit delays and increased rates, causing inflationary pressure. Long-term, shippers will shift freight back
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Ite op ra le sppy han sst ms Interoperable supply chain systems are essential. The supply chain oers a rich source of information and insight. We’ll see organizations leverage this data in new and novel ways, cross-departmentally across the business. To tap into this valuable data, organizations will need open, independent platforms that can tie together dierent systems and software for ecient data exchange and actionable insights. As projected by market research company Forrester, businesses will put their resources into modern, flexible commerce tech solutions, tailored to their needs. Brands and retailers seek platforms that centralize visibility into inventory, orders, and fulfillment activities, across multiple channels and locations. By embracing the power of supply chain data and adopting open platforms, businesses can make more informed decisions, streamline operations, and drive value throughout their organization. –Ben Eachus, Co-founder and CEO, Flowspace
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AI—in tandem with the Internet of Things and data analytics— is positioned to usher in a new era for supply chain management (SCM). A Deloitte manufacturing survey revealed 60% of manufacturers intended to prioritize data analytics to boost operational eciency in 2024. This transformation is centered on the integration of intelligent, autonomous systems capable of making real-time, data-driven decisions, leading to streamlined processes and reduced ineciencies. These technologies play a vital role in improving decision- making in procurement, cutting production costs, and simplifying overall supply chain operations. What sets this innovation apart is its eectiveness in leveraging data and automating tasks to enhance operational eciency. The future of SCM brings the promise of AI-driven automation and inventive technologies geared toward boosting eciency, minimizing waste, and addressing the escalating demand for transparency and sustainability among consumers. –Yushiro Kato, Co-Founder & CEO, CADDi
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120 Inbound Logistics • January 2024
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