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SUPPLY CHAIN TECH TRENDS TO WATCH These are the top supply chain technology trends for 2024, as identified in Gartner’s recent annual update: 1 Cyber Extortion AI will help cyber criminals intensify ransomware attacks on supply chain organizations. As a result, supply chain tech leaders will look to include ransomware attack scenarios in their corporate risk management processes. 2 Supply Chain Data Governance Powerful advanced analytics and AI tools are scaling the capabilities for cross-functional visibility, scenario modeling, and decision automation. This is elevating the importance of maintaining a high level of data quality and strict governance processes. 3 End-to-End Sustainable Supply Chains To meet growing sustainability-related legislation demands, data accuracy around sustainability must now meet stakeholder requirements while also driving internal decision-making. 4 AI-Enabled Vision Systems Combining industrial 3D cameras, computer vision software, and advanced AI pattern recognition technologies, AI-enabled vision systems are positioned to be the next big thing in hyper-automation solutions. 5 Augmented Connected Workforce (ACWF) ACWF initiatives seek to optimize intelligent technology, workforce analytics, and skills augmentation to serve as a unified, cohesive strategy to accelerate and scale talent. 6 Composite AI The combined application of multiple AI techniques, composite AI will grow in importance as a way to improve the efficiency and accuracy of learning to solve a variety of business problems that drive supply chain performance improvements. 7 Next-Generation Humanoid Working Robots Coming soon to a warehouse near you? Next-gen humanoid robots combine sensory awareness with mobile manipulation and dynamic locomotion to perform productive work that was previously relegated to biological humans. 8 Machine Customers Machine customers are nonhuman economic actors that autonomously obtain goods or services in exchange for payment. One example is IoT-connected devices or assets that place orders independently of human command.
BALTIMORE BRIDGE COLLAPSE: WHAT NOW? The tragic collapse of Baltimore’s Francis Scott Key Bridge in March sent ripple effects through the supply chain, with concerns arising over the disruption of vital logistics routes. As the primary artery to the Port of Baltimore, the collapse is poised to disrupt logistics flows for some time. The 1.6-mile bridge served as a lifeline for the Port of Baltimore, facilitating the movement of goods crucial to the regional and national economy. Statistics show the key role the port plays: • In 2023, the port handled 52.3 million tons of foreign cargo, valued at nearly $81 billion, including a record 847,158 cars and light trucks, as well as 1.3 million tons of roll on/roll off farm and construction machinery. • In total, roughly 30 to 40 container vessels call the Port of Baltimore every week, unloading or loading some 21,000 TEU (containers). • More than 50 ocean carriers make nearly 1,800 annual visits to the port. • The port generates approximately $2.6 billion in business income. • More than 15,000 workers are directly employed at the port and it is indirectly responsible for nearly 140,000 more jobs in trucking, warehousing, and other related industries. What should we expect moving forward? Delays and disruptions are inevitable, and experts say the incident underscores the vulnerability of global supply chains. “The disruption comes as geopolitical conflicts and natural disasters wreak havoc elsewhere. It won’t take much to hobble supply chains and reinflate price pressures,” notes Harry Murphy Cruise, economist, Moody’s Analytics. “Supply chain managers who get their deliveries via affected routes need to immediately accelerate orders that are likely to be affected. Speed of action is critical,” adds Andrei Quinn-Barabanov, supply chain industry practice lead at Moody’s. The silver lining, if there is one? “Delays should be measured in days or weeks, not months,” say Ben Ruddell and Richard Rushforth, professors in the School of Informatics, Computing, and Cyber Systems at Northern Arizona University. “The abundance of alternative ports on the U.S. Atlantic provides redundancy and resilience and will expedite supply chain adaptation, limiting overall consequences from this disaster.”
18 Inbound Logistics • April 2024
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