The coming of each new year traditionally brings with it hope for a fresh start, bold resolutions for improvement, and renewed optimism. In the case of 2022, it also brings what the Economist recently referred to as a predictable unpredictability, one that isn’t going away any time soon.
So Just What Does 2022 Have IN Store For The Supply Chain?
If there’s anything the COVID-19 pandemic has taught us, it’s to expect the unexpected. In case you haven’t heard it enough, we are living in unprecedented times; what is occurring now is the first significant disturbance in the synchronized supply chain system over the last 30 years. Globalization has created increasingly interconnected and complex supply chain networks that have become ever more vulnerable to shocks and disruptions. One small misstep at any point can have devastating repercussions that ripple out across the entire system. As if supply chain systems weren’t under enough pressure, the chairman of the US Federal Reserve has warned that the Omicron variant could be piling on even more in 2022 amidst soaring inflation and worsening worker shortages. In fact, on the labor front, about 75% of executives have recently reported difficulties filling open positions, necessitating an approximate 10% raise in wages, according to one survey.
Amidst the multitude of today’s complications, here are three of the major industry challenges manufacturers are up against:
- Gaining supply chain visibility - Supply chain executives struggle to manage what they can’t see amidst an overwhelming amount of data from multiple tiers along the supply chain.
- Mitigating risk - Progressively complex supply chain systems are exposed to an increased possibility of errors, miscalculations, and oversight.
- Containing costs - the volatility of the global supply chain along with recent trends such as escalating fuel prices and rapid wage inflation complicate current supply chain strategies and put a strain on resources.
While the reality of facing these challenges is certainly daunting, luckily there’s hope in this new year after all — hope in the form of smart supply chain solutions.
In Industry 4.0 Era
In the era of Industry 4.0 smart manufacturing, smart supply chain solutions provide manufacturers the opportunity to get ahead of today’s challenges:
ThinkIQ’s Transformational Intelligence platform enhances supply chain management by optimizing end-to-end supply chain traceability and visibility, ensuring the mountains of data across every tier in the supply chain can be effectively captured, managed, analyzed, and made available to people who depend on it.
Advanced analytics and continuous intelligence aids decision makers in evaluating complex and dynamic scenarios and applying the best alternatives to mitigate risk and resolve or prevent disruptions before they occur.
With the help of artificial intelligence (AI) and machine learning (ML) in conjunction with existing systems like industrial internet of things (IIoT), smart supply chain systems can even make some decisions automatically, reducing the need for human intervention, expediting processes, and reducing bottom lines.
Renew your optimism in 2022 — the solutions to today’s industry challenges are within your grasp. You have the power to not only survive in this new normal, but to thrive; to create a robust, secure, smarter supply chain, and a ThinkIQ expert can help show you how. Contact us today to learn more about how this transformational technology can help reduce waste at the source, or you can download our new eBook titled "Advanced Material Traceability Revolutionizes Digital Transformation"
