Resilience: This word encompasses what we believe to be the key term for our industry and by default yours. This can be summed up in people, processes, and technology:
Advanced analytics and AI
Three out of four supply chain executives and CPOs place advanced analytics and AI among the two most crucial supply chain technology must haves. For decades, businesses have relied on spreadsheets to track vital supply chain management information. These systems are simply outdated, rely on too much interpretation and leave room for human error. They are just not fit for purpose when it comes to today’s complex and data-rich supply chains and in differentiating oneself.
Building relationships as well as software systems
Another lesson that needs to be carried forward into 2023 and beyond is that relationships help maintain stable supply chains in times of difficulty. All the AI in the world will not make up for poor interpersonal relationships with your customer or supplier. Joint activities with suppliers and customers alike, was the best mitigating action to counter supply chain disruptions during 2022 which are set to continue into this year and beyond.
Cybersecurity is a risk that cannot be underestimated. It is estimated that cyber-attacks on supply chains went up by almost 43% percent in 2021 alone, that number increased in 2022. Embedding cybersecurity into every aspect of your supply chain management will be one of the most powerful and compelling drivers for revitalising procurement processes in 2023.