Charting the Course for Supply Chain Excellence in 2024

Ask the Experts Series 

The Association for Supply Chain Management (ASCM) recently released a carefully curated list outlining the key forces shaping the future of supply chains. From harnessing the power of data and AI to building agile and resilient networks, the ASCM states that, “these trends are not just predictions, but imperatives for supply chain success.” According to this list, the top 5 supply chain trends to watch are:

Digitization

The majority agreed that digitization, meaning the conversion of data from a physical to a digital format, deserved the top spot. According to Chuck Fuerst, Chief Marketing Officer at ReverseLogix, “Nearly every advancement or trend in the supply chain depends on one thing: Digitizing it. In the coming year, companies will be laser-focused on automating, streamlining, and digitizing as much of the supply chain as possible to make way for faster processes, less cost, and the implementation of AI-enabled capabilities."

Big Data and Analytics

Several experts felt big data and analytics, meaning the strategic utilization of massive data sets, merited the top spot. John Seidl, TZA’s Director Partnerships & Alliances, shares, “Access to data generated by various supply chain execution systems will be aggregated and utilized to identify opportunities for more efficient operations, supply chain efficiencies and improved customer satisfaction.

Artificial Intelligence

All of our experts agreed that AI would play a major role in 2024 primarily because there is still so
much to learn about it. Steve Simmerman, Head of Global Alliances at Locus Robotics, believes “that AI will continue to take center stage because it is so fascinating to people.”

Visibility, Traceability, and Location Intelligence

While not in the top 3 this year, our experts also felt that visibility, sustainability and changes to software would have their moments in the spotlight this year. Fuerst feels, “Improving supply chain visibility will be very important. Visibility is required for good data and analytics, which then inform strategies for hitting organizational goals."

Investments in Systems and People

Despite the trends, our experts feel that the importance of focusing on people in the supply has always been important and should not be overlooked in 2024.

Stretar emphasizes the critical role of people as the backbone of moving goods throughout the supply chain. He advises supply chain leaders to maximize investments in people, process improvement, and technology, acknowledging that not every process can be automated.