5 Modern Innovations in Supply Chain [2023]

5 Modern Innovations in Supply Chain [2023]
Innovation is a key driving force in the supply chain industry, and companies are constantly looking for ways to improve their operations. Here are five new innovations in the supply chain industry as of March 2023:
1. Dual Sourcing: According to a survey of supply-chain leaders, as of March 2022, 80% of respondents said they have implemented "dual sourcing" - up from 55% just a few months ago, which is a significant shift in the way
2. sourcing capabilities are viewed in the industry [2].
Digital Supply Chains: Digital supply chains are becoming more popular and necessary in the industry. Companies like Amazon, Flipkart, Jiomart, Tata Cliq, Uber, Oyo, Airbnb, Swiggy, and Zomato have incorporated digitalization as a norm in their supply chains [3].
3. Supply Chain Control Towers: Successful supply chain management increasingly requires the use of supply chain control towers, which offer an integrated approach to supply chain management. According to a 2021 survey, 55% of chief supply chain offers (CSCOs) said their primary organizational focus is integration across core supply chain processes and the extended value chain [4].
4. Cost and Risk Analysis: Companies are expected to analyze cost and risk in depth to increase supply chain resilience. For example, General Motors has already partnered with suppliers to increase visibility and prevent disruption in their supply chain [5].
5. Digital Twin of the Supply Chain - Companies like denim manufacturer Saitex are creating a digital twin of the supply chain that optimizes operations, minimizes costs and increases speeds.[8]
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Informative video sir