2022 In Review

2022 brought many unexpected disruptions that have directly impacted supply chains across the globe. The global pandemic left many supply chain operations on pause or completely shut down, and continued to leave many scrambling for answers. 

These unprecedented circumstances have enabled supply chains to predict and plan for the unexpected in an evolving industry. Many supply chain networks found that they needed digital integrations, augmented AI technology, crisis planning measures, and visibility to keep up with continued high demand, resource scarcity, and countless other factors that change by the minute. All of these factors have led to higher inflation, further exacerbating supply chain woes. Nevertheless, the supply chain industry is predicted to be worth $37.41 billion by 2027.

As we look forward to 2023, these are three of the biggest things we saw in the supply chain in 2022:

1. Digital Integration Platforms Are The Way Forward

In recent months, many supply chain companies have incorporated artificial intelligence into various corners of their supply chain. According to a recent survey of supply chain managers, it was found that 34% believed that adapting to new technology is the most important strategic change supply chain organizations will face in the next five years. As for the AI industry, The Digital Supply Chain Market is expected to grow 41.5% annually.  With augmented AI software, supply chains can put a narrative to their data, and also help supply chain managers make efficient decisions based on real-time data insights. Overall supply chain resilience can be reaffirmed through critical, proactive insights. 

Today, supply chains have the luxury of accessible inventory visibility to assist their operations. As companies go through digital transformations, artificial intelligence will help them prepare proactive steps for future planning rather than reactive ones. 

2. Agile Supply Chains Are King

Supply chain agility describes the speed at which supply chains are able to adjust to and shift to constant change. For future supply chains to respond and evolve to demand, they must have more dynamic predicting capabilities. The shift in supply chains directly impacts the speed and efficiency of deliveries.

Agile supply chains were able to quickly react to unexpected delays, changes, and unforeseen events. This was especially important as the nation saw unforeseen product shortages. Supply chain disruptions can cause a 62% loss in sales if they are not handled correctly. This can put every aspect of a company at stake. To avoid this, achieving agility with insight into the supply chain operations can maintain an efficient and stable environment. Agile supply chains are able to get proactive insights into their supply chain, addressing problems before they arise.

3. Supply Chain Visibility Is Key

A mere 6% of companies report full visibility on their supply chain, demonstrating a major lack of visibility as a whole in supply chains. With unexpected disruptions, the significance of visibility in supply chains has become a key indicator for production. Supply chain visibility improves disruptions by delivering real-time data insights. These insights provide forecasting and end-to-end visibility in the supply chain.

Adopting augmented AI technology and digitizing your company’s data can bring proactive visibility to your supply chain. AI control towers also give visibility into every corner of your supply chain, allowing organizations to see problems arise upstream or downstream.

Build resiliency and plan for success in 2023 with ConverSight’s AI-powered solution. If you are ready to prepare for a successful 2023, request a demo today.