The best-managed supply chains will undergo a “digital shake-up” in 2024, deploying advanced technologies so they can respond quicker to day-to-day requests, proactively address problem solving, and reduce errors and inefficiencies, consulting firm KPMG said.
That approach could help their organizations become more resilient to future supply chain shocks, by allowing autonomous, self-learning machines to seamlessly manage the broader supply chain process, the firm said in a report titled “Supply chain trends 2024: The digital shake-up.”
Those changes will be enabled by quickly evolving capabilities across areas such as generative AI, data analytics, automation, machine learning, Internet of Things (IoT), and blockchain. But in order to use those tools, organizations must overcome the inherent silos and enterprise systems that will restrict their progress, KPMG said.
To get started, organizations need to first embrace the trends that will define 2024, ranging from AI to distributed ledger technologies, low-code and no-code platforms, and fleet electrification. This will need to be followed by managing the migration to a new digital architecture and executing it flawlessly.
And KPMG said that organizations will need to intensely focus on mining relevant, clean and well-governed data if they want to make the most of their new technology investments. Data will also be crucial as organizations are pressured to meet evolving ESG and Scope 3 commitments.
“As we stand on the brink of 2024, the supply chain landscape is on the cusp of profound transformation. AI and other advanced technologies are quickly reshaping the very core of supply chain management. KPMG professionals believe organizations with the right approach and culture can harness these seismic shifts,” the report says. “Time is of the essence, and those who are ready and willing to adapt quickly will be better able to unlock value, reduce costs, and embrace new models of success.”
