After an unpredictable past few years, things are looking up for the global supply chain. Experts are predicting the year 2023 will see a massive shift in the way we do business as we move back toward a sense of normalcy.
Here are some of the top supply chain trends experts predict for this year.
A Shift from the Supply Chain Crisis Back to Business Growth
The supply chain crisis is not over, but business leaders are turning their attention back toward growth, with over 50% of companies planning to increase their supply chain budgets in the next year. While many companies have spent the last few years in survival mode, 2023 is shaping up to be the year that is more proactive than reactive.
Ever-Evolving Logistics Technology
Over 60% of companies have increased their investment in logistics technology within the last year, which means that many organizations will be looking for ways to improve efficiency and productivity through automation, big data analytics, and AI-powered decision-making tools.
Hyper-Connected Supply Chains
Hyper-connected supply chains are the new normal, and business leaders need to be able to communicate with customers and suppliers in real-time. These hyper-connected networks will require companies to make decisions quickly based on the data they have access to. Data analytics will play an important role in making these decisions, as well as helping companies optimize their supply chain processes.
Lower Freight Carrier Rates
Freight carrier rates are expected to continue to drop in 2023. This will be due to a combination of factors, including lower fuel costs and increased demand and capacity.
The shipping industry has recently been affected by increasing tariffs on Chinese imports into the United States, which has led to higher costs for shippers. However, if this trend continues, there could be more opportunities for companies looking at international expansion strategies in order to avoid high tariffs on products being shipped into America from overseas locations like Asia or Europe (which may not be affected by similar tariffs).
Increased Consumer Expectations
Consumers are demanding more transparency in how their goods are produced, shipped, and sold. This means that supply chains will need to be more transparent in order to remain competitive. This also means that consumers are more aware of the environmental impact of their purchases and will expect suppliers to be sustainable and ethical as well as affordable.
This is creating opportunities for companies to innovate.
Achieve Better Supply Chain Management in 2023 with the Right Logistics Company
As we approach 2023, it’s important to remember that the supply chain is constantly evolving. From Artificial Intelligence to lower carrier rates and beyond, these changes will impact the global supply chain for everyone. To ensure you’re ready for any curveball 2023 throws you, you’re going to need a trusted logistics partner.
Ground Force Logistics staffs an experienced team of logistics experts who stay on top of all the latest changes to the supply chain, pivoting when necessary to meet the needs of our customers.