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Your Supply Chain May Just Recover This Year

In 2020 and 2021, supply chains reached their breaking point due to the pandemic. However, in 2022, there is some semblance of recovery as most services come to their pre-pandemic levels. Despite the challenging times in the past two years, there are many lessons that businesses can take from the occurrences. Businesses need to rethink their approaches to material sourcing and logistics. Businesses can capitalize on the problems they faced last year to ensure that their supply chains recover fully and are resilient enough to face the potential problems they encountered in the past year. This comes down to investing in artificial intelligence (AI), Machine Learning (ML) and automation, all of which are critical in the digitization of the supply chain and diversification of manufacturing.

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How Are You Dealing With These Supply Chain Trends?

COVID-19 has created a significant imbalance between the supply and demand of goods, affecting global supply chains. At the height of the pandemic and lockdowns, every part of the value chain was put under stress, from raw material sourcing to the end customer. Furthermore, areas like commercial, operational, financial and even organizational resilience were put under an unexpected test. The stress on the value chain during the COVID-19 period highlighted risks and gaps in the resilience of every company, including the bigger ones. As CEOs look to make things better to avoid large-scale disruptions in the future, some believe that innovation is the only route to resilience, while others believe that increasing investment in disruption detection will bear good fruits.

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Supply Chains are struggling with These Challenges

The COVID-19 pandemic was indeed the hardest disaster that man has ever faced. It was the worst nightmare for many industries, resulting in massive losses. One of the most hit areas by the pandemic is the supply chain. With the closure of many airports and ports to curb the spread of COVID, there were rippling disruptions that continue to hurt the markets to date. Although 2020 and 2021 were the toughest years for supply chain providers, we continue to experience challenges even in 2022. Below are challenges that supply chains are struggling with in the year ahead.

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These 6 Tips Can Help Entrepreneurs to a Better Supply Chain

Supply chain issues are spread across industries and countries. For small businesses, it can be a challenge keeping popular items stocked and dealing with impatient customers if you have a retail outlet or an e-commerce store. However, you can still make things better if you can develop a concrete strategy to avert some of the problems and keep the operations of your business running smoothly. Here are some supply chain management strategies to get you started.

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Supply Chain Recovery May be Painful

The COVID-19 pandemic exposed the modern supply chains as just a house of cards that can collapse when they are put under pressure. Many businesses caught flat-footed by lockdowns and restrictions of movements have found the recovery process difficult to navigate. The clogged ports and shortages of materials resulted in backlogs across the supply chain hubs. While things are starting to unwind, trade channels continue to face challenges making it hard for operations to return to normal. Assuming that a new wave of the virus does not emerge, the worst-hit industries are expected to recover at the beginning of 2023 or the end of this year.

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Supply Chain Delays are Inevitable

Supply chain is a complicated beast, and we can’t afford to skimp on the details (e.g. timeliness, quality, logistics, etc.) in our business operations. Despite the fact that the term is often used interchangeably with “dispatch”, it has a very different meaning and tends to be more about planning for delivery than about getting goods from one point to another on a defined schedule.

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Monitor Your Supply Chain to Identify Opportunities

No matter how effective you think your supply chain is, there are areas that you will want to closely monitor to ensure they are as highly effective as possible to enable things to run smoothly. While doing so, note that a timely response to important events within the supply chain can make a substantial difference between lagging and leading the pack. But how can you ensure that you know every important detail of what is going on in the supply chain and take advantage of this knowledge to remain on top? This is where supply chain monitoring becomes crucial every step of the way.

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Small Is The New Big In Supply Chain Management

The strain on the supply chain isn’t easing up — causing massive shipping delays, empty distribution centers and lower earnings for companies. This congestion at fulfillment centers and shipping practices proves just how fragile the system really is.

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Supply Chain Recovery Will Be Slow at Best

Supply chain issues have impacted global trade, investments and stock markets to an extent never seen before in 2021. Although the damage has been felt in almost every industry, it has affected the healthcare industry the least. On the other hand, tech consumers and industrial stock have suffered the most. Here is a list of the most affected sectors and how things are looking now and in the future.

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The Sequence to Success in Supply Chain Management

With the growth of technology, supply chain companies have changed how they work, and managing them has evolved substantially. The change has also been contributed by the modern age of the internet of things (IoT), cloud computing and mounting security concerns. Here are five crucial critical success keys to supply chain management that your business can benefit from.

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