A new year – the same semiconductor chip shortage that’s plaguing both the automaker and electronic industries. Back in June, I wrote about the chip shortage in reference to Tesla. But Tesla isn’t the only company struggling with lack of inventory amid the shortage. The lack of chips are driving the price of new cars up nearly 12% and causing a significant loss of revenue to the tune of $2.10 billion dollars.

Now more than ever, time is the most precious commodity. Customers don’t like their time getting wasted through the instability of the supply chain. While there is no doubt that the supply chain has significantly evolved, they have faced the most difficult time during the pandemic than ever witnessed. As we begin a new year, 2022, there are new challenges that companies must tackle to remain competitive in the transport and logistics as well as e-commerce spaces. This is even as the customers want their items delivered on time and in the right state. While there are many challenges that one may face, it may be possible to work around these supply chain problems. Here are some of the ways you can do this.

The supply chain is an important part of any business and the overall organizational strategy. It helps you save money and improve customer satisfaction by reducing waiting times for the in-demand products. Therefore, an efficient supply chain gives you a real competitive edge against other companies in your industry. On the flip side, an ineffective supply chain can consume many resources in your organization. Therefore, it is important to strategically plan to make your supply chain cost-effective, lean, and efficient. Update your supply chain initiatives with these five ideas to serve your business right. 

Radio frequency identification (RFID) has emerged as one of the leading technologies revolutionizing supply chains and logistics. It is capable of helping enterprises reduce their expenses and become competitive in the market. With the increased competition and pressure from the consumers, retailers must now develop better ways to streamline their operations and optimize their inventories. This cannot be achieved by relying on traditional methods. RFID uses radio frequency electromagnetic fields to transfer data. This technology can be deployed to monitor company activities in real-time.