Rapidly advancing technology is creating modern supply chains, making transparent, collaborative, and data-driven systems a reality.
When a giant container ship gets stuck in the Suez Canal in 2021, you can almost hear a collective sigh of discontent across the world. It was another successful moment in a year filled with supply chain challenges. Every minute a ship remained stranded cost approximately $6.7 million to paralyzed global trade.
In the 12 months leading up to this catastrophe, the COVID-19 pandemic caused countless manufacturing, production and shipping disruptions. This uproar has highlighted the important role of supply chains in consumers' daily lives. From baby formula to fresh produce to ergonomic office chairs, nothing seemed safe.
For companies that produce almost any physical product, the many “black swan” events of the past four years (catastrophes that are nearly impossible to predict) have challenged supply chain resilience, or the ability of companies to anticipate, respond, and bounce back. It shows the importance of competency. . However, many organizations have not yet taken strong measures to prepare for future setbacks.
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A poll of 250 business leaders conducted by MIT Technology Review Insights in partnership with Infosys Cobalt found that only a few say their company's supply chain is “fully modern and integrated.” It was 12%. Almost half (47%) of respondents regularly experience supply chain disruptions, nearly one in five (19%) say they feel “constant pressure,” and 28 % say they have experienced this.
'Occasional confusion' Only 6% said confusion was not a problem. But there is hope on the horizon. In 2024, rapidly advancing technology will make transparent, collaborative, and data-driven supply chains more viable.
“Emerging technologies can play a key role in creating more sustainable and circular supply chains,” said EVP and Co-Head of Delivery at Infosys, a digital services and consulting firm. says Dinesh Rao. “Recent advances in artificial intelligence, machine learning, blockchain and other systems will help build the ability to provide resilient supply chains for the future.”
This content was created by Insights, the custom content division of MIT Technology Review. It was not written by the editorial staff of MIT Technology Review.
