5 trends shaping today's supply chain industry

The supply chain industry is constantly changing. New trends come and go, dictating how companies design and manage their supply chains, according to Logistics Management.

The publication identified five trends that are shaping the today's supply chain industry.

1. Supply chain talent management. While supply chain leaders are crucial to the financial and operational success of an organization, many struggle to find supply chain talent. Logistics Management believes companies will rely more on talent management systems to recruit and maintain its supply chain workforce.

2. Increasing global risk. Supply chain risk is growing, causing a greater need for companies to implement supply chain risk management strategies, according to the report.

3. Competitive pressures. New rivals that play by their own rules — like technology disrupters and other firms in emerging markets — are putting financial pressure on older organization models. This trend is forcing supply chain leaders to act more like financial managers and focus on areas where supply chain and finance overlap, according to the report.

4. Increasing top-line growth. More companies are turning toinnovation sourcing — the process of capitalizing on external supply chain advancements and capabilities — to improve top line revenue, rather than just focusing on strategies to reduce costs.

5. Predictive analytics. Many companies are also harnessing data through predictive analytics to anticipate supply disruptions and forecast future demand patterns.

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