We live in an ever-changing economy, where any action can have ripple effects throughout the world. Despite all these changes, supply chain management remains a crucial element of any business that deals with physical goods. While supply chain management software can help with this, it is still important to keep abreast of the changes in the industry. Here are three trends that you should watch out for in the year ahead.
Finding People
With a strong economy and a populace that is growing more discerning when looking for work, it can be difficult to find people to fill needed jobs. This is especially true when it comes to finding drivers and warehouse workers. While rising wages can help fill some of the gap, the fact remains that these jobs are not seen as desirable, so workers are avoiding them if they can. Look to use sourcing and supply chain automation tools to make up for the shortfall in the long run, with the current shortage being used as a motivator to make the change.
Omnichannel Data
Companies are having a difficult time measuring the effect of individual decisions on their profits. Omnichannel revenue management is serving to fix that by breaking down profits by where they come from, allowing businesses greater control to focus on their moneymakers. Expect businesses to become quicker to pull the plug on less profitable strategies in the future because of this.
Watch out for Tariffs
As the geopolitical world gets ever more frosty, it becomes important for companies to pay attention to where they’re sourcing their products and raw materials from, as they may soon be slapped with an import tariff, if they haven’t already. This can be devastating to a company’s bottom line, especially when operating with razor thin margins. Expect businesses to be more cautious and aware of where they’re sourcing materials from to avoid getting caught out by an unexpected tariff.
With all the changes and challenges facing businesses in the coming year, it can seem daunting to try and turn a profit in this uncertain world. By keeping up with the changes as they come, you can ensure that your business will be able to meet the challenges that lie ahead.
