CONTRIBUTION BY Vaishnavi Agrawal – Freelance Technology Writer
We always talk about technology revolutions that have transformed this world into a digital space. However, a business can’t run without exports and clients. Over the years, along with technology has grown the World exports flourishing the global GDP. The shifts in macroeconomics and trade patterns have greatly impacted the supply chains in the globe.
Logistics and Supply Chain Management have seen major developments in the past decade as business trends have incurred smarter and faster ways of training. The established organizations and even startups have embraced latest technology to implement sought-after strategies in trading patterns, reaching out for highest conversion rates than ever before.
While the world is becoming more and more competitive with each day passing, there is an acute need for Business leaders to stand up-to-date with the changing trends in logistics and supply management. Here is a rundown of some outstanding developments in business logistics that cause a direct or indirect impact on the trading standards for acquiring a growth and result-oriented enterprise.
Mergers and Acquisitions: The first three-quarters of 2015 got many business partners together in one entity. Margining two companies and acquiring one another’s strengths are intelligent ways recently witnessed all over the globe. These mergers depict that companies are interested in delivering complementary services along with their core competencies. For instance, leading microchip maker, Intel has announced taking over Altera in worth $16.7 billion. This deal will allow Intel to expand its product line with Alter’s range of products like programmable logic devices (PLD’s).
Nearshoring: The technique of transferring business to neighboring countries sharing borders has brought business benefits to many manufacturing and supply chains.
E-Commerce: Using internet for promoting your business is yet another thriving methodology used by almost all companies today. Besides expanding traffic and user engagement, social media gives your business a diversified platform to carry out your businesses.
Fragmented growth: The growth pattern has become more fragmented and volatile connecting your logistics and supply chains from various parts of the world.
All round visibility: Sitting in one corner of the world, you can have a complete picture of the entire supply chains and can project your plans to accomplish proper sourcing, capacity, supply and demand.
Multi-Channel sourcing: The logistics industry is widening its areas of working for more results and better performance. Many brick-and-mortar and e-commerce giants are identifying multiple channels for outsourcing their business and thereby introducing resourcefulness.
Advanced IT Solutions: To implement any strategy, we need dynamic technology. Information technology provides optimal and advanced solutions to handle and manage everything and anything in the business.
Applied together, these strategies will benefit the logistics and supply chain management at a global level. The world is changing, and so do the business patterns. Expanding business through various channels should be the prime focus of each enterprise to grow in the multivariate environment. Think of innovative ideas and ways to strengthen your trading patterns and bring the next change in supply chain management.