Future Global Supply Chain Challenges

From our studies this semester we have come to understand that there is no business that exists without a supply chain. We have all experienced first-hand how the Covid pandemic massively affected supply chains. A pandemic is just one example of several key challenges that can arise in a global supply chain. Below are three of the many key strategic challenges supply chain managers will face in the future. As technology continues to evolve so does its uses in the supply chains. Many companies have long understood that leveraging the correct technology can provide a competitive advantage over the next biggest rival. The challenged faced by supply chain managers in respect to technology will be twofold. First, the correct technology needs to be found and implemented. Second a manager must take into account that the development time for the next "big thing" in supply chain technology is significantly shortened. Developments that used to take years have now been reduced to weeks. It's important to establish a level of flexibility and adaptability into a firm's business technology in order to be able to navigate this constantly changing facet of the supply chain. The next area of concern is resources. Resources can mean a variety of things to a supply chain, such as financial resources, infrastructure, workforce etc. However, natural resources are potentially the area for greatest concern. With a finite amount of natural resources available it will be up to managers to create systems that have greater operational efficiency and make better use of already acquired resources to yield better outputs. Another alternative is for companies to invest in the technologies or businesses that provide the natural resources. The latter can be achieved through R&D or through strategic acquisitions. Once again, building a level of flexibility into the supply chain from which resources are brought into a company can makkkkeee aaaa great deal of difference when the scale of competition is a global one. Lastly, environmental impact of a global supply chain is, and will continue to be an area of focus for not only businesses, but customers as well. The challenges listed in the prior paragraphs are already massive by themselves, and are even further complicated when adding sustainability into the mix. The transformation of a global supply chains into "sustainable operations is fostered by the development and adoption of technology" and the combination of cultural changes within an organization. As society's values continue to shift, we have seen a large push for green initiatives and sustainability coming from the consumer. Failure to respond to these pressures has resulted in things such as loss of brand respect, loss of sales, to even boycotts. In order to adapt adapt to the changing times businesses should attempt to build their supply chains in a manner that lowers their carbon footprint. Implementation of new technologies can reduce overall waste, and relying on renewable energy for parts/all of the production process can further impact a company's environmental impact Above are just 3 of the many challenges that global supply chains will face in the coming years. Many of the challenges that lie ahead have yet to materialize. Nonetheless, businesses can better prepare themselves for whatever comes their way by building flexibility and adaptability into their supply chain. By leveraging the power of technology, to proper planning and execution of strategies that focus on efficiency and adaptability a business can continue to grow its global supply chain in a sustainable manner regardless of the future challenges it faces.

two questions listed below: 1. What do you perceive to be the greatest future threat to a supply chain (doesn't have to be one I mentioned)?

2. Do you think technology will evolve fast enough to counteract the effects of things such as the environment or the depletion of natural resources?

References Fornasiero, R., Sardesai, S., Barros, A. C., & Matopoulos, A. (2020). Next Generation Supply Chains: A Roadmap for Research and Innovation. Springer Nature. Mutangili K., S. (2019): Global Supply Chain Management Future Challenges. Journal of Procurement & Supply Chain, Vol 3(2) pp. 48-63. Judit Olh, Zoltn Zman, Imre Balogh, Jzsef Popp (2018). Future challenges and areas of development for supply chain management . Logforum 14 (1), 11. DOI: 10.17270/J.LOG.2018.238