The Most Common Myths About Supply Chain Management Debunked - Mumbai

Supply Chain Management (SCM) is the management of the complete flow of goods from their original manufacturing location to their consumption point. It includes tracking the shipment, managing inventories, reverse logistics, overseeing production, warehousing, boosting sales, and enhancing distribution. Thus, the supply chain plays an integral role in the success of the manufacturing and retail business. Between 2022 and 2027, the supply chain industry is expected to grow at a CAGR of 14.72%.

The top trends of SCM in 2022 are technological advancement and digitisation, tech-enabled remote sourcing using technologies like AI, Virtual Reality and Blockchain, usage of drones for last-mile deliveries, energy-efficient smart warehouses, and usage of greener transportation methods. As per Technavio, due to increasing manufacturing and government reforms, the third-party logistics market in India is expected to grow by  $10.74 billion from 2020 to 2025 growing at a CAGR of 8%.

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The pandemic gave a huge boost to cloud technology, and it is now expected to be an estimated <a href="about:blank">$1,250 billion industry by 2028</a>. Technological advancement and digitalisation opened the door to transparency and end-to-end encryption of the sensitive data involved, which is valued tremendously in this era. This enables the stakeholders to make instant decisions in real-time without worrying about their privacy and security.

The post-pandemic restrictions have made it quite difficult for logistic businesses to enable standard procurement procedures. Travelling or shipping through the standard procurement process is often halted, and the only feasible solution to tackle this problem is tech-enabled sourcing.

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