Across our industry, the imbalance between supply and demand has exposed weaknesses and opportunities within the supply chain. For logistics industry professionals, these challenges are not new issues, but they have become increasingly prevalent. No matter the dynamic situation or forecast, I believe two major plays will continue to consistently dictate success in our industry: people and technology.
Our employees are the force behind our resilience and flexibility in this volatile industry. Given that business must evolve at a rapid pace — and the pressure to remain competitive is at an all-time high — having the best people is the key to success. Retaining or recruiting the brightest minds must remain a priority. On the other hand, significant consumer demand created by e-commerce over the past decade and, more recently, the global pandemic, has exposed the inherent shortcomings of the supply chain at every level.
The resulting national dialogue has forced our industry to focus on data-driven opportunities to make the supply chain work better, smarter, and faster in the future. Reliable technology will not only help optimize networks and longer supply chains, but it can also guide rates and provide real-time analysis and transparency for faster solutions. There is a whole new world unfolding with automation, autonomous vehicles, real time visibility, and dynamic planning, to name a few. Data is another driving force to push business to the next level.
Given a potential recession, it is difficult at best to predict consumer sentiment and its impact on demand throughout 2023. Therefore, anyone involved in the supply chain should be actively considering options to mitigate risk. However, emphasis on foundational tools — people and data — is critical.