7 Supply Chain Predictions for 2016

We are over half way through 2015 and we hope it’s been a good one for your business. Here are some supply chain predictions for the rest of this year and for 2016 that could help you make next year even better!

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Globalization

The supply chain world is already a global one. Since markets are so interconnected all across the globe, parts come from different places in the world. It is crucial to keep track of where they are and where they are going. Furthermore, due to language barriers, one must be careful to avoid errors when tracking items. One way to solve this problem, and avoid wasting time and money, is by using barcodes. Barcodes work the same regardless of what language the user speaks.


“Barcodes work the same regardless of what language the user speaks.”


Emerging Markets

Emerging markets like the Asia Pacific and Latin American regions will offer even more growth opportunities in 2015 and beyond. While China has long been a popular sourcing region in many supply chains, with proper tracking methods, it will be possible for businesses to reap the rewards that these new markets will offer. Around 600 cities around the world will see GDP growth of 65% over the next ten years.

Real-Time Tracking

The growth in computing power over the last few years is amazing. Thanks to services like Amazon Web Services, small businesses can have a large capacity that only big companies could have. This allows them to do things like track inventory in real time.


Related Article: HOW WASP INVENTORY CONTROL CAN HELP

“Software allows procurement to effectively track and manage supplier performance as well as identify risk and problem areas,” Mickey North Rizza of Bravo Solution wrote in Supply Chain Digital. “Many companies currently struggle with how to leverage the data captured by the software. In 2015, procurement executives will be charged with finding out how to unlock the tremendous value the analytics in the software provides.”

On-Demand Procurement

With the growth in computing power offering more accurate supply chain management, it becomes possible to employ greater use of “just-in-time” manufacturing.

3 Inventory Metrics to Count On

For example, it will be possible for manufacturers to offer completely customized packaging when the customer needs it. This should save a lot of money for the manufacturers since they won’t order packaging upfront that goes unused.

Analytics

With cloud computing on the rise, which allows easier ways to track and analyze data, there will be a growing need for analytics. After all, gathering data is useless if businesses don’t do anything with it. By digging deeper into the data, companies can identify recurrent problem areas and deal with them before they disrupt the supply chain.

Sustainability

More than ever, consumers are aware of environmental issues and they are increasingly critical of the ways in which companies source raw materials and manufacture their products. This means that manufacturers will have to pay more attention environmental and human rights issues while ethically sourcing their materials. Consumers have more information on how the products they buy are made and will choose more ethical producers even if their products cost more.

Managing Complexity

Managing complexity is what supply chain and inventory management is all about. With the global economy and changes in manufacturing that have been mentioned above, it’s difficult to stay on top of a supply chain. Using specialized solutions and barcodes can help businesses run more smoothly.

These are some ways we think the world of the supply chain is going to change over the rest of 2015 and for 2016, so you should start preparing.

How has your company streamlined supply chain management?

Jason Sentell

Jason Sentell

Product Marketing Manager at Wasp Barcode
Jason Sentell is a Product Marketing Manager, responsible for development and execution of Wasp's product marketing strategy.
Jason Sentell
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