From Generative AI to sustainability, how stakeholders can navigate supply chain disruptions in 2024

economictimes.indiatimes.com:

Supply chain disruptions continued to dominate headlines with geopolitical conflicts escalating in late 2023. As recent events in the Red Sea illustrate, crystal gazing is hard, especially when it comes to supply chains, which are impacted not only by geopolitics but also economic volatilities and climate disruptions that threaten a seamless functionality. Needless to say, embedding stability and resilience in supply chains remains key concerns of stakeholders worldwide.

So, with another year unfolding, here are some trends that will reshape supply chains in 2024.
1.

Generative AI (GenAI) transforming supply chains: 2023 indisputably was the year of GenAI. According to a recent KPMG in India report, about 74 per cent of stakeholders rank GenAI as the most impactful emerging technology regardless of sector or function. Given this, stakeholders are widely exploring the extensive use cases of GenAI in reshaping supply chain management.

By analysing an array of complex variables—such as historical data, demand fluctuations, production schedules, regulatory changes and seasonal patterns—this subset of AI can streamline processes, improve forecast accuracy, enhance resource allocation and mitigate risks. The self-learning algorithms within software engines, powered by GenAI, can proactively adjust to fluctuations, improve operational efficiency, reduce costs and ultimately foster a more adaptive and responsive supply chain ecosystem, which will be essential for achieving resilience. Leading e-commerce giants today are also evaluating innovative use cases of GenAI to enhance customer experience, marketing techniques and product listings, which will only scale up in the times ahead.