Industry experts from around the world weigh in on their predictions for how supply chains will change and how businesses must adapt from today's challenges in MODIFI's H2 2022 Prediction Report with viewpoints about the economic challenges caused by rising inflation, skyrocketing fuel prices and international conflicts.
“The crisis in Ukraine and Russia, as well as other supply chain disruptions, such as COVID-19 lockdowns, staffing shortages and labor unrest, have caused many businesses to look at more localized manufacturing and shorter supply chains. The accelerated transition is resulting in more companies increasing their investment in countries such as Vietnam, Thailand and India,” says Brian Dowd, sales director at MODIFI.
Although many countries are emerging from the COVID-19 crisis, the virus still casts a long shadow over China. As Chinese authorities implement strict pandemic restrictions in major cities and suspend operations at factories and businesses, this is affecting manufacturing and supply chains around the world and the report predicts that these peak struggles are behind us, but it remains to be seen how long it will take before domestic transport returns to normal.
- Technology is becoming critical to supply chain success in the U.S. as businesses invest in innovative tools to provide more insight into the movement of goods and inventory.
- Emerging technologies such as AI, predictive analysis, risk analysis and monitoring, are helping companies deal with disruptions and external obstacles by enabling leaders to make instant executive decisions within their supply chain.
- Buyers and sellers are also using global payments to manage liquidity and risk.