LONDON–(BUSINESS WIRE)–Citi has published its latest Global Perspectives & Solutions (Citi GPS) report titled: SUPPLY CHAIN TECHNOLOGY – Improving Efficiency, Resilience, and Transparency. The report looks at how recent disruptions to global supply chains are driving firms to embrace digitalisation and technological innovations more broadly, across production and storage, delivery and recycling, and decision-making.
COVID-19 created a bullwhip like effect in global markets, leading to an examination of the supply chain management practices that prevailed before the pandemic. Whether global supply chain structures were robust, cost-effective, and reliable, and whether the demand for goods was relatively smooth and predictable have all be called into question.
Today’s report looks at some 20 different areas of supply chain technology across Production & Storage, Delivery & Recycling, Decision-Making and Digitalization and which are likely to enhance supply chain management practices. Some of these are technologies that are already used in practice, while others are more conceptual. All, however, hold the potential to help lead to a more stable global supply chains.
“With vulnerabilities in supply chains exposed by COVID-19 and geopolitical tensions, many firms are adjusting their operations, but we conclude many changes are still ahead” says Rob Garlick, Head of Innovation and Technology, Citi Global Insights, adding “New technologies in production to automate processes, novel transportation solutions, or the digitization of documentation and payments will all help keep supply chains running smoothly”.
Slowly disentangling supply chains may not be easy — complex and integrated ecosystems have developed with local ecosystems for raw materials, suppliers, and know-how matter and make production and supply chains sticky. Technological disruption, however, can act as a jolt to this dynamic.
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