With the ever-changing economic and supply chain issues happening on a global scale, conversations between logistics, CPG, and manufacturing industry leaders are of the utmost importance. Join Exec Club, Bank of America, Barry Callebaut, McKinsey & Company, and Molex on May 24, 2023 for essential discussions around relevant supply chain and manufacturing topics, trends, and issues.
The last several years have left the global supply chain in turmoil, and organizations everywhere have been left scrambling. Navigating unreliable access to capital, finding and retaining talent in unstable labor markets, and mitigating the effects of inflation are all struggles companies are facing on a daily basis.
As companies navigate these issues, they may struggle to deliver on key business outcomes and keep products in the hands of consumers. In a constantly shifting economy with unstable supply chains, adaptability and resilience is key to successfully staying afloat and growing a business.
When it comes to dealing with supply chain and manufacturing in today’s world, what are the biggest threats to success? How is access to capital making an impact on the manufacturing world? What are the challenges and opportunities for manufacturers of consumer-facing products? Is there enough labor available to handle the needs of the supply chain?
Industry 4.0, or the fourth industrial revolution being powered by data, AI, and machine learning, is making a profound impact on supply chain and manufacturing. Companies are not only faced with how they will mitigate the effects of disruption to production and logistics.
They must also now ponder how they can utilize data, AI, and other up and coming technology to better their processes, grow their business, and instill resiliency. For companies with wide fragmented production networks, using data and analytics is crucial to sustain and grow business.
However, adopting new technologies in the face of uncertainty poses risks and considerations: How will Industry 4.0 impact your business? What is the expense of adopting machine learning and data focused technology to improve supply chain and manufacturing? How are CPG manufacturers utilizing data and analytics to respond to disruptions? Does the benefit of adopting Industry 4.0 technologies outweigh the cost? How can Industry 4.0 be woven into strategic plans?
In the face of the current instability of the economy and upheaval of the supply chain, organizations must also consider the weight of another issue: the impact that manufacturing and distributing goods has on the environment.
As governing bodies on the local, state, and federal level continue to up the environmental reporting requirements, companies must determine their next steps for taking an environmentally conscious approach to their manufacturing protocols and engagement with supply chains. The opportunities to implement more sustainable practices are plentiful, and organizations must determine how to integrate them into current business models to be strategic.
For organizations that have yet to focus on the sustainability of their supply chain and manufacturing, what is the first step? How can they catch up to those leading the way? For companies that already have a sustainable approach to their manufacturing and supply chain practices, how can they take their work further? Can implementing sustainable packaging and manufacturing processes set consumer-facing products apart in over-saturated markets? How can companies turn the obligation of integrating sustainable practices into economic opportunity?
Conversations around Industry 4.0 and sustainability lead to wider discussions about efficiency versus resiliency in supply chain and manufacturing. Companies can no longer choose to focus on one or the other.
Instead, they must strike a balance between implementing cost effective practices and investing in new technologies that instill resiliency into their business models. By doing so, organizations protect themselves from the instability of the economy, secure the long-term success of their strategies, and expand upon their current offerings.
Where should companies begin when it comes to balancing efficiency and resilience in their supply chains? How does instilling this balance to the manufacturing industry and keep products in the hands of consumers? What can supply chain and manufacturing leaders do to ensure that the urgency of finding this balance is not lost upon colleagues who are not in the sector?