Industry leaders share insights on emerging trends and business readiness in the Indian supply chain and logistics industry
The post-pandemic era will experience an evolution in supply chains and logistics. In a recent panel discussion for The Economic Times Global Business Summit 2023, industry leaders discussed the emergence of new technology trends in response to the pandemic and how solutions have arisen to meet shifting consumer trends.
Kapil Mahajan, the Global CITO for Allcargo group, highlighted that the pandemic has accelerated the adoption of disruptive technologies like Blockchain, IoT, AI, and Machine learning. Businesses are increasingly automating manual processes and these technologies can potentially optimize the cost-experience trade-offs for consumers, he added at the Global Business Summit 2023.
Digitization and data utilization were recurring themes throughout the discussion. Saurabh Bakliwal of BCG pointed out that Blockchain and Automation are experiencing an influx of investments and will continue to do so, given their data-dealing potential. Key business decision-makers are taking note of these new techs and exploring modern solutions like drone delivery, warehousing solutions, and more.
A consequence of the post-pandemic era has been the consumer transition from offline to online modes of interaction. New business models have emerged as a result. Uttam Digga, Co-founder and COO of Porter says that new capacities are being created to accommodate this transition, but it comes at a cost that consumers are not yet ready to bear.
Gautam Kapoor, Co-founder of Shiprocket suggested that as technology furthers, economies of scale will lower these costs. In fact, business models like D2C have grown in popularity during the past few years, and it is a welcome step towards shorter supply chains. Traditional delivery systems are no longer working and businesses will need to design supply chains that cater to the new consumer demands.
Prajakt Raut, Co-creator and Managing Partner of Supply Chain Labs agreed that innovation is the only way modern businesses can survive. B2B tech and logistics startups are emerging to provide solutions that optimize costs while driving development. Standing on the shoulders of these innovations is the way forward.
The panel discussion provided insightful information on the emerging trends in the Global supply chains and logistics industry, the impact of disruptive technologies, and the need for businesses to adapt to new tech. It’ll be interesting to see the journey these disruptions take in the near future.