Blockchain Technology in Industrial Supply Chains: A New Era
Blockchain technology is transforming industrial supply chains, ushering in a new era of transparency and traceability. By establishing a decentralized, immutable ledger to record transactions and the movement of goods, blockchain provides unprecedented security and clarity, enabling supply chain participants to verify the authenticity of parts, increase transaction transparency, and ensure that from Efficient traceability from manufacturer to end user. This capability is critical in an era when industry is increasingly globalized and complex, with components and raw materials coming from multiple locations. One of the most promising applications of blockchain in supply chains is ensuring the authenticity of parts. Industrial suppliers face increasing challenges in combating the infiltration of counterfeit and substandard goods, which can harm product safety, reliability and reputation. By using blockchain, every part and material can be assigned a unique identifier and recorded on a ledger at every stage of its journey. This unique digital fingerprint ensures that the part is authentic and traceable to its…
PSA partners with National University of Singapore to drive sustainable supply chains
PSA International (PSA) and the National University of Singapore (NUS) have launched the PSA-NUS Supply Chain Living Lab, a collaborative initiative aimed at solving key supply chain challenges through innovation and sustainability. Backed by PSA's funding of up to S$10 million, the lab will focus on enhancing supply chain agility, resilience and sustainability regionally and globally. Also read: Singapore PSA strengthens capacity to cope with global supply chain disruptions The Supply Chain Living Lab will serve as a proving ground for developing community-focused solutions in partnership with industry stakeholders. By leveraging academic expertise and industry insights, the program aims to foster transformative innovation, optimize logistics, advance data-driven decision-making, and promote sustainable practices in supply chain operations. "As global trade evolves, Groupe PSA remains committed to refining its strategy and expanding its presence across the entire supply chain," said Ong Kim Pong, CEO of PSA International Group. "The partnership with the National University of Singapore marks the consolidation of A critical…
Global supply chains are becoming stronger, but there are weaknesses
Global supply chains have made an impressive recovery since the COVID-19 pandemic sent them into a deep freeze. But as 2025 approaches, many issues still need to be addressed by companies as cracks remain in the supply chain. Also read: Resilience in adversity: How recent turmoil has strengthened supply chains Many areas are interrupted by warwhile others are teetering on the edge. Businesses also face changing customer demands and a volatile market. For manufacturers sourcing raw materials, the problem is compounded by climate change-related fluctuations in crop yields and political instability in areas important for minerals and similar commodities. If there's any good news, it's that organizations across all verticals are learning how to deal with uncertainty. This is no longer shocking, now they are developing new strategies, tools and techniques to ride the wave. Primarily, supply chains are turning digital, adopting artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT). Automating tedious manual processes reduces the…
Forecasting demand in supply chains: why it’s so important
Demand forecasting has become an important tool for supply chain and logistics professionals. In industries where unexpected delays, sudden market changes and fluctuations in demand are common, accurate forecasts enable companies to predict demand, optimize resources and minimize disruptions. Let’s explore why demand forecasting is so important, how it impacts every aspect of logistics, and the strategies companies can use to improve their forecasting capabilities. Why demand forecasting is important in supply chains The core of demand forecasting is to predict customer demand for a specific product or service within a specific period. By leveraging historical data, analytics, and sometimes artificial intelligence, businesses can accurately estimate the number of items needed to meet customer demand without over- or under-stocking. This insight is crucial for the following reasons: 1. Minimize stock-outs and excess inventoryOut-of-stock items can lead to dissatisfied customers, lost sales, and potential damage to brand reputation. On the other hand, excess inventory can lead to wasted resources, storage issues…
New climate risk score equips climate supply chains
Everstream Analytics, a leader in supply chain insights and risk analytics, launches the Climate Risk Score, a groundbreaking tool that quantifies the impact of climate on supply chains through 2100. This feature uses automated climate risk predictions and leverages applied meteorology and data from the Intergovernmental Panel on Climate Change (IPCC) to provide actionable insights into the potential vulnerability of supplier sites and facilities. Also read: Maritime shipping reduces sulfur content, but with it comes climate concerns Climate risk scores enable businesses to assess the projected impacts of climate indicators such as tropical cyclones, riverine flooding, sea level rise, extreme heat, fire weather, cold snaps, droughts and precipitation. Integrated into Everstream's Explore platform, the tool helps customers plan for business continuity by providing future risk projections for key time intervals (2040, 2050 and 2100) under multiple climate scenarios. Everstream Chief Meteorologist Jon Davis emphasized the importance of the new tool, saying: “With the Climate Risk Score, we provide businesses with…
Lingering pandemic impacts – interest in supply chains
Supply chain and information systems undergraduate and graduate courses have surged in popularity since 2020. Professors across the country have noted that the pandemic has fueled students' interest in how goods move from factories to store shelves and the complex interplay of moving parts. between. Also Read: Dynamic Pricing Models in Supply Chain Management: Adapting to Market Fluctuations and Demand Changes It has been four years since the COVID-19 outbreak broke out, but its impact is difficult to eliminate. While the pandemic has primarily affected older adults and those with pre-existing conditions, it has also dramatically altered the high school experience for teens, who must adapt to virtual classrooms and navigate the social and economic upheavals around them. While an infant formula shortage or toilet paper crisis may not change the lives of most high school students, even in the United States, the occurrence of such shortages gives this generation a unique perspective. The University of Tennessee, Pennsylvania State University,…
Future-proofing supply chains: a global strategy
Global supply chains have changed dramatically in recent years. Major disruptions such as the COVID-19 pandemic, canal blockages and international conflicts have reshaped many of the world's most reliable supply lines and changed how suppliers deliver goods to consumers. Also read: Enhancing supply chain resiliency through proactive fleet safety management As a business leader, you can future-proof your supply chain by taking proactive steps to reduce risk and increase resilience. Even simple changes, such as choosing a more sustainable supplier, can insulate you from changes in oil prices and help you build relationships with other future-proof companies. You should also consider greater use of data analytics to predict delays, reduce disruptions, and improve business continuity. Doing so protects your brand reputation and ensures you're always one step ahead of the competition. risk management plan In today's age of unexpected disruption and global conflict, having an effective risk management policy is crucial. You can’t ignore unexpected delays caused by factors beyond…
Supply chains braced, Allen mobilizes in response to Hurricane Milton
As Hurricane Milton threatens Florida's west coast, the American Logistics Assistance Network (ALAN) is launching relief efforts, just weeks after Hurricane Helen struck. ALAN Executive Director Kathy Fulton emphasized the urgency of the 13th storm of the season, which could severely impact areas still recovering from Hurricanes Helen and Debbie. Also Read: Preparing for Hurricane Helen: 5 Top Tips for Your Organization from Ellen Allen has updated its disaster microsite to provide important information on the expected path of Hurricane Milton, transportation exemptions and business resources. The organization called on its logistics network to assist with preparedness and response efforts, while reminding businesses in the storm's path to prioritize the safety of their employees. Allen continues to urge supply chain professionals to visit its website for the latest information and to consider contributing to Hurricane Milton and ongoing Hurricane Helen relief efforts. Financial donations can also be made to support their work and help ensure timely assistance is provided to…
How drones are revolutionizing logistics and supply chains
The logistics and supply chain industries are critical to the global economy, but they face significant workforce challenges. According to the American Trucking Associations (ATA), the truck driver shortage is expected to reach 160,000 job openings by 2030 if current trends continue. The aging of the logistics workforce is another key issue More than 60% Truck drivers 45 years of age or older. Most importantly, these trends highlight the critical need for young talent and creative solutions to help the entire industry prepare for the upcoming workforce, especially to attract today’s dynamic, tech-savvy school-age generation. Also read: Drones, robots and delivery robots: the future of last-mile logistics One promising approach is to integrate drone technology into K12 education, sparking early interest and providing students with hands-on experience in technology-driven industries. With their high-tech appeal and wide range of applications, drones have captured students' imaginations and provided tangible connections to the world of logistics. This early exposure helps demystify the logistics…
GCCA urges global investment in cold chains to combat food
On the United Nations International Day for Food Loss and Waste Awareness, the Global Cold Chain Alliance (GCCA) urges governments and development agencies to prioritize establishing and expanding cold chain networks, especially in emerging markets. Nearly half of global food waste could be prevented through better temperature-controlled logistics, and GCCA highlights the key role the cold chain plays in reducing food loss. Also read: Applying lessons from restaurant chains to rethink food service supply chains The Global Cold Chain Foundation is the non-profit arm of GCCA and is actively involved in supporting projects such as cold chain development in West Africa and post-harvest infrastructure improvements in India. Sara Stickler, president and CEO of both organizations, emphasized the importance of cold chains in making food supply chains more resilient, especially in the face of climate change and population growth. Stickler called on policymakers to adopt strategies that reduce barriers to cold chain expansion, including improving energy infrastructure and supporting logistics careers.…
Using the experience of restaurant chains to rethink food
Imagine this: Your restaurant is bustling with business on Friday night, when all of a sudden you run out of a critical, basic ingredient. Your supplier can’t deliver until Monday. This scenario is playing out at restaurants across the country. A critical, yet often overlooked aspect of the food service industry: the supply chain. Also read: Revealed: How supply chain disruptions are affecting the food and beverage industry As someone who has navigated the complexities of supply chain management at industry giants like Subway and In-N-Out Burger, and who currently leads operations at fast-growing beverage company Botrista, I’ve seen firsthand how a strong supply chain can be the difference between thriving and barely surviving in this industry. Problem: The hidden crisis in the restaurant supply chain For years, the restaurant industry has been plagued by a short-sighted approach to supply chain management. The focus has been on cutting costs, often at the expense of quality and reliability. This mindset creates…
Hezbollah detonates pagers and supply chains
It is unclear how many members of the Lebanese militant group Hezbollah were killed when thousands of pagers exploded simultaneously. The very next day, Hezbollah's walkie-talkies suffered a similar malfunction. Sadly, news of explosions, bombings, and death are common in the Middle East in 2024. But this latest operation, possibly by Israeli intelligence tacticians, has the news media and experts questioning the role of global supply chains, rightly or wrongly. Also read: Supply chain shortages and their impact on manufacturing Most electronics manufacturers outsource production to multiple companies along the supply chain. In the case of Hezbollah’s pagers, they were made in Taiwan, assembled in Hungary and ultimately shipped to Lebanon. In related news, a congressional investigation found that Chinese cargo cranes used at seaports across the U.S. were embedded with surveillance technology. There is no direct link to Beijing, but third-party companies often handle critical components with little or no oversight, showing how difficult it is to monitor the…
Managing supply chains through disruptions…
We have learned a lot of lessons managing our supply chain through Covid that should prepare us for any future disruptive events, such as the impending strike we may face by the Gulf and East Coast dockworkers, who, as far as we know, walked out of negotiations in June and have made little progress toward negotiating a successful new contract. The last time this danger occurred was in 1977. See also: Impact of impending strike on US container trade and supply chain Judging from the known information flow, there is a big gap between the two sides. The aircraft carrier industry does not want to be hit, but the possibility of it happening is very high. "If this strike goes ahead, the operational and financial consequences will be severe. Coupled with the current instability in global markets, this strike will cause disruption, damage and severe hardship to thousands of supply chains in the eastern United States, not to mention the…
The global manufacturing slowdown deepens, supply chains
The GEP Global Supply Chain Volatility Index for August 2024 showed that global procurement activity contracted by the largest amount since December 2023, with manufacturers in North America, Europe and Asia reporting underutilization of capacity. The index fell to -0.37, the lowest level this year, indicating falling demand and overcapacity among global suppliers. See also: GEP Global Supply Chain Index predicts manufacturing downturn will continue until 2024 The North American market was the weakest, with a sharp drop in demand for US factories, while the European manufacturing recession, affected by Germany and France, continued to deepen. Meanwhile, Asian suppliers, including China, have idled capacity for the first time since March, although India remains a major supplier. Despite weak market conditions, UK manufacturers are still operating at close to full capacity. The report highlighted shrinking global demand, lower inventories, fewer material shortages, stable labor conditions and slightly lower transportation costs as manufacturers brace for further economic headwinds. GEP President Neha Shah…
How cargo theft creates problems for global supply chains:
Theft has always been a hindrance to the supply chain. Despite the security measures put in place to stop theft, cargo theft is still rampant today. Some of the consequences include damaged reputation, financial losses, insufficient inventory and production, and increased planning and resources. See also: Maintaining Supply Chain Security: Responding to a Surge in Fraud and Cargo Theft Logistics professionals must fully understand how fleets are attacked and how to prevent theft. Here are some important things they should consider. Reputation issues Reputation is always a top concern for businesses. Cargo theft may initially seem unrelated to a company’s image, but it is. When an outsider steals a consumer’s package while in transit, they don’t blame the thief. People assume that the fault lies with the company for failing to secure the package before it reaches its destination. Most customers may not be aware of this breach, which could lead them to assume the shipping company is responsible for…
New committee works to strengthen U.S. supply chains
As if 2024 didn’t bring enough surprises to global shipping, the CrowdStrike software vulnerability that caused Microsoft’s operating system to crash has once again sent shockwaves through the system. The air cargo system has borne the brunt of the worst IT outage in history, while ports around the world have also been affected. The silver lining is that unrest often leads to action, and unions, ocean carriers and ancillary supply chain businesses are banding together to form a new trade group that will push for investment in domestic infrastructure to protect the supply chain. Also read: Top 25 container ports in the United States The Supply Chain Council is led by real estate development and public affairs executive Josh Wood, and its goal is to “develop and advance best practices and public policy at the federal, state and local levels.” Its board is chaired by a representative of logistics real estate company Prologis and includes the Laborers’ International Union of…
Sedex launches three innovative tools to enhance supply chains
Sedex, the global leader in supply chain sustainability, is pleased to announce the release of three groundbreaking products in 2024. Designed to help companies address evolving environmental, social and governance (ESG) challenges, these data-driven tools provide greater supply chain visibility, compliance with sustainability laws and robust ESG performance management. Also read: Transforming supply chain sustainability: Trax’s role in reducing emissions In an era when companies must balance operational demands with growing sustainability expectations from legislators, investors and consumers, detailed visibility into supply chain activities is essential. Sedex 2024 product launches include an updated SMETA 7.0 audit, a new environmentally focused Supplier Self-Assessment Questionnaire (ESAQ) and an enhanced Service Provider Self-Assessment Questionnaire (SAQ). SMETA 7.0 Updates Renowned for its comprehensive on-site assessment of sustainable practices, the SMETA audit is now in its seventh core iteration. This update is the result of a multi-year project to sharpen the focus on identifying and addressing complex issues within the supply chain workplace. Key enhancements…
Sedex launches three innovative tools to enhance supply chains
Sedex, the global leader in supply chain sustainability, is pleased to announce the release of three groundbreaking products in 2024. Designed to help companies address evolving environmental, social and governance (ESG) challenges, these data-driven tools provide greater supply chain visibility, compliance with sustainability laws and robust ESG performance management. Also read: Transforming supply chain sustainability: Trax’s role in reducing emissions In an era when companies must balance operational demands with growing sustainability expectations from legislators, investors and consumers, detailed visibility into supply chain activities is essential. Sedex 2024 product launches include an updated SMETA 7.0 audit, a new environmentally focused Supplier Self-Assessment Questionnaire (ESAQ) and an enhanced Service Provider Self-Assessment Questionnaire (SAQ). SMETA 7.0 Updates Renowned for its comprehensive on-site assessment of sustainable practices, the SMETA audit is now in its seventh core iteration. This update is the result of a multi-year project to sharpen the focus on identifying and addressing complex issues within the supply chain workplace. Key enhancements…
How geopolitical forces are reshaping global supply chains
In recent years, geopolitical events have exposed the fragility of global supply chains. The pandemic, the Russia-Ukraine war, and the Israeli-Gaza conflict have all clearly demonstrated the fragility of supply lines. These networks are primarily designed to reduce costs by taking advantage of low-cost labor and materials, but are easily disrupted by geopolitical events. To better understand the dynamics reshaping global trade, TradeBeyond’s new Retail Sourcing Report: Insights and Indicators for Q3/Q4 2024 provides strategic insights into how supply chains are adapting. For example, conflict in the Middle East has made the Red Sea route unviable, forcing container ships to take a longer, more expensive route around the Cape of South Africa. Combined with Asian port congestion that has limited container capacity, container shipping costs are being pushed up to pandemic levels. At the same time, Russia's conflict with Ukraine has led to a change in trade patterns, with Russia cutting back on its large energy exports to circumvent sanctions…
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