The logistics industry has taken some serious blows over the past two years. There’s been massive instability due to Covid-19, and port congestion has been causing crippling delays. So, it’s understandable if you’re feeling pretty negative right now.
But there is light at the end of the tunnel - and big positives you can focus on to get through! Here are four pieces of good news that we all need to hear right now.
1. You're building a supply chain that can withstand anything
Since 2020, supply chain risk mitigation has risen to the top of every corporate agenda.
Two studies by McKinsey show that companies are executing actual tangible changes to secure their supply chains. In their 2020 survey, just over three-quarters of senior supply chain executives stated they planned to improve resilience through physical changes to their supply chain. Their 2021 study showed this wasn’t just talk, as 92% of respondents said they had implemented these changes.
This is seriously good news for an industry that’s historically been obsessed with cost-cutting and leanness.
These improvements won’t just help you deal with the current supply chain crisis – but make your job easier for many years to come. This industry transformation means long-term you’ll have fewer nasty surprises to deal with, taking a whole load of stress off.
2. This is your moment to show how valuable you are
All eyes are on supply chains right now. And that means your company’s top brass are watching you. In fact, 69% of CEOs cite supply chain issues as their main concern for 2022.
And they’re not just concerned about the impact on business performance, they’re anxious about their own jobs. A massive 72% of the CEOs said they're worried about losing their jobs in 2022 as a result of disruptions.
So, why is this good news for you?
This is your chance to prove yourself to your CEO. Take this opportunity to think outside the box, plan to get ahead and show you've got what it takes to help navigate the business through difficult waters.
3. The supply chain is investing in technology and analytics
Companies are recognizing they can’t manage this crisis blind – they need to push transparency using technology and advanced analytics.
Almost every industry is investing in LogTech to improve visibility. One survey found that, with the sole exception of the healthcare sector, more than 50% of supply chain managers in every industry stated they have implemented additional analytics approaches during 2021.
According to a Forbes report, the global supply chain technology market is expected to reach $6 trillion by 2025 across the verticals of freight, warehousing & fulfilment, enterprise supply chain management (SCM) and last-mile delivery - suggesting there's even more investment to come.
The last few years have been hard, but this upheaval has given our notoriously old-school industry the push it needed to finally invest in technology and innovate. It’s rare for logistics departments to get such a big investment boost - usually, companies are just trying to cut costs - so it's unlikely this would have happened without the disruption.
Having smart freight procurement technology at your fingertips will enable you to work faster and give you the data to make strategic decisions. Say goodbye to being bogged down by time-consuming manual work. With the right tech automating your processes, you'll finally have the time to think about strategy, plan ahead and get the very best results possible!
4. The world is in crisis – and you’re part of the solution
There are very few people who can say they’re responsible for helping the world out of a crisis – but you’re one of them!
Disruptions are impacting people on every continent of the world. The last supply chain crisis of this scale was during World War II! World leaders are even getting involved to ensure people can buy the things they need.
This crisis will go down in history, for years to come people, will refer to it as a pivotal moment in logistics. Amongst all this chaos, you’re the one navigating through it. If you haven’t already, give yourself a pat on the back. And remember, you’re helping the whole world through this difficult time.
Get a head start on what's to come this year - so you can get your strategy ready. Download the eBook below to get learn what freight procurement will look like in 2022.