Over the past few decades, the global economy has become increasingly interconnected, and supply chains have become more complex than ever. With the COVID-19 pandemic, things further degenerated, highlighting the need for resilient and flexible supply chains. As we think of attaining this, technology will be crucial in enhancing supply chain resilience. Here are some AI and machine learning innovations that are set to revolutionize supply chain management in 2023.

Autonomous vehicles (AVs) are fast becoming famous, changing how businesses operate and revolutionizing the supply chain industry. With the evolution of technology, the implementation of AVs in supply chain management (SCM) will become more common. A report by Allied Market Research notes that the global autonomous vehicle market will reach $556 billion by 2026, with a CAGR of 39.47% from 2019 to 2026. As AVs become more prevalent, businesses must understand their impact on SCM in 2023 and beyond. Here are some impacts of AVs on supply chain management in 2023.

With companies’ continued reliance on global supply chains, managing environmental, social, and governance (ESG) risks is becoming increasingly important. ESG risks refer to potential negative impacts on a company’s environment, society, governance and operations. These risks can arise at any point in the supply chain and can have serious consequences for businesses if not properly addressed. One example of an ESG risk in the supply chain is climate change and emissions. If a company’s supplier is not taking steps to reduce their carbon footprint, it could lead to higher emissions and contribute to climate change. This could result in regulatory consequences and damage the company’s reputation and potentially lead to financial losses.