Six Critical Insights from The Economic Times Supply Chain Management & Logistics Summit 2023


Six Critical Insights from The Economic Times Supply Chain Management & Logistics Summit 2023

The 10th edition of the Economic Times Supply Chain Management & Logistics Summit gathered distinguished leaders in SCM & Logistics to explore solutions for disruptions and emerging trends. With technology advancements and digitization, the sector has undergone significant operational and efficiency changes, reshaping its role in the global economy’s value chain. This insightful conference provided practical knowledge on enhancing supply chain agility, policy implementation, supply risk management, task automation, technological innovations, and much more.

Sh. Nitin J. Gadkari, the Hon’ble Minister of Road Transport & Highways, Government of India, was the chief guest of the event, and the list of speakers and dignitaries, included many prominent personalities from the government sector, namely – Sumita Dawra (Ministry of Commerce & Industry), Sanjeev Ranjan (Chairman, National Shipping Board, Ministry of Ports, Shipping and Waterways), Amit Kumar Ghosh (Additional Secretary, Ministry of Road Transport and Highways), and many more.

The summit underscored three pivotal elements that are reshaping the logistics industry—adaptability, sustainability, and visibility. These elements have gained paramount importance in the face of geopolitical conflicts, climate change, and inflationary pressures that persistently challenge the logistics landscape.

The event provided a platform to delve deeper into the transformative impact of advanced technologies such as AI, ML, predictive intelligence, automation, and analytics. These technologies are revolutionizing supply chain planning, driving down transportation costs, and enhancing customer experience.

As we navigate the second half of 2023, it is imperative for logistics leaders to identify innovative strategies that boost efficiency and spur business growth. Here are some key insights from the summit that can guide these objectives:

1. Redefining Supply Chain Design

For Quick Commerce providers, strategic placement of dark stores, understanding location-specific demand patterns, and ensuring uninterrupted supplies are crucial.

2. Boosting Logistics Resilience

Real-time management of first, middle, and last-mile operations, swift reconfiguration of supply chains to mitigate transportation risks, and leveraging AI to preempt failures are essential for resilient supply chains.

3. Seizing Opportunities in Tier 2 & 3 Cities

These regions are emerging as hotspots for growing retail and online delivery demands. Businesses should focus on improving serviceability and inventory availability in these cities. Rapid onboarding of specialized delivery partners through technology can significantly augment capacity and last-mile reach.

4. Optimizing Supply Chain Handoffs

Employing technology to expedite loading and unloading, streamline docking, and accelerate pickups can drastically reduce transit and turnaround times.

5. Prioritizing Sustainability as a Business Goal

Leveraging technology to optimize transportation, prioritize EVs, and enhance productivity can reduce both CO2 emissions and costs. Embracing multimodal transportation and technology-driven ocean transport planning to unlock cost and environmental benefits, despite slightly longer transit times will be important.

6. Exploring Blockchain

Blockchain technology can provide transparent, secure, and unalterable transaction records, fostering trust and accountability throughout the supply chain. It facilitates efficient tracking, verification, and authentication of goods.

In this dynamic logistics ecosystem, finding the right technology solution to address your specific concerns can be daunting. Allow us to simplify this process for you. We at Shipsy are equipped to help you navigate your unique logistics challenges, making your decision-making process more streamlined. 

Click here to speak to our logistics expert.


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