"As the world breaks free from the clutches of a debilitating pandemic, global economic slowdown and geopolitical instability are going to put stress on business across the globe in 2023."
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"Businesses globally will need to respond to the potential economic headwinds by way of cutting operational expenses, reducing manpower cost and optimising supply chains."
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"As economic scenario remains fragile, supply chain industries will focus on resiliency and optimization to navigate the dynamically evolving market."
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"With increasing inflationary pressure and recessionary environment more labour strikes are expected in US and Europe leading to impact on flow of goods, creating port holdups, reduction ocean and container freight availability."
"Firms will adopt technology to mitigate supply chain challenges. Companies will heavily invest in automation of warehouses and operational tasks, gathering better end-to-end supply chain analytics to get better visibility."
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"Global manufacturing firms will re-evaluate their manufacturing footprint and nearshoring and friend shoring options will be evaluated, leading to a shift in manufacturing and supply chain ecosystem."
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"A large number of new and huge container ships will hit the market in 2023. But with rising inflation, consumption is expected to decline significantly leading to challenging price environment for the containers."
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"As firms globally becoming environmentally conscious, logistics firms are adopting sustainable business models and this trend is expected to grow in 2023."
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"Linear supply chains will slowly and steadily be replaced by circular supply chains. With rising raw material cost, manufacturers will refurbish discarded products and break down used products to turn them back into raw material."
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"Firms globally will also increasingly adopt supply Chain as a Service’ or SCaaS business models and outsourcing activities like manufacturing, logistics, and inventory management."
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"2023 is going to be a year of change and transformation for the supply chain industry. Firms who adopt technology and align their business models to the rapid changes in the business environment are the ones that will thrive."