Study: Traditional Supply Chains Undergo Radical Transformation by 2025
On the heels of ProMat 2015, innovations like predictive analytics, 3D printing and wearable technologies are changing the supply chain landscape, according to a study conducted by MHI, the Charlotte, N.C.-based host of the ProMat show, and Deloitte Consulting, LLP, Chicago. In fact, on average, companies surveyed expect to invest heavily in new supply chain technologies over the next two years, with the top 17% spending over $10 million.
According to the 2015 MHI Annual Industry Report titled “Supply Chain Innovation — Making the Impossible Possible,” firms should embrace this transformation and focus on investing in new technologies to help compete and thrive as their supply chains continue to face constant pressure to do more with less.
“The speed at which supply chain innovation is being adopted—coupled with rising consumer expectations for anytime, anywhere service—is stressing traditional supply chains to near-breaking points,” says George Prest, chief executive officer of MHI, an international trade association that represents the material handling, logistics and supply chain industry. “Companies that continue to use traditional supply chain models will struggle to remain competitive and deliver orders that are accurate and on time.”
This report identifies the realities many companies face and the disrupters that are likely to drive even more change over the next 10 years.