CARGOCONNECT-AUGUST2024 - Flipbook - Page 54
FEATURE : FUTURE SUPPLY CHAINS
T
he Pivoting Supply Chain:
A Paradigm Shift
The pandemic crisis unequivocally accelerated the shift of digital
transformation from a desirable advantage to an essential
component for businesses worldwide. Previously, digital initiatives were seen as beneocial but not imperative. However, in
light of the pandemic9s disruptive impact on global business
operations, digital transformation has emerged as a critical
necessity. Consulting and research firms have underscored
this shift, predicting that businesses will signiocantly increase
investments in transformative technologies such as AI, IoT, and
others in the coming years. Market research indicates substantial
growth in the global digital transformation market, projected to
reach US$1,009.8 billion by 2025, marking a notable compound
annual growth rate (CAGR) of 16.5 per cent from 2020. The World
Economic Forum further forecasts that digital transformation
could add US$100 trillion to the world economy by 2025, with
platform-driven interactions contributing signiocantly to this
value creation.
In the realm of supply chain management, this paradigm
shift is palpable. The exponential growth expected in supply
chain digitisation raises crucial questions about readiness and
adaptability. As industries gear up to embrace these transformative
technologies, the challenge lies in efectively harnessing them to
enhance operational eïciencies, resilience, and responsiveness
across global supply chains. The evolving landscape underscores
the urgency for organisations to prepare adequately for this
digital future, ensuring they are equipped to capitalise on
the opportunities presented by digital transformation while
mitigating associated risks.
