5 Signals to Lookout for 2024 Supply Chain Planning

The health of your business can be analysed if you know what key points you have to focus on since the beginning. In this blog post we have outlined 5 key supply chain signals that will help you prepare better for the upcoming year:  

1. Forecast Accuracy -  Forecasting involves analysing historical demand, lost sales, promotional activities, seasonal patterns, trends, point-of-sale data, and other external factors to make informed decisions about inventory, planning, budgeting, and other crucial aspects. It is a precise discipline where achieving the highest level of accuracy is important. When intelligent forecasting is neglected, organisations frequently find themselves dealing with overstocked warehouses filled with unnecessary product SKUs, while simultaneously facing shortages of the product SKUs they require.   
   
   
2. Collaborative Ecosystems - The era of siloed supply chain operations is coming to an end. In 2024, successful supply chain planning will involve collaboration across the entire ecosystem, including suppliers, manufacturers, distributors, and retailers. Open communication channels and integrated technologies will facilitate seamless information flow, enabling quicker decision-making and improved overall efficiency.
   
   
3. Forecast Value Add (FVA) - Forecast Value Add (FVA) is a metric used to evaluate the effectiveness of the collaborative forecasting process. To achieve higher forecast accuracy, organisations must consider different hypothetical scenarios and evaluate several inputs. FVA increases visibility into each said input, which helps determine the proper forecasting models to use and which targets to set to achieve maximum process efficiency.   
   
   
4. Sustainability Integration – Sustainability is no longer a buzzword, it's a fundamental aspect of supply chain planning. Consumers are becoming more environmentally conscious, and regulatory bodies are tightening sustainability standards. In 2024, supply chain managers must prioritise eco-friendly practices, from sourcing materials to transportation. Implementing sustainable supply chain initiatives not only aligns with global goals but also enhances brand reputation and customer loyalty. 
   
   
5. Data Security and Privacy - As supply chains become more digitised, the importance of data security and privacy cannot be overstated. With increased connectivity comes an elevated risk of cyber threats. Organisations must prioritise the implementation of robust cybersecurity measures to safeguard sensitive information. This includes secure data sharing protocols, encryption technologies, and employee training to mitigate the risks associated with cyber-attacks.
   
   

   As we delve into the new year, supply chain planning will be critical for businesses. Embracing these five key considerations will empower supply chain professionals to navigate the challenges ahead and build a robust foundation for the future. By staying ahead of the curve, organisations can not only survive but also thrive in the dynamic and ever-changing world of supply chain management.

About Veriscape:  

Our solutions have empowered organisations to seamlessly integrate hundreds of sites across the globe, enabling thousands of employees to manage millions of purchase requisitions and process trillions of dollars in business. Our experience and expertise in the field have been pivotal in the success of many businesses, and we take pride in our ability to deliver top-tier supply chain technology solutions that enable our clients to achieve their goals and thrive in a highly competitive market.  

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