2020 threw at us a potent concoction of virulent market conditions including a pandemic, skyrocketing freight rates, reduced availability of space and equipment on container ships, unprecedented demand and port congestions along with the usual documentation and visibility issues that we have been facing for years..
This serves to highlight the necessity of businesses to analyse their own position in the market and identify where they stand, where they are going and how they can address the inefficiencies both within and outside their own circle and the question of visibility..
Centersource Technologies, a supply chain automation company seeks to address these issues through a research report which captures the outlook of supply chain and highlights best practices that businesses can adopt during these volatile times and beyond..
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If you wish to read more about the issues the report will be addressing, continue reading below..
With the persisting pandemic at the backdrop, logistics has been rough on supply chain stakeholders, as they struggle to gauge the state of the market.
The industry today witnesses persistent freight demand volatility and capacity strain across the globe. This has posed unique challenges and brought novel solutions to businesses, based on how upstream or downstream they are in the value chain.
Container rates nearly quadrupled in the trans-Atlantic corridor last year, caused by elaborate lockdowns in the U.S., pushing down economic activity, and increasing imports from China to two-year highs.
A demand spike at the advent of the holiday season in the U.S. prompted capacity issues, all while container vessels queued up at U.S. ports. Port traffic bottlenecks continue till today, as inventories across the country get stocked up post-season.
The pandemic squeezed trucking capacity as well, as spot market rates rose to accommodate the spike in freight demand caused by evolving consumer trends and consumption channels.
Such a potpourri of market conditions highlights the necessity of visibility into the supply chain. However, visibility has often stayed elusive, thanks to the extensive fragmentation within the industry.
Businesses need to look inwards, too, as they contend with the lack of proper documentation and struggle to digitalize workflows. This results in gaping inefficiencies within operations and leads to teams that work themselves into data silos.
Today it is largely accepted that digitalization of the industry is critical, as it is the first step to creating data streams that can be analyzed for operational insights. As companies digitalize their workflows, collaborations across the value chain could become more common, bringing us closer to true end-to-end visibility.
To help the industry, supply chain automation company Centersource seeks to capture the outlook of supply chain stakeholders, highlight and share best practices that businesses can adopt during these volatile times and beyond.
Centersource’s research report will study the market in granular detail, identifying what directions and strategies businesses take to navigate their supply chains in times of uncertainties. The report is a part of a broader undertaking to understand the relevance of digitalization in a volatile market, and how welcoming are the industry stakeholders in adopting new technologies.
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