Digital supply chain seen as top trend of 2024

The Association for Supply Chain Management (ASCM) released its Top 10 Supply Chain Trends of 2024, with digital supply chains taking the top spot.

The global supply chain management application market is projected to reach nearly $31 billion by 2026, according to ASCM, demonstrating the importance of investing in supply chain architecture.

Several key trends will shape the future, including digital supply chain, big data and analytics (which was in the top spot in 2023) and visibility and traceability. These fundamental pillars will necessitate the development of new skills and knowledge among your workforce, particularly related to the Supply Chain Operations Reference Digital Standard (SCOR DS). This shift is driven by the realization that enablement must play a more prominent role in supply chain orchestration.

Following digital supply chain and big data and analytics, the Top 10 in rounded out with artificial intelligence, supply chain investment, visibility, traceability and location intelligence, disruption and risk management, agility and resilience, supply chain cyber security, green and circular supply chains and geopolitical and deglobalization of supply chains.

With digital supply chains expected to be the focal point in the industry for 2024, ASCM says in its report that in the coming year, more supply chain organizations will transform their networks into connected, intelligent, scalable, customizable and nimble digital ecosystems. Some will achieve holistic digital transformation, while others will advance more slowly by balancing long-term investment in automation with the immediate implementation of solutions that reduce repetitive tasks and cognitive fatigue while allowing employees to focus on areas where humans perform better than machines.

Converting data from a physical to a digital format enables the internet of things, artificial intelligence, blockchain and smart contracts, cloud-based solutions and countless other emerging technologies that rely on high-quality digital inputs.

The ASCM is the largest non-profit association for supply chain, connecting companies around the world to the newest thought leadership on all aspects of supply chain.