Top Supply Chain Challenges and How To Fix Them

Everyone in logistics knows about disruptions in the supply chain, product shortages and workforce limitations. Drayage has been especially hard hit. These past two years have created significant transportation challenges. “How do we fix it” is the question on most people’s minds.

At this year’s MODEX trade show, MHI and Deloitte released results from a survey of 1,000 industry executives in Evolution to Revolution: The 2022 MHI Annual Industry Report. The survey showed a not-surprising list of the top supply chain challenges: 

 

The most-common solutions heard in the MHI survey were a bit more thought-provoking:

1.  Throw Money At It

Investments in supply chain innovations are expected to rise quickly over the next two years, according to the survey. More than 64% of respondents say they will increase investments; of those, 41% will spend more than $5 million.

2.  Bring in Robots

The MHI survey looked at 11 separate technologies, from Cloud Computing and Storage to Blockchain and AI. Robotics and Automation ranked among the top 5 technologies respondents expect to adopt over the next 5 years and lead the list of tech that can create a competitive advantage.

3. Take a Broad View  

According to this year’s survey, customer and internal corporate data continue to be the predominant information sources for supply chains. But “community data” is becoming increasingly important, the report said, “including data about weather, public health, political trends, tariffs, consumer behavior, traffic, and geopolitical conflict. Nearly a quarter of companies (22%) are already incorporating new and diverse community data sets like these into their supply chain processes and systems.” 

For more solutions and insights to supply chain challenges, click here for Evolution to Revolution: The 2022 MHI Annual Industry Report, or click here to reach our CargoBarn freight and logistics experts.