Emerging Trends in SCM [2024]: A Comprehensive Overview

Introduction

Emerging trends in SCM refer to the new and upcoming areas of supply chain management which is allowing organizations to pivot and create a more resilient and agile supply chain. In a post-COVID world, it has generated tremendous academic and political interest as well, as organizations and countries alike are rushing to defend their competitive advantage and expanding to explore new frontiers. We will explore the following emerging trends in SCM in the comprehensive blog post.

• Implementation of Artificial Intelligence
• Focus on Process Automation
• Personalization of SCM
• Supply Chain Sustainability
• Widespread Usage of Internet of Things
• Supply Chain Digitization
• Focus on Last Mile Connectivity
• Blockchain Technology
• Management of Risk in SCM
• Strengthen Supply chain resilience
• Localization
• Making SCM a part of the core competitive advantage

Supply chain management (SCM) seeks to create the synergistic effects of cross-functional integration and synchronization of business activities involved in sourcing, making, and selling products. This is in contrast to the traditional business paradigm, which places an emphasis on the maximum efficiency and effectiveness of each individual business function, such as marketing, production, and logistics.

With the advent of cross-functional integrations, and more focus on sustainability, globalization, and cost pressures, SCM has emerged as one of the most cutting-edge ideas in the realm of business over the course of the past few decades.

A few decades ago SCM reached a plateau where it requires a new direction with fresh ideas in order to maintain its creative characteristics. However, with the advent of new technologies and enhanced impetus on sustainable and long-term supply chains, SCM has generated a lot of renewed interest.

Factors leading to renewed interest in Managing SCM

Factors that have led to this renewed interest in the supply chain may be attributed to the following reasons:

1. Greater dependence on E-Commerce
2. Developing resilience in the supply chain
3. Focus on localization
4. Supply chain shocks during the COVID
5. Global Warming and focus on sustainability in the supply chain

These central ideas have been pivotal in creating many emerging themes in the supply chain. The use of advanced technologies, algorithms, and cutting-edge communications have made the supply chain much more robust and resilient to many transient shocks. Let’s explore a few of them.

Emerging Trends in SCM

Let us thematically explore each and every emerging trend in detail for a comprehensive overview. We will also explore the reasons and advantages and how they are impacting underlying processes in SCM.

Emerging Trends in SCM 1: Implementation of Artificial Intelligence

AI is helping to deliver powerful optimization capabilities, which are required for more accurate capacity planning, improved productivity, high quality, lower costs, and greater output, all while fostering safer working conditions. These benefits are all made possible thanks to the application of AI in the supply chain.

In the event that a pandemic, such as COVID-19, strikes, it is helpful for manufacturing companies to have a solid understanding of the impact the pandemic will have on supply chains as well as backup plans. This will allow the companies to deal with uncertainty in the most effective manner possible. Predictive algorithms are used to generate exact data points on the forecast which helps in reducing waste. Conversely, AI is helping make the supply chain more predictable and thereby making handling and transportation enhanced safety.

Benefits of AI in Supply chain Management

Management of the Inventory That Is Accurate

A proper flow of commodities into and out of a warehouse may be maintained with the help of accurate inventory management. In general, there are numerous factors associated with inventory, such as order processing, picking, and packaging, and this may become quite a time demanding while also having a high likelihood of mistakes. In addition, effective management of inventory may assist in the prevention of overstocking, insufficient supply, and unexpected stock-outs.

Tools powered by AI have the potential to be extremely useful for inventory management due to their capacity to process large amounts of data. These smart systems are able to swiftly evaluate and interpret massive datasets, which enables them to provide timely advice about the forecasting of supply and demand. These AI systems, which are powered by clever algorithms, are able to not only anticipate but also identify new consumer patterns and forecast yearly demand. This application of AI helps companies forecast future patterns in client demand, hence lowering expenses associated with overstocking undesired goods and improving overall efficiency.

Effectiveness of the Warehouse

Automation may help in the timely retrieval of an item from a warehouse and ensure that it will have a smooth route to the consumer. An efficient warehouse is an essential component of the supply chain. AI systems can also handle various warehouse problems more quickly and precisely than a person can, as well as simplify difficult procedures and speed up labor. In addition, AI systems can make work more efficient. Additionally, AI-driven automation initiatives, in addition to saving important time, can drastically reduce the requirement for warehouse employees and the expense of employing that labor.

Improved Sense of Security

Tools that are automated and based on AI may enable wiser planning and more effective warehouse management, both of which can increase the safety of warehouse workers and the materials they deal with. AI is also capable of analyzing data pertaining to workplace safety and providing manufacturers with information on any potential dangers. It is able to record stocking parameters, keep operations up to current, implement appropriate feedback loops, and perform preventative maintenance. This enables manufacturers to respond promptly and decisively in order to maintain the safety and compliance of their warehouses with the relevant safety regulations.

Costs of Operations That Are Lower

The supply chain can realize a significant benefit from AI technologies in this regard. Automated intelligent operations can operate error-free for a longer length, lowering the number of errors and workplace problems that occur. These activities may be used anywhere, from customer care to the warehouse. Robots in warehouses offer improved rates of speed and accuracy, leading to increased overall levels of production.

Delivered Right on Time

Artificial intelligence systems may assist minimize reliance on manual labor, which in turn makes the process quicker, safer, and more intelligent. This makes prompt delivery to the client in accordance with the promise easier to arrange. Traditional warehouse operations are sped up by automated technology, which removes operational bottlenecks in the value chain with minimal effort to reach delivery objectives

Emerging Trends in SCM 2: Focus on Process Automation

Another emerging trend in SCM is achieving a high degree of automation in its operational aspects. Automation is the process of eliminating manual intervention in menial and repetitive tasks to enhance productivity and efficiency

The term “supply chain automation” refers to the utilization of current technology to automate formerly labor-intensive processes with the purpose of streamlining workflows and improving operational effectiveness.

Robotics in the warehouse

Robots are everywhere. From Picking up a small packet to stacking up heavy boxes, robots are incrementally being used to sort, stack, and place inventories in warehouses.

Things Connected to the Internet

We will discuss the same in detail, later in the blog. Connected to the internet allows remote monitoring of conditions of the device, checking for the location of shipment, and reporting the health of the packages

Artificial Intelligence

Machines can automatically pick and sort packages and trace the origins of the shipments without manual intervention. We have discussed the same in detail.

The Art of Machine Learning and Predictive Analytics

Predictive Algorithms and Machine learning structures, manage and sort huge amounts of data originating at various touchpoints. These data are used to predict the outcome and create specific demand requirements. This help in reducing inventories, improving asset churn, and create just in time inventory which allows for effective cost saving. It also improves agility in the supply chain and makes it more robust

Digital process automation

Digitizing a process is critical to reducing manual interventions and errors. Digitization also helps in generating a huge amount of data and finding areas of incongruence which was not possible due to manual tracking. Digital process automation reduces paperwork and allows precise documentation needed for clearance of audits and custom-bound consignments

Optical Character Recognition (also known as OCR)

OCR is the process of converting an image into a machine-readable format. Machine learning algorithms help in converting those images into texts. The simplest example of OCR can be a scannable barcode. These stickers and barcodes contain an enormous amount of data that will be difficult to display in text or a printed format. They can also be used to encrypt data so that it cannot be hacked. They are also used to reduce pilferage in the SCM

Data input automation

Manually compiling data can be a tedious exercise and require substantial labor. Data input automation helps in aggregating these data from various touchpoints (sources of origin, destination, warehouse, factories, and personal handlers) and creates a journey map that helps in exhibiting data sets for future use.

Benefits of Process Automation

When operations are equipped with software that automates supply chain processes, there is potential for a variety of positive outcomes to occur. The following are the four most important advantages

• Automate mundane, manual tasks: When you have a linked supply chain that is backed by automation technology, you have the chance to liberate people from tedious manual labor.

According to AI Multiple, “Supply chain management processes involve different papers including things like delivery orders, dock receipts, bills of lading (B/L), and marine waybills, among other things.” Despite the fact that employees in the supply chain department continually store and process these papers for a variety of reasons, this is a time-consuming and manual procedure that prohibits firms from reaching operational excellence.

These activities are frequently completed by personnel in the warehouse using pen and paper. Not only does this consume important time, but it also frequently leads to human mistakes while documenting and submitting information. Increased efficiency, as shown by increased fill rates and decreased cycle times, as well as increased warehouse throughput time, reduced labor and operational costs, elimination of human error, and improved inventory management are some of the benefits that can be realized through the implementation of automation both inside and outside of the warehouse.

• Visibility and openness with regard to the operations: Traditional supply chains frequently deal with lead times that are difficult to estimate and lack the transparency necessary to know how inventory is developing. Because of advancements in digital technology, even customers who shop online sometimes are now accustomed to being able to see the progress of their packages as they make their way from the warehouse to their homes. For what reason, therefore, shouldn’t firms anticipate having the same visibility early on in the supply chain?

The insufficient connectedness that has existed over the course of the last few of decades is to blame for the absence of transparency. As additional systems were implemented to improve efficiency, they produced information silos and left gaps between systems. This meant that information could not be transmitted between the systems, and it was difficult to monitor the progress of a process from beginning to finish.

• Capacity to adapt under unanticipated circumstances: If the year 2020 taught us anything, it was that we should always be prepared for the unexpected. As a result of the COVID epidemic, some organizations were forced to drastically reduce their operations and function on a skeleton crew. For other businesses, this required increasing their manufacturing and delivery capacities in order to keep up with the rise in demand.

When you integrate information and data, you have the added benefit of increased adaptability to respond to unanticipated conditions. This is something that is built-in when you use a platform for low-code automation. throughout the whole organization

• Process Adherence: In a world after COVID, it is extremely difficult to reduce risk while satisfying compliance rules. Even more so for manufacturers and suppliers that operate across several worldwide sites and must adhere to a variety of standards, which might include anything from health and safety to the best methods for conducting business. After then, auditing is necessary to demonstrate that these requirements have been satisfied.
• Both overall risk management and supply chain management may be improved by establishing business procedures that are then implemented, either in part or in full, by automation technology. This can assist enhance both aspects of management. All stakeholders have the ability to guarantee that best practices are followed while also integrating compliance for operations that are efficient and risk-averse.

The optimal strategy to guarantee that particular needs are satisfied and that operations can be flexible enough to change is to document and automate procedures. This is the best way to meet both of these objectives. In addition, the real-time insight that a low-code automation platform provides to the supply chain may assist businesses in recognizing problems as soon as they appear and halting any further escalation of those problems. This can be of great use to companies.

Emerging Trends In SCM 3: Personalization of SCM

The process of modifying a good or service so that it better satisfies the preferences or prerequisites of an individual or organization is referred to as the customized Supply Chain. When we adapt anything to better suit a certain purpose, we may also make use of this phrase. To put it another way, we may use it when concentrating on either the functions or the consumers.

Additionally, it explains the notion of generating single-batch, customized items at the same cost and speed as traditional ways of producing things on a scale. Customization holds the potential for enormous improvements in terms of both productivity and consumer pleasure; nevertheless, it also creates new obstacles for product brands.

Towards Ethical Supply chain

The influence that a company’s supply chain may have on the advancement of human rights, fair labor standards, environmental progress, and anti-corruption legislation is what we mean when we talk about supply chain sustainability.

There is an increasing demand to incorporate environmentally responsible decisions into the management of supply chains. The way in which businesses conduct their operations is undergoing a sea change as a result of the growing concern for sustainability. Traditional priorities such as quality, efficiency, and cost regularly compete for attention with concerns such as working conditions and environmental impact.

This is the case regardless of whether the company is motivated by its customers, their corporate values, or the opportunity for business. Early adopters and process innovators stand to benefit significantly from major competitive advantages offered by a sustainable supply chain, which seizes possibilities in the value chain. The following are the steps involved in environmentally responsible SCM

STEP 1: First, you should determine what your sustainability goals and objectives are, and then you should devise a strategy for how you intend to attain them. Include your company’s supply chain in your analysis since it has a significant bearing on the environmental, social, and economic impacts of your business.

STEP 2: Develop a sustainability policy that will apply to both your consumers and your suppliers. It is up to you to decide what your prescription is, but it needs to involve standards for things like trash disposal, energy use, transportation, and more. When you’ve settled on a course of action, be consistent.

STEP 3: Evaluate your supply chain all the way from the beginning to the end. Should you make any changes to get it to the point where you want it to be in terms of its sustainability?

STEP 4: Take the right steps to improve the environmental friendliness of your supply chain. This may require you to find new suppliers or modes of transportation, or it may mean that your existing partners will need to embrace more environmentally friendly business practices in order to continue working with you.

Emerging Trends In SCM 5: Widespread Usage of Internet of Things

The Internet of Things (IoT) and the supply chain are inextricably linked in the modern world; in fact, logistics tracking is one of the Internet of Things’ most pervasive application areas. When anything goes wrong in supply chain management, it typically has cascading repercussions that affect whole sectors. The stakes are high because of the complexity of the process and the high stakes.

The Internet of Things (IoT) supply chain technology may assist managers in all aspects of the supply chain, from manufacturing to transport and delivery, in monitoring logistics and, ultimately, preventing bottlenecks in the management of essential supplies.

Supply chains that are well managed are important assets that may help a firm reach its product delivery deadlines and quarterly sales targets. This is a goal that is shared by all businesses. But even beyond that, disruptions in Critical Supply Chains, which include medicines, vital minerals, semiconductors, and large-capacity batteries, may have a devastating effect on local, national, and international economies.

When it comes to logistics management, the usage of IoT enables partners to collect and use data for improved inventory management, transportation, and incident response. These capabilities pave the way for the use of machine learning models to develop advanced and responsive supply management solutions that can forecast bottlenecks, save both time and money, and speed up the reaction to incidents.

How Can the Internet of Things Make the Supply Chain Better?

Today, supply chains all across the world are groaning under the weight of growing demand, and the root cause of many of these problems is “worker shortages as well as a dearth of crucial components and raw materials.” Even if the COVID-19 epidemic has unquestionably made these current problems much worse, it is more probable that it has revealed the underlying problems than being the primary cause.

Visibility and data gathering may be achieved by installing Internet of Things devices all throughout the supply chain, from the factory floors of manufacturing plants to the inventory management systems of distribution centers and transportation hubs.

By connecting these devices to the Internet of Things device management solutions, that visibility can be centralized, and real-time insights can be sent to the locations where they are most required. And businesses may employ machine learning to construct smart Internet of Things (IoT) supply chains, which can increase the effectiveness of supply chain operations.

Emerging Trends In SCM 6: Supply chain Digitization

The process of turning analog supply chain processes into digital ones is referred to as supply chain digitization. This is accomplished by establishing dedicated master data that aggregates information from throughout your whole supply chain, as well as information from certain external sources (e.g. internal historical sales data, point-of-sale consumer data, socioeconomic data such as unemployment rates, and external data such as Google trends or competitor prices).

The digitization of the supply chain is accomplished mostly through the utilization of software (either pre-packaged, tailor-made, or a mix of the three), as well as business information.

Advantages of Supply chain Digitization

Time-Saving

Opportunities for automation; reducing the amount of manual work your team has to do lightens the load of administrative work they have to do, frees them up to work on other jobs that may have been neglected, and enables everyone to concentrate on the areas in which they have the most experience.

Automating tasks not only saves time but also cuts down on human error, which means you may recoup some of the money you wasted rectifying mistakes. Automation also has the effect of speeding up operations; for instance, computerized invoicing makes it possible to be paid more quickly.

Minimize Human Errors

Keeping everything linked and unified; if you’re still depending on spreadsheets and email threads to gather the information you need, you’ll fall behind and be left behind. The enormous amount of time and effort that is spent on those tasks is detrimental to efficiency and leaves more room for human error.

Digitizing your supply chain creates opportunities for connecting disparate systems, enabling communication across the entirety of the organization, and developing a single source of information, also known as the truth.

Better Decision Making

Utilizing data in the decision-making process In the transportation and logistics business, choices need to be made swiftly, and agility is of the utmost importance. When compared to analog systems, a digital supply chain makes it possible to collect and examine enormous volumes of data in a far shorter length of time.

After gaining this information, you will then be able to apply it to guide your decision-making, construct plans, and plan for every potential outcome. The use of real-time information that you have garnered from your digital supply chain may lead to significant payoffs, such as enhancing the customer experience, increasing revenue, and lowering waste levels.

Emerging Trends In SCM 7: Focus on Last Mile Connectivity

The term “the last mile connection” refers to the very final stage of the supply chain process. The path that a product takes from a storage facility to the front door of the final consumer. This very final stage of the delivery process is the most important one, and it needs to be carefully coordinated in order to ensure timely shipping.

Businesses have begun preparing this essential step in order to ensure a speedy and effective dispatch in response to the growing demand from customers. The final destination of the supply chain should be reached at a breakneck pace, regardless of whether it is a private house or a retail business, in order to produce an ever-increasing number of satisfied consumers. Because the last mile also happens to be the most expensive part of the route from the transportation hub to its ultimate destination, the need to optimize resources should be the primary area of attention.

Focus Areas of Last Mile Connectivity

• The term “last mile” refers to the relatively little amount of physical distance that must be traversed in order to deliver services to final-user consumers.
• Logistics during the “last mile” are notorious for being difficult and expensive, especially for providers of products and services who transport to these locations.
• Last mile delivery has developed into a multibillion-dollar industry and a primary focus for businesses that supply services as well as customers who use those services.
• In the age of e-commerce, maintaining connectivity along the final stretch of a delivery route for a product has evolved into a primary concern for merchants.

Emerging Trends In SCM 8: Blockchain Technology

Blockchain is a system that is built on the internet that is highly regarded for its capacity to publicly validate, record, and disseminate transactions in immutable, encrypted ledgers. This ability is what makes blockchain so valuable.

The technology was developed to facilitate transactions with bitcoin, a kind of digital money that is decentralized and functions without the intervention of a central bank. In its most basic form, blockchain technology offers a platform that can be utilized to generate and disseminate the ledger, also known as the record, of each and every bitcoin transaction to the hundreds, or even millions, of computers that are connected to a network in every region of the world.

The majority of today’s supply chains are able to function well at scale without the use of blockchain technology. Despite this, the IT and supply-chain communities are quite enthusiastic about the new technology.

Key Benefits of Using Blockchain Technology in SCM

Improved Communication and Collaboration

The implementation of blockchain technology in a supply chain results in improved communication and collaboration among all involved parties. This is made possible by the supply chain’s reliance on shared network infrastructure. Greater traceability and transparency make it possible to decrease waste, duplicate orders, and difficulties associated with accounts payable, such as invoice fraud and rough spending.

The complete visibility of financial information and performance increases the number of funding choices available to small businesses and decreases the amount of time required for processing by lowering the amount of ambiguity and risk.

Enhanced Traceability and Transparency

The blockchain’s traceability and resistance to tampering make it simpler to verify where resources and things originate from, where they move as they transit through the supply chain, and who has access to them. This facilitates more ethical and sustainable sourcing.

Enhanced Efficiency

The use of blockchain technology can result in considerable increases in efficiency, as well as decreases in stock loss and waste, both of which are important sources of cost savings. Paper-based procedures and materials are no longer necessary thanks to the elimination of the requirement for a dispersed network that shares resources and transactions digitally.

The prices of materials can be reduced by becoming paperless, but there is also a reduction in the costs of ancillary charges, such as those connected to the storage and the personnel necessary to handle and maintain all of those physical papers.

Emerging Trends In SCM 9: Management of Risk in SCM

The process of detecting, evaluating, and managing the risks that are associated with an organization’s supply chain is referred to as supply chain risk management. Implementing solutions for risk management within a global supply chain may assist an organization in running its operations more efficiently, lowering costs, and improving customer service.

The management of an organization’s supply chain encompasses all of the procedures that are required to convert the raw materials that the organization uses into finished goods or services that the organization can sell.

Supply chain management is a term that refers to the manner in which businesses control the flow of their goods. It comprises responsibilities such as planning and managing sourcing and procurement, as well as conversion and logistics management. The risks can be categorized primarily into two categories:

Internal Risks

1. Interruptions in the functioning of internal activities
2. alterations made to the company’s management, key staff, and operational procedures
3. failing to make appropriate preparations in the event that anything goes wrong
4. Having inadequate cybersecurity rules and procedures in place to guard against cyberattacks and data leaks
5. Disobeying rules and regulations pertaining to the workplace and the environment
6. Lack of products to satisfy the requirements of customers

External Risks

1. Demand from customers is either unpredictable or poorly understood.
2. The flow of products, including raw materials, components, and completed goods, is disrupted as a result of these interruptions.
3. A number of issues, including those social, governmental, and economic, as well as the risk of terrorism
4. Management of suppliers‘ risks, which may include worries about a supplier’s physical facilities and compliance with regulatory requirements
5. Catastrophic natural occurrences include hurricanes, earthquakes, and tornadoes.
6. Wars and Trade Disputes between countries

Emerging Trends In SCM 9: Strengthen Supply chain resilience

The adaptive capability of a supply chain to prepare for unforeseen occurrences, respond to disruptions, and recover from them by ensuring continuity of operations at the required degree of connectivity and control over structure and function is what we mean when we talk about supply chain resilience.

Ways to Improve Supply chain Resilience

Multiple Suppliers

Although having multiple suppliers may have been regarded as dangerous or an unnecessary expense prior to the pandemic, it is more critical than ever to have multiple suppliers as a cost of doing business in this day and age. Even though you may be operating with fewer suppliers than you typically do, you should make sure that you have a number of different suppliers for the goods and the suppliers that you need to remain functioning and satisfy the demands of clients.

Network Diversification

Let’s imagine that, prior to the pandemic and the ensuing supply crisis, you only ever bought a certain product from one vendor in a very particular location. In this scenario, you may need to diversify your supply in order to maintain product going out and to guarantee that you have the supplies you require. When you diversify your supply chain, you reduce the risk of experiencing supply shortages that might have been prevented and increase the likelihood that you will always have access to all of the necessary materials.

Reducing Dependence on a specific Country/Source

Although it may be more beneficial to buy products from overseas in countries such as China where prices may be lower, it may be more beneficial to buy products from closer locations so that you can continue pumping out your end product and even shorten the amount of time it takes to ship the product. This practice is known as nearshoring. Finding locations that could be a bit more expensive but nearby will help cut down on the amount of time needed to grab those essential goods and get back to work.

Also, in event of trade wars and rising fuel prices, this strategy can be deemed very effective

Clear Communication

Your suppliers are going to, most likely, work with those buyers that they know are going to consistently purchase from them and are going to help keep their business going as well. This means that you need to establish and maintain positive relationships with your suppliers.

In difficult economic times like these, not only manufacturers but also their suppliers are having a difficult time making ends meet. You should make an effort to cultivate such ties with your suppliers in order to increase the likelihood that they will make sure you have what you want at the time you require it from them.

Embracing Flexibility

Flexibility is likely the single most crucial consideration to bear in mind at all times. Maintaining flexibility across your supply chain will allow you to ensure that you always have access to the materials and vendors that you require. Even while it is usually easier and more convenient to purchase from the same source each time, you may find that you need to broaden your horizons, try new things, and be more flexible with your planning and supply chain.

Emerging Trends In SCM 10: Localization

With globalization and supply chain technology developing, there are more and more opportunities for globalization to create problems for the supply chain industry. Supply chains in some countries view globalization of their trade space as an opportunity, but there is a limited understanding of what localization means for their supply chains.

Globalization vs Localization Dichotomy

When it comes to globalization and supply chains, localization means making sure products and materials are available in the right language, region, and market. The relationship between the supply chain and globalization is complex. On one hand, globalization has made it possible for companies to find and purchase supplies from all over the world at a low cost. This has led to increased competition, which in turn has led to lower prices for goods and increased productivity. On the other hand, localization can help businesses improve their customer service and product quality while keeping costs low.

To successfully navigate these waters, companies must carefully consider their goals and objectives. For example, some businesses may want to globally distribute their products while others may want to focus on a certain region or market. Taking these factors into account will ensure that localization doesn’t compromise business goals or disrupt the flow of goods throughout the supply chain.

Towards Hyperlocalization

Many giants primarily in the e-commerce domain are resorting to hyper localization. Hyperlocalization allows lesser transit time and significant enhancement in customer satisfaction. It also establishes a deeper customer connection and establishing a brand connection. For a fast food chain or an auto manufacturer hyper localization helps in achieving freshness and Just in time inventory.

Emerging Trends In SCM 11: Making SCM a part of the core competitive advantage

In business, competitive advantage goes beyond just being one of the market leaders or winning in sales. Supply chains are a crucial tool for companies to keep their operations as streamlined as possible and minimize their costs.

How to make the supply chain a part of your competitive advantage

First and foremost, understand your company’s unique supply chain challenges and how they can be overcome. Knowing what makes your company stand out from the competition will help you prioritize areas where improvement is needed.

Another key factor in being a successful supply chain leader is keeping up with the latest industry trends. Be aware of new technologies and best practices that could impact your business, and implement them as soon as possible to improve efficiency and productivity.

Finally, make sure you have a solid team behind you. Proper planning and execution cannot happen without a talented team committed to success. Invest in training and development for your team members, so they remain current on the latest techniques and technologies.

Samrat Saha

Samrat is a Delhi-based MBA from the Indian Institute of Management. He is a Strategy, AI, and Marketing Enthusiast and passionately writes about core and emerging topics in Management studies. Reach out to his LinkedIn for a discussion or follow his Quora Page