2024 Supply Chain Trends

• Digitalisation

2024 is the year when digitalisation in shipping and supply chain management is a necessity. Thanks to the lessons from the pandemic and the rise of remote work, even smaller shipping companies are hopping onto the digital bandwagon. Big players such as MSC and Maersk have embraced digital tools.

Artificial intelligence and blockchain technology are expected to make tracking shipments easier to keep tabs on the supply chain. The push towards digital also means saying goodbye to paperwork. IFC continually invests in digitalisation to ensure our team and customers have real time data anytime, from anywhere.

• Economic Hurdles

While there’s some good news in the global economy, there are still hurdles to clear. Inflation is experiencing fluctuation across the globe. Rising wages and steps taken to reduce income gaps contribute to a more optimistic economic outlook. Additionally, a reduction in regulations provides businesses with a sense of flexibility.

However, the journey could be smoother. Despite the positive indicators, inflation has yet to reach a point where shippers can boost their revenue and profits without facing increased costs. In the third quarter of 2023, they witnessed a significant surge in fuel prices, a challenge that has cascaded down to major ocean shipping lines.

• Sustainability

Sustainability is taking a front seat in the shipping and logistics industry as it responds to climate change and copes with natural disasters. Bold steps are being taken, prompted by regulations such as the International Maritime Organisation’s “IMO 2020” rule, which pushes for cleaner fuel and emissions reductions.

Looking towards 2024, the industry is gearing up for even more ambitious initiatives to champion sustainable practices. The repercussions of climate change, such as water shortages evidenced by low water levels in the Panama Canal and disruptions from climate events, are highlighting the need for eco-friendly solutions.

Companies are stepping up to, pledging for zero-carbon shipping by 2050, or even sooner. Leaders such as Maersk are showing the way by investing in ships with alternative fuel sources. However, the path to a completely green logistics system remains a gradual journey, necessitating ongoing dedication from the industry.  IFC has adopted a number of sustainable practices to reduce our waste and in particular saved 100 tonnes of C02 emissions, equivalent to 5,000 trees from using storage racking from a local Australian manufacturer.

• Last-Mile Delivery

The goal in the logistics journey is ensuring consumers receive their purchases on time to their doorstep.  Last-mile delivery is a challenging part of the logistics chain and big companies are looking for new ways to make it smoother. By creating tailored supply chain solutions, IFC assists its clients in overcoming the challenges of last-mile delivery and fulfilment, ensuring the adaptation to customers’ changing needs.

• Building Stronger Supply Chains

In response to the lessons learned from the challenges posed by thepandemic, businesses are actively re-evaluating and fortifying their supply chain strategies. The focus is on fostering adaptability and resilience in the face of uncertainties. This involves diversifying suppliers, rethinking sourcing strategies, and implementing comprehensive risk management plans.

IFC is committed to assisting businesses in building a resilient supply chain, improving agility, and mitigating risks to operate more efficiently. As such, IFC has developed two award-winning supply chain strategies: ‘direct-to-store’ and ‘e-commerce’ models to ensure its customers maintain competitiveness.

• Cybersecurity

As technology advances, safeguarding digital assets through robust cybersecurity measures becomes increasingly paramount. This involves implementing comprehensive strategies to protect sensitive data, prevent cyber threats, and maintain the integrity of operations. Therefore, expect extra layers of protection (multifactor authentication) to keep everything safe and sound.

With cybersecurity being a top concern for businesses, IFC’s cloud supply chain technology is hosted in a dedicated Australian data centre built on robust cloud infrastructure, featuring multi-node structures, service redundancy, and diverse backups under vigilant 24/7 security. Its stringent user-based access controls are central to prioritising data security, ensuring that only authorised individuals can access it.

2024 is poised to bring challenges and opportunities to the supply chain landscape. Leveraging digital tools, prioritising sustainability, optimising delivery processes, and heightening cybersecurity will be crucial in adapting to the changing dynamics.

Get in touch to learn how IFC has responded to these trends and can assist your business with supply chain logistics management for the future.