The manufacturing industry in the UK is projected to have ongoing supply chain challenges, with the vast majority of businesses expecting to report such pressures in 2023 and 2024. According to a recent study, 40% of manufacturers asked indicated they have expanded their supply from the UK, and a similar percentage said they will do so in the upcoming year.
Supply chain uncertainty is causing new behaviours as the pandemic and the disruption of global trade have a negative impact on confidence. According to a joint study by Infor and Make UK, the idea of reshoring is quickly becoming a reality, and the aim is there in the year to come.
Building a resilient supply chain that can withstand these disturbances is a top priority for businesses. Control the threat of escalating instability while maintaining functionality. There is no single technique that manufacturers are investigating, and each firm will consider a number of variables, including the complexity of supply chains and the proximity to disruption. The most prevalent trends are reshoring and near-shoring as well as the diversification of supply, raising stock levels, and shortening of supply chains.
82 percent of manufacturers say that supply chain monitoring is essential to their operations, placing it squarely on their agendas. Citing its significance and implementing digital technology that can improve supply chain monitoring are two different things, though. While businesses are dipping their toes in the water by utilising dashboards and data analytics, more advanced technologies like artificial intelligence (AI) and
Overall considerations for machine learning, which may have even greater effects, have not yet been made. For businesses around the world, the energy crisis, access to raw resources, labour shortages, input costs, and wider supply chain disruption have produced unheard-of conditions. As supply-side constraints make it difficult to meet demand, UK firms have prioritised keeping their heads above water.
