October 24, 2023
Being stuck in the past has a cost. Manufacturers utilising legacy systems are hurting themselves with a lack of connectivity that inhibits production and response time. Manufacturers who have yet to modernise are those with the most to gain by upgrading their data management and automation processes. The Harvard Business Review points out that $1Tn is left on the table when companies fail to digitise. Various elements can exacerbate existing manufacturing and supply chain challenges: global unrest, COVID-19, war, climate change, and economic uncertainty. In 2022, the war in Ukraine impacted the global wheat supply, which trickled down to cause issues with food manufacturers around the world. When the disruption eventually reached consumers, there were product shortages and steep prices for the inventory that was available. COVID-19 also caused large supply chain disruptions by causing port closures and worker shortages. Inventory tracking became nearly impossible, as there was either no inventory to track or no one on-site to do so. This impact hasn’t disappeared but rather continues downstream in the form…