India presently requires a systematic up-gradation for the overall supply chain in the logistics and warehousing industry. Companies such as StoreFresh have an extensive R&D team that understands the same. Therefore, they are constantly adding essential factors to their operations to take the logistics industry to the next level. For example, automatic alerts and tracking, route optimisation, digital tracking, improved navigational abilities, and more are some of the developmental factors that seem imperative considering India’s post-pandemic situation.
StoreFresh believes that the pandemic was both a bane and a boon for the logistics industry all across the world. While several businesses such as transporters are now facing financial pressure, others have constantly risen with enthusiasm and energy. Companies in the latter category are consistently showing great potential in the face of Covid challenges. For example, during the last year, when the world was going through such a tough phase, StoreFresh managed to protect customers and staff while flexing towards the troughs and demand peaks.
Many companies scaled down their warehouses, and a few consolidated into bigger ones. StoreFresh has managed to pull-on business for warehouses in Kolkata, Siliguri, Guwahati, Jamshedpur, Bhubaneswar & Cuttack. While a few companies are still struggling to overcome the sudden disruptions in the supply-chain growth due to the pandemic, StoreFresh is one of those budding players in the industry catapulted to a highly developing trajectory. The global pandemic was an eye-opener for the logistics supply chains. It became clear that the industry was almost towards exhaustion, and only innovations and advanced trends could help.
At StoreFresh, we believe that the primary solution to avoid a breakdown of the supply chains and ensure resilience is to ensure that the logistic industry in the post-Covid scenario must restrict the excessive broadening of supply chains. The main focus should be to deliver goods to the end customer adhering to shorter deadlines.
The majority of suppliers were unavailable during the national lockdown, which led logistics companies to collaborate with the regional supply chains for overseas shipment augmentations. However, StoreFresh will request their local suppliers to undertake larger volumes during the post-pandemic situation.
Even the best of plans can fail if we do not analyse the potential risks. However, StoreFresh is well aware of the primary risks that it will have to watch out for this year. Since finding the answers to the above question can be very challenging, we have done it on your behalf.
Here is a list of the primary hidden risks that may occur in 2021:
While we already know that the past year was very challenging for most small and big industries, what you may not know is the impact of the challenges. Several countries have already declared financial aid for businesses facing or will face significant losses in the future.
As the whole world is disturbed due to the pandemic, several less-reputed suppliers think their diplomacy will be ignored. However, that’s not the case because experts believe reputational damage is high risk and more crucial than ever in the past.
So, during the post-pandemic scenario, customers will become more conscious and will demand 100% transparency at all times. Moreover, several reputational risks are direct consequences of Covid-19. For example, project delays, lack of BCP (Business Continuity Planning), breach of contracts, and business disruption are some of the main ones on the list.
It is quite hard to assume the regulatory, and industrial environment in the post-pandemic scenario. However, one thing that seems pretty clear is that there will be several new rules, which will happen in other countries, too, except India. Some of these rules will pose disruptions for the Indian Supply Chain Growth in the logistics industry.
While the global pandemic has negatively impacted industries in several ways, one thing that is contrasting is that the focus has shifted towards sustainable and reliable supply chains. However, not all logistics and warehousing companies realise the change and cannot keep up with it. That’s a massive risk!
Before the outbreak of Covid-19, industries only focused on planned risks and speculated common business disasters. However, with the sudden hit of the pandemic, businesses should focus on being prepared to face natural disasters.
While the risks mentioned above are the primary ones to look for in the post-pandemic scenario, none of these can be neatly categorised. It is because risk events can easily shift from one category to another based on the present situation. The above mentioned are also vulnerabilities that businesses should look for and be prepared to counter.
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The logistics and supply chain sectors are undergoing an evolutionary phase. The businesses are trying to implement several innovative ideas that are imperative for the growth and diversification of the overall industry. Whether it is the societal, environmental, or economic factors, innovators analyse the biggest challenges of the logistics and supply chain sectors.
Here is a list of some of the best innovative ideas that can make the maximum impact on the logistics and supply chain sectors in the post-pandemic scenario.
IoT (Internet of Things) comprises the utility of technology, sensors, and networking that allows infrastructures, buildings, and other devices to share data regarding supply chains minus human interaction. As a result, there is deeper intelligence and richer data for all supply network parties. We can realise the vitality of Big Data only when there is the eradication of human interference from the entire process of decision-making. Besides, this is the time when AI (Artificial Intelligence) can make the maximum impact.
Rebalancing and altering the trade-off associated with low-cost labour, transportation cost, and inventory holding is how 3D Printing can potentially bring transformation to the supply chains.
The increasing importance of logistics in the eCommerce industry and the scarcity of labour forces are two of the most common supply-side and demand trends. As a result, the industry now realises the importance of adopting automation and robotics in warehouses. However, there is both a good and bad side to this idea. While on the one hand, the industry’s efficiency will improve drastically, many people working in the logistics industry will lose their jobs.
Apart from the ones mentioned above, the implementation of blockchain, digital marketplaces, and crowd shipping is some other impactful, innovative ideas.
Considering the present situation, the ultimate Call-To-Action is that every logistic and warehousing organization should face the impact of the challenges they faced during the peak of the pandemic. Also, just like StoreFresh, other warehousing and 3PL companies should research potential risks and solutions for the post-pandemic scenario. Only then will it be possible for you to expand your operations to other regions catering to the high demand for logistics. For StoreFresh, it is already stepped into the Eastern India market with full-fledged operations in Kolkata, Siliguri, Jamshedpur, Guwahati, Patna, Ranchi, Bhubaneshwar, and Cuttack.