Prateek Jain, Principal Consultant with EvolveWithUsNow (ex-Unilever and ex-GSK) and Mabel C. Chou, Associate Professor National University of Singapore, Department of Analytics and Operations, have carved out the definition of Supply Chain 5.0 and its critical components that will define the next generation of supply chain evolution.
As the world continues to change, supply chains must continue to evolve and adapt, they believe that the future of supply chains is Supply Chain 5.0, which will be defined by three key elements:
Customer-centricity
Sustainability and Human Rights
Advanced Digitization
Customer-Centricity refers to placing customer needs and preferences at the core of supply chain operations by providing tailored products and personalised experiences. There will therefore be a greater focus on customer-centricity, with companies using advanced analytics and real-time data to anticipate customer needs and preferences. This will require a greater level of collaboration between suppliers, manufacturers, and retailers, as they work together to create a seamless and responsive supply chain.
Sustainability is all about decreasing waste and emissions, ensuring ethical work practices, and making supply chains more socially and ecologically responsible and Human Rights come along with it. No business can thrive if these two elements are not fulfilled. There is enough and more evidence to show the shift of the new shoppers, the Gen Z gravitating towards companies that have purpose in their brands and take sustainability and human rights as their priority.
Finally, in Supply Chain 5.0, advanced digitization will continue to be a major factor, but it will be based on the principles of Transparency to the end consumers and stakeholders. The goal of digitization will be to make supply chains embrace more visibility, openness and effectiveness by utilizing technologies like blockchain, artificial intelligence, and the Internet of Things (IoT) and emerging concepts like the Metaverse.
This book delineates the new era of Supply Chain and defines and shapes the elements that will create the future.
You can start your journey towards the new transformation by purchasig the book from the link below or by consulting the authors to help you chart out your path to the new era.
https://worldscientific.com/worldscibooks/10.1142/13480#t=aboutBook
Supply Chain 5.0
The Next Generation of Business Success Through Customer Centricity, Sustainability & Human Rights and Digitization
