Innovation a must for logistics
Asia - Innovation in IT and technology is key to keeping the supply chain competitive, especially in the current economic climate where customers are looking to have more for less.
As such, the logistics industry needs to have globally consistent solutions to enable full integration and ability, which additionally supports risk management.
"As companies become more globalised, and supply chain gets more complex, getting one's supply chain right is increasingly viewed as a critical business imperative for success," Damian Fazackerley, senior vice president of innovative solutions and support at CEVA Logistics Asia Pacific, said in an interview with ProcurementAsia.
The logistics industry in Asia has seen a trend in a growing demand for outsourcing in order to increase the supply chain value of companies.
With a growing intra-Asia trade, emerging Asian markets are showing a good growth potential, as companies take advantage of lower labour costs and are recognising the potential of large domestic markets in China, India and Indonesia.
Furthermore, the supply chain industry is moving towards being a technology and knowledge based industry, which is why there is need for innovation in the logistics sector.
"Companies look at supply chain innovations to deliver cost savings, increase visibility of their supply chain, reduce risks and ensure operational efficiencies," Fazackerley said.
He added supply chain companies that provide integrated end-to-end approach and deliver sustainable value are the ones that will succeed.
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