In Part 1 of our 2023 Strategy series we deep-dive into Procurement and PO Management. We look back at the industry trends that defined 2022 and what we can expect in the coming year. We also share logistics experts' best tips for shoring up your procurement, purchases and inventory strategies for 2023.
The end of the year is just around the corner and there's no better time than now to start planning for 2023. We've compiled tried-and-true tips from Explorate's senior logistics experts and partners, to put your 2023 supply chain strategy on the front foot from the word go.
After an unpredictable and volatile 2022, our customers have been asking what they can expect in 2023 and what they can do to get on the front foot.
While we can't know for sure what next year will throw our way, we do know this: it's time to be proactive and streamline logistics operations.
"Importers and exporters who can accurately forecast and plan across their supply chain will have plenty of opportunities in the year ahead to capitalise on a softer market. The best tip I can give our customers is to use technology to find supply chain efficiencies and reduce time managing freight. That will be a very effective strategy for 2023."
"2023 will be another year of volatility and uncertainty for shipping. Procurement and PO Management will be key to improving the efficiency and effectiveness of your company's performance so think carefully before making a purchase. Think strategically and not transactionally, think team benefit and not individual benefit. If you haven't already, it's time to move forward and embrace technology."
"Supply chains have had to evolve rapidly over the past 2 years. To have a strong, competitive supply chain in 2023 we need to be able to respond to changing customer demand around fast, affordable shipping. Those who are able to find the right balance of stock on-hand while being agile enough to change with their customer needs, are winning more customers than their competitors and will continue to do so next year. That type of competitive supply chain is what we strive to create with our customers."
"Companies should be able to scale operations and resources depending on consumer demand and product shortages. 2023 will be all about elastic logistics. Companies should also consider investing in AI and cloud technologies, as these are the best ways to predict consumer demand and have total visibility into the supply chain."
So, what are the next steps to front-foot your procurement, purchases and inventory management for 2023?
Start by using a good purchase order management tool. It will help you manage your order flow more efficiently, from manufacture through to delivery.
Explorate has in-house data and development teams, which has allowed us to develop our own PO management tool based on real customer feedback and needs. And our customers love it, because it gives them:
Procurement and PO Management are now crucial to improve a company's performance. 2023 will be another year of volatility and uncertainty for shipping so having a solid strategy around purchases and supplier relationships will be crucial. Technology has become a major driver of change and improvement in this area, and is helping businesses to manage orders more efficiently, do better forecasts and projections and have more visibility from manufacture through to delivery.
An online PO management tool like Explorate's gives you:
If you're already an Explorate customer, check in with your designated operations specialist to see how we can help you be better prepared for the new normal in logistics. If you're not with us yet but are interested in digitalising your logistics operations, get in touch to arrange a free demo.