2019 ended with soaring jobs growth and a strong finish on Wallstreet. Stocks were up, unemployment was down. Momentum was surging for many American workers and businesses alike, and U.S. growth was projected at a moderate pace. Even as reports of a mysterious virus circulating in Wuhan, China, reached our news outlets in January-February, few foresaw how coming events would very quickly define 2020 and, make history.
Internet of Things (IoT) devices, which create a network between internet-connected physical devices, are increasingly becoming adopted in the retail setting as a way to digitize the consumer shopping experience and streamline back-end operations. The global expansion of IoT technology in retail is expected to grow from 14.5 billion in 2020 to 35.5 billion by 2025. Despite widespread worldwide economic uncertainty in the wake of the spread of COVID-19, shipments of IoT devices have grown to 10% more in 2020 and reached 718 million units.
In today’s connected world, consumers are more knowledgeable about what they’re consuming and buying on a daily basis. Consumers need to trust that the food they’re buying is safe to consume, and it’s the responsibility of food suppliers to protect the public against foodborne illnesses and follow FDA regulations. Despite efforts to improve food safety, foodborne illnesses and recalls are still a problem for many food and beverage suppliers. The COVID-19 pandemic has put an extra strain on food industry workers to take the necessary precautions and ensure food safety continues to be a top priority.
There is no doubt that the supply chain is growing at a rapid pace, with heightened customer demand impacting global fulfillment speeds and shortening shipment deadlines. In fact, two of the top challenges for manufacturers in 2020 will be the lack of supply chain collaboration and need for better supply chain visibility.
As current circumstances continue to unfold, many businesses are preparing for what could be the new norm. Those who have already taken the steps to protect their customers and employees by implementing a smart and solid BCP foundation are in the best position to ride out the current disruption. Those who have not undertaken a BCP may want to do so as soon as possible. The health your business may depend on it.
As tariffs continue to increase, companies needs to look inward to optimize business processes and free up resources to focus on growing the business. Investing in an ERP solution is the perfect first step in making this change.