India’s supply chain ecosystem has great potential for growth in coming years, since it is considered as a back bone of the economy owing to the huge dependency of others sectors. The Indian logistics sector is expected to reach over $2 billion dollar by 2019, and given the large potential that this sector has, there is a need to understand the challenges that the sector faces and remove bottlenecks to progress.
Acting as an agent of change, the Economic Times constantly endeavors to address issues that are pivotal to national and global business and economic growth. The Economic Times & DHL Supply Chain Management & Logistics Summit 2018, scheduled on 8th June in New Delhi, will witness the coming together of stalwarts from Government and industry to discuss and deliberate on the potentiality of the present and future challenges faced within the supply chain ecosystem, in addition to scrutinizing the emergence of new business opportunities within the sector.
The supply chain industry influences almost all aspects of business and industry, with investments into India’s supply chain sector gaining momentum. The improvement of this sector is thus vital for overall business growth and the macro economy of the country.
The summit will discuss critical components of India’s supply chain and logistics sector, with the deliberations highlighting policy lacunas, impact of E-way bill, requirement for a robust SCM ecosystem, compliances, port connectivity and last mile solutions. High-powered panelists will also examine the need for reforms for creating a hassle-free dynamic supply and demand environment, latest trends in the sector, technology & digitization, financing and rail-road connectivity, besides chalking out best practices.
Suresh Prabhu, Hon’ble Minister of Commerce & Industry and Civil Aviation, Government of India, is the Chief Guest at the Summit and will share his views on the leadership approach to building a smart & versatile supply chain highway for the vibrant Indian economy.
Krishan K. Batra, President & CEO, Institute for Supply Management, India is of the opinion that “An overarching theme in successful Supply Chain Management is to ensure continuity from end to end with higher speed, transparency and agility. This calls for paradigm shift from the traditional approach i.e. silo mentality of various functions in the Supply Chain to an integrated approach.”
Artificial Intelligence, IoT will be the key driver going in years to come, bringing a lot of value and generating improved customer satisfaction. Sanjay Mukherjee, Senior Director, Supply Chain Management, Whirlpool believes that the expectations of the Indian customers are changing very rapidly. Younger generations are much more technologically savvy and to keep pace organizations will have to change accordingly. However, these technologies have to be much more affordable to increase usage across organizations.
The E-way bill will help slash transit times and thereby improve the flow of inventory across the value chain. In the long run, this will help in reducing transportation costs as vehicles can make multiple trips. However, its success hinges on how effectively the system works. Jagadeesh Kunchey Vice President-Supply Chain & Logistics, ITC, opines that there are some teething issues to address, such as the site’s efficacy, and the time taken for creating a e- way bill is also significant as the data needs to be prepared in a specific format.
Samir Chaturvedi, Head of Supply Chain, Patanjali Ayurved emphasizes that as far as technology in India is concerned, we are on the first lap of marathon but we are sure to catch up fast, as cost of technology is becoming competitive, and, we are already witnessing outbreak situations where we have started leveraging tech to bring in more efficiency to the value chain. Samir further points out that technology usage in supply chain is continuously increasing. It has emerged that in some areas technology is extensively being used, e.g., tracking of consignments - be it primary transportation or last mile delivery. WMS which used to be optional sometimes back, is almost a necessity now.