The Year That Was: How The Events Of 2020 Are Influencing The Innovations Of The Future

The year 2020 was like no other. Chaos, uncertainty and distance were brought to light in a way that our society has never seen before. However, through the social and economic downturns that occurred, new innovative solutions and trends have also emerged. Bottlenecks, a lack of supply chain visibility, and mismanaged inventory were some of the many challenges that were highlighted. This year, more than ever before we have seen a hurried adoption of automation and digitalisation of businesses all over the world. With global demands increasing digitalisation, automation and transparency were the saviours in supply chain management.

One of the immediate consequences of restricted exports were supply chains with bottlenecks. A trend that arose due to this challenge, was the need to have a diverse supply chain. This signalled the need for greater supply chain visibility to be achieved through asset monitoring. With innovative solutions such as asset tracking solutions, companies will be able to understand how assets are being handled throughout the supply chain. Through greater supply chain visibility, operational efficiency and compliance measures in place can also be enhanced.

The prevalent need for greater supply chain visibility globally was evident throughout 2020. The services of the logistics industry were demanded this year in a way that they never had been. As a result of increasing consumer demands, a global increase in everyday necessities and the added challenges of disrupted supply chains, the logistics industry naturally faced numerous hurdles this year. IoT enabled solutions allows end-to-end visibility to be developed enabling companies to have vital data on their moving assets. In a year rife with chaos, supply chain visibility and operational efficiency were more important than ever.

The growing trend in asset monitoring and asset tracking solutions was highlighted through the increased demand in pharmaceutical distribution. Due to the unfortunate effects of Covid-19 rapid distribution of pharmaceuticals and health-related equipment was demanded at an unprecedented rate. A report by Globe Newswire found that the pharmaceuticals market reached USD $1.310 billion in 2020. In turn, the pharmaceutical industry needed to implement innovative solutions to assist them with ensuring products were being handled and stored correctly throughout the supply chain at any point of time.

Due to the highly sensitive nature of many pharmaceuticals and the stringent regulations that are in place to safeguard them during transport, asset monitoring was imperative. IoT enhanced asset tracking solutions enable companies to digitally monitor their entire supply chain and take necessary action if required. For the pharmaceutical industry, this digitalisation meant that their supply chain was operating in a more efficient and reliable manner.

The storage of pharmaceuticals are also important as incorrect storage conditions can render pharmaceuticals as unviable for use. As a result, companies required innovative solutions that would monitor the environment of their warehousing facilities and storage spaces. Therefore, innovative and reliable environmental monitoring systems grew to become another major trend to combat the growing challenges associated with the storage of temperature-sensitive pharmaceuticals.

The challenges that were faced in this year were tough to overcome, but as a result, innovative solutions and ideas arose to alleviate the ever-growing disruptions. Through the trials and triumphs of 2020, much can be learnt and utilised to ensure that the challenges experienced can be alleviated.

Get in touch with us today at enquiries@adaptideations.com to find out how you can optimise your supply chain in 2021.