Supply chain expectations for companies in 2024

Major trends and expectations shaping supply chains in 2024

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The supply chain sector is transforming, driven by technological advancements, shifting global dynamics, and evolving consumer expectations. In 2024, companies face the challenge of adapting to these changes while ensuring efficiency and sustainability. Furthermore, after global supply chains were finally recovering from high freight rates and long delays following three years of pandemic disruption, recent attacks by the Houthi militia in Yemen are causing vessels to reroute an extra 4,000 miles, which adds up to 10 days in each direction and a lot more fuel costs. The alternative puts lives at risk and increases insurance premiums. Yesterday (January 11, 2024) the U.S. and Britain carried overnight strikes across Yemen in retaliation for Houthi attacks, causing a spike in oil prices and a further rise in geopolitical tension.