The European Union has finalised a landmark Digital Trade Agreement (DTA) with Singapore.
This is the first EU agreement of its kind; it complements the 2019 EU-Singapore Free Trade Agreement, strengthening economic ties and offering key advantages for businesses and consumers engaged in digital trade.
Key benefits of the DTA:
🔹 Facilitates digitally-enabled trade in goods and services.
🔹 Ensures cross-border data flows free of unjustified barriers.
🔹 Enhances trust in digital trade, including robust rules against spam.
This deal reinforces our ambition in Europe to set global standards for digital trade and cross-border data flows.
Together, we are building smart, modern rules for digital trade. Here’s how, https://europa.eu/!VtQrjr
Our world is transforming faster than ever before. Explore the top supply chain trends you can expect this year (and beyond).
Whether you’re a logistics leader or an aspiring professional, you can expect to face numerous changes and challenges in the field this year. Here are seven of the top trends that supply chain leaders and professionals should expect in 2024.
1. AI will be integrated into more workflows and supply chains
Artificial Intelligence (AI) is already being implemented in supply chains worldwide. In 2024, however, that trend is set to accelerate as new advancements like become increasingly sophisticated and integrated into supply chain technology, empowering logistics professionals to make the most informed decisions possible with up-to-date insights swiftly deduced from real-time data.
2. Data will continue to play a critical role.
Data is the foundation of the modern, . By granting logistics providers both a macro- and micro-level view of their logistics operations, is the critical component that allows to effectively diagnose and resolve costly inefficiencies, rapidly respond to unforeseen circumstances, and optimize a supply chain’s overall performance.
3. Organizations will aim for faster NPI to stay competitive.
For many businesses, the time it takes to bring their product to market is the difference between years-long success, floundering performance, or untimely collapse. According to a 2019 study from LNS Research, the amount of time it took a pharmaceutical company to bring their product to market strongly correlated with their market shares a decade later: while those who entered the market first and second received 40 percent and 33 percent market share respectively, those who were third (19%), fourth (13%), fifth (8%), and sixth (2%) received increasingly less a decade later
4. Digital skills will grow in importance.
As entire supply chains undergo , the need for professionals capable of working confidently with data and new technology like AI grows.
The importance of such technology-driven, digital skills to both supply chain operations and business organizations, in general, is illustrated in the World Economic Forum’s Future of Jobs Report 2023, which notes that more than 75 percent of surveyed companies are looking to adopt “big data, cloud computing, and AI” features over the next five years [6]. In turn, it’s likely little surprise that the report also ranks technology literacy as the third fastest growing skill among employers, just behind creative and analytical thinking – the core problem-solving competencies needed to maneuver a constantly shifting technological landscape and global marketplac
5. Risk management will be vital to maneuver geopolitical upheaval.
The logistics industry is no stranger to large-scale upheavals – economic, political, geographical, environmental, or technological – and maneuvering the many disruptions they can cause. Yet, as the worst of COVID-19 recedes into the background, other important issues are set to make 2024 a year whereplays a vital role in ensuring organizational success.
6. More focus will be paid to ESG efforts, traceability, and transparency.
Environmental sustainability is increasingly important to consumers and regulators alike. According to a study published in the Harvard Business Review (HBR), for example, the environment is a key concern for a majority of US consumers, who fall into one of three well-defined market segments: curious consumers, who purchase eco-friendly products but are not actively concerned about the environment (11%); conscious nonconsumers, who are concerned about the environment but don’t purchase eco-friendly products (32%); and conscious consumers, who consider a product’s environmental credentials before making a purchase (24%). Researchers see the key untapped, demographic here as being “conscious nonconsumers,” who have the potential to be a $365 billion market on top of the existing $278 billion “conscious consumer” market
7. Organizations will invest more in new systems and workforce training
If there’s one key conclusion that can be gleaned from the aforementioned trends, it’s that logistics industry leaders will likely have to increase their investment in new systems and employee training to ensure competitiveness in the coming years. Although implementing novel technology like generative AI and cloud computing could set the stage for greater gains in 2024, lacking the talent capable of handling it could impair those potential positives.
To read the full article, clich here: https://www.coursera.org/articles/supply-chain-trends
Source:Coursera
Yesterday I participated as online speaker at APEC Perú 2024 #SOM3 in a panel on #digitalization of #international #trade organized in Lima Convention Center, Peru.
Great important event. Excellent moderating of the panel by Dominique Willems
Thank you to my colleague Alejandro Escudero Whu Vargas that repreeented us at the meeting.
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