03 December 2022, Mumbai
At the outset, it is not out of the place underscoring today the message that it is more of a business imperative for Apparel brands as like any other sector where the need to digitize to survive & thrive in an increasingly intrusive digital world is paramount.
Against the backdrop of evolving/ever-changing dynamic business environment in the wake of constant consumer demands, amid fierce competition; Knowing that the apparel industry inherently has a very intricate, complicated long global supply chain (GSCs) network. Given the dire need presently for global supply chains in the form of growth 'Investability Quotient (IQ)', simple business philosophy, Supply chain mapping technology, and work ethos filtering all the variables in pursuit of operational & manufacturing excellence.
The argument will go way beyond the floor to logistics meeting consumers' aspirations to adhere to social compliance standards, and regulatory requirements literally in all spheres of the corporate universe whereas the common denominator remains that tech-enabled solutions play a pivotal/coveted role like never before.
A globally famous quotable quote from Jonathan Byrnes, a renowned Professor, at MIT, “Many supply chains are perfectly suited to the needs that the business had 20 years ago.”
Technology trends shaping the industry
The execution challenge starts when you let technology take over and expect action-oriented, scientifically underpinned, and transformational as one bit is that intrusion of tech intervention needs the business leaders to be on the top of the agenda and in a mindset to replace the human interface with technology in part or complete for the technology good effects to play out in this diverse world.
Sourcing reimagined; Actionability in terms of pushing a concerted effort when the systems are falling apart under the multiple challenges of looming downward risk to growth, where supply chains are breaking down; the writing is very clear on the walls entrepreneurs need to take positions on the degree of tech intervention needed to mitigate/derisk business models building supply chain resilience, augmenting productivity, efficiencies, scalability when speed to market is the mantra to turnaround the business fortunes.
Times when transparency, traceability, and sustainability are the key issues. The growing sectoral influence of blockchain technology is evident and palpable and, there is a case for its intervention even in the apparel supply chains, the use of blockchain replaces the centralized conventional distribution system which may not be as great/robust with a decentralized immutable ledger which is so much easier integrating the supply chain stakeholders/actors that too all with the real-time information sounding music to ears as in nutshell it is a power of collaboration at play.
In the bargain, incredibly the blockchain serves a bigger purpose acting as a smart traceability aid/tool besides taking businesses meaningfully go down the road to sustainable growth.
ESG Technology Solutions
ESG technology facilitates business enterprises to go down the path of accomplishing ESG goals, digital enterprise solutions, and tech smart products to get workplaces more informed, sorted, agile, and nimble to respond to the dynamic business-changing landscape in the world's new emerging paradigm.
The pandemic has provided a wake-up call for investors and the climate change scenario has accelerated the adoption of environmental, social, and governance (ESG) investing. With the push for Sustainable Development Goals and the climate action movement gaining momentum, the sustainability framework is changing rapidly around the globe.
In India, ESG issues have become far more widespread as regulators are stepping up to the changes result of which proposed initiatives, procedures, and action plans for ESG frameworks and other related ESG standards will be turned out in the coming years.
As we move ahead the enterprise's success will depend on how well it checks the boxes right in this competitive landscape.
