This digital revolution and its groundbreaking effects on production and manufacturing have transformed supply chains across businesses and industries. Industry 4.0 has not only transformed the structure of supply chains, but it has also changed the way we view supply chains. Industry experts and market analysts have been observing a dramatic shift away from traditional sequential strategy hierarchies.

Easy access to information has also increased the vulnerability of sensitive information. In 2020 alone, the number of data breaches in the United States came in at a total of 1001 cases, affecting 155.8 million individuals. However, cybersecurity is just one aspect of the broader, more complex issue of supply chain security.

A circular supply chain is one where organizations reduce waste at every stage, right from design and manufacturing to distribution and fulfilment. This approach shifts away from the standard pattern of produce, use and discard, and instead adopts one where the organization is acutely aware of the impact it is having on sustainability. It looks at the bigger picture and attempts to minimize perturbations to it.

Organizations have increasingly embraced the cloud and made it a core business requirement. This shift from on-premises to the cloud has also meant that organizations are now more open to the idea of leasing out or subscribing to online services. This has given way to XaaS — where X can be almost anything under the sun. Also known as Everything as a Service, XaaS represents the increasing servitization of technology.