Introduction

In this decade of SDGs 2030, sustainability will play an increasingly dominant role in cross-border logistics and supply chain management. Companies will need to ensure that their operations are compliant with ESG standards and regulations. This means that companies must be able to identify potential supplier risks, properly manage complex international trade processes, and ensure maximum resilience in their supply chains. At the same time, it is also important for companies to take responsibility for the environment by reducing carbon emissions from maritime cargo transport and other related activities as much as possible to combat climate change. Additionally, they must also consider environmental concerns such as marine pollution when making decisions about how to move goods across borders. All of these factors present both opportunities and challenges for companies operating in this sector in 2023.

Emerging startup ecosystem as solutions

Apart from these, there are a considerable amount of traditional challenges of the supply chain that include operational cost, lack of process optimisation, lack of digital contract, and others which have led to the high overall cost of various trade regions as depicted in the table below. To overcome these traditional roadblocks the supply chain sector needs to improve productivity, better collaboration, faster decision-making, better customer service, enhanced reporting, better availability of information, scalability and flexibility, and built-in compliance, which we are currently building at NITISARA Platform X (NP-X). The NP-X is creating a digital ecosystem for the supply chain industry to optimise cross-border logistics and responsible procurement. The platform will enable companies and customers to quickly, easily, and securely acquire international logistics services with fair commercial transactions cost. The platform will offer a risk monitoring extension for various legacy supply processes to build a resilient supply chain ecosystem.

The number of organizations and businesses that are starting to prioritize sustainability is increasing rapidly, creating a wide range of opportunities for companies to expand their services in the market with respect to responsible procurement, carbon marketplaces, supplier ESG risk management, and other related domains. Companies that understand and invest in these areas today will have a significant competitive advantage in the future. As these trends continue to grow, companies will have more social and environmental responsibility than ever before. Companies must ensure that they are compliant with ESG standards and regulations such as sustainable development goals and global impact investing parameters to raise sustainable financing.

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NOTE: Opinions belong to the author and do not reflect the position of the company.