How Supply Chain Organizations are Mitigating Risks & Prioritizing Initiatives for the Future
This research was designed to explore supply chain professionals’ perspectives from a variety of roles across all industries as it relates to the recovery challenges we have seen in 2022 and priorities for driving improvement in 2023 and beyond.
Fulfilling customer promises remains the primary goal for global supply chains, and many companies continue to accelerate their digital journey to become more agile and resilient in the face of constant disruption.
However, the post-pandemic environment has brought its own levels of fear and uncertainty, and this too created extraordinary supply disruptions and many customers continue to express their frustrations.
With nearly 70% of respondents identifying economic instability as the greatest threat to business.
The response to this year’s challenges has highlighted how difficult it still proves for most companies to be both agile and resilient, and balance costs without introducing additional risk.
Why? Perhaps because 38% of respondents are essentially using the same materials management business practices they’ve always used, and another 33% stating they are intentionally overstocking materials to avoid production outages, yet most indicated they are still relying on outdated technology to manage these processes!
The key findings below highlight that many companies are taking actions contrary to their dual goals of agility and cost control, and have a lack of clarity on a sustainable path forward.
2022 Annual State of Supply Management Report Conclusion
Regardless of these disruptions, pressures to reduce costs and minimize operational risk should leave no choice but to consider purpose-built solutions.
AI and ML are driving forces in the future of supply chains and leading digital transformations across the industry.
Organizations don’t have to be tied down with 2+ year data cleanse, messy data, or lack of resources, for emerging solution providers now offer faster, simpler paths to supply chain improvement.