How important are visibility and transparency in supply chains? After COVID-19, we’d say, very! Almost 52% of 2020 disruptors in the first nine months of the year led to a “war room” situation for most businesses relying on supply chains. Could it have been avoided with the right data at the right time? Probably. Here’s what the industry leaders think.
In a 2021 survey conducted by Statista, 40% of supply chain industry professionals disclosed that they have integrated cloud computing and storage technologies into company operations. According to most companies, inventory and network optimization tools will have the highest rate of adoption in the next five years.
In a 2022 Statista survey, 60% of organizations from different industries worldwide said that they expect robotic process automation to have a major or moderate impact on supply chains by 2025. If integrated meticulously into the supply chain process, robotic process automation can improve productivity and efficiency.
What most of these responses suggest is that a storm is brewing within global supply chains. With a volatile market and unpredictability of demand, organizations across the world are trying to increase visibility across every part of the supply chain so that real-time or almost real-time data is available to the stakeholders at all times.
However, the question now begets, is supply chain visibility enough? Extended supply chains have greater risks and often, organizations aren’t equipped to manage and resolve exceptions.