Supply Chain Resilience. Sustainability initiatives. Cost savings.
Just a few things at the top of the procurement agenda.
The World Economic Forum’s annual meeting, opened its arms to global leaders to solve global issues together, although growing criticism of travel emissions has led to them rethinking their plans. However, raising awareness of such issues elevates procurement’s profile and the challenges it has to face.
Technological risks like widespread cybercrime and cyber insecurity need to be managed. And they can, through… digital!
How can digital benefit your supply chain?
“We have to be much tougher on costs and achieve the same growth plans with a lot less investment.”
Dara Khosrowshahi, CEO at Uber, spoke on behalf of many, highlighting that even large companies are still trying to achieve cost savings which means investing in supply chain resilience. Such factors can be achieved where technology is an enabler – it just needs to be carefully weighed and precisely targeted to ensure the investment is right.
But why does tech/digital investment remain at the bottom of the agenda?
‘43% plan to increase their investments in diversifying and digitizing supply chains, on average by more than 10%’
Even though there are companies planning to increase their digital investment, these findings show there is still a lot of work to be done. Over the next 12-18 months, the speed of technology disruption remains lower at 34% compared to global supply chain bottlenecks at 89%. Investment in digital tech to manage the severity of impact – and possibly prevent it – is crucial for companies.
Digital solutions in your supply chain means:
- Better cost savings
- Improved efficiency
- Enhanced productivity
- Supply Chain transparency
Ultimately, companies need to invest wisely now to mitigate the risks to their supply chain.