Supply chain disruptions resulted in 28% of UK businesses losing revenue in the last 12 months, with these businesses estimating revenue losses of 18% on average. As a result of disruptions in the supply chain, products arrived late, resulting in SLA fines (68%), and reputational damage (64%). Moreover, 80% of UK companies say Black Swan events such as Brexit, COVID-19, and the War in Ukraine have caused supply continuity to be on “life support”.
In a separate study, “Procurement Under Pressure: Will it Break?” sponsored by Ivalua, reveals that a majority of respondents identify inflation (88%) as well as supply chain disruptions and shortages (82%). Several procurement teams, who were surveyed, admitted that they “cut corners” with their sourcing criteria to secure supply, since 81 percent of them feel pressured by executives to respond to challenges “more quickly and effectively”.
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