56% of global chief executives admit their supply chain has been under increased stress since the start of the pandemic, reveals survey

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29th September 2021 13:30 - Business Support

56% of global chief executives admit their supply chain has been under increased stress since the start of the pandemic: A survey has found that over half of chief executives globally (and 59% of bosses in the UK) have said their supply chain is struggling due to the coronavirus pandemic; making it one of the biggest risks to growth worldwide.
 
The survey by KPMG of around 1,300 chief executives globally, including 150 British bosses found that supply chain pressure is one of the biggest challenges facing businesses; alongside cyber security and climate issues. Furthermore, 35% of UK bosses have stated their plans to invest over 10% of their revenue towards environmental sustainability measures.
 
Many people are of the opinion that the issues surrounding supply chains were caused because of a lack of lorry drivers, Brexit and the pandemic. 
 
In order to combat the impact of supply chain crisis, just under one in five (19%) of bosses globally have stated their plans to onshore more of their supply chains. Furthermore, 16% of UK bosses said they are aiming to increase British supply over the next three years.
 
The study also revealed 37% of companies are putting in place a hybrid working model, meaning staff will work remotely two or three days a week; with just over half (51%) investing in a shared office space – up from 14% in February 2021.
 
Nearly a third (30%) of chief executives globally said they will diversify their sources of input by adding new locations, in order to make their supply chains stronger. Furthermore, 87% stated they felt they were ready to make an investment over the next three years.
 
Jon Holt, chief executive of KPMG in the UK, said: "It’s encouraging to see CEOs thinking about growth and investment for the future with renewed confidence and optimism. CEOs have had to pivot their business strategies to face into many uncertainties brought by the pandemic, and now they are looking to move their plans from resilience to expansion.”


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