Just 45% of supply chain leaders are using supply chain data to make strategic decisions, finds survey
December 2023 - Industrial
A survey has found that just 45% of supply chain leaders are using supply chain data to make strategic decisions, while 14% say that supply chain data isn’t being used at all to make any type of decision.
The survey was conducted by supply chain visibility provider, FourKites and YouGov, and surveyed 500 supply chain leaders in the US and UK across various industries. The aim of the research was to gain insights into how these leaders are digitising their supply chains and addressing risk mitigation.
The report, Data-Driven Decisions: Why Many Supply Chains Are Falling Behind also revealed that two-thirds of companies are only using supply chain data for simple, day-to-day tasks and not to make strategic and informed decisions, which FourKites Chief Strategy Officer Fabrizio Brasca says is due to not having a fully digitised supply chain and a single source of data.
The survey also found that almost three-quarters of respondents (72%) recognise the importance of connecting supply chain data, and close to half (42%) have intentions to make technology investments in the coming six to twelve months. It also found that almost half the respondents polled (48%) rated themselves as “not great” or “struggling” at digitising their supply chain, while 43% reported a lack of a centralised, reliable source of data.
A significant 42% of companies are actively planning to invest in technology over the next six to 12 months as a proactive measure to mitigate risks in their supply chains. This investment trend is even more pronounced among large enterprise companies, found the research, with 70% intending to increase their technology investments.
Furthermore, just over half of the companies polled (52%) are actively engaged in diversifying their supplier or provider base as part of their strategic efforts to reduce risks in their supply chains. This approach reflects a growing awareness of the need to spread risk and enhance supply chain resilience by working with a more diversified group of suppliers or providers.
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