It is impossible to overexaggerate the significance of mapping and monitoring critical supply chains. It allows businesses to gain visibility into their operations, identify potential risks, and ensure on-time product delivery. Implementing a comprehensive approach to supply chain mapping and monitoring offers numerous benefits, including risk mitigation, cost reduction, and improved sustainability.
Key Statistics Demonstrating the Importance of Mapping and Monitoring Critical Supply Chains:
- Supply Chain Disruptions: According to a study by the Business Continuity Institute, 69% of companies experienced at least one supply chain disruption in 2020, highlighting the need for proactive monitoring and mapping.
- Supply Chain Visibility: According to a GEODIS survey, only 6% of companies have complete visibility into their supply chains, highlighting the need for robust mapping and monitoring solutions.
- Cost of Disruptions: According to a Resilinc report, supply chain disruptions cost companies an average of $9.2 million per incident, highlighting the importance of effective supply chain mapping and monitoring in mitigating risks and lowering costs.
- Environmental and Social Impact: According to the Carbon Disclosure Project (CDP), up to 80% of a company’s environmental impact occurs within its supply chain, highlighting the significance of monitoring and mapping to enhance sustainability and address social and environmental issues.
- A study by Achilles found that 40% of companies experienced significant disruption due to the failure of a tier-1 supplier, emphasizing the significance of mapping and monitoring beyond direct suppliers.
Companies can proactively identify and address potential risks, reduce costs, and improve sustainability efforts by concentrating on mapping and monitoring critical supply chains. Implementing comprehensive supply chain mapping and monitoring solutions is essential for businesses to thrive in an increasingly complex and interconnected global economy – and the ADAMftd platform will soon be the world-leading solution to address this growing need.