New research highlights the significant impact of investments in supply chain technology on revenue growth and operational efficiency. According to a survey conducted by a cloud-based integration platform, 80% of businesses reported an increase in revenue within one year of investing in supply chain technology.
The survey, which gathered responses from 301 professionals across five continents, aimed to assess the role of supply chain reliability in achieving business goals and the effectiveness of technology investments. Key findings revealed that 97% of companies had invested in supply chain technologies in 2023, with 35% reporting increased benefits as a result. Additionally, 81% of respondents noted business improvements within 24 months of technology investments, with 80% experiencing revenue growth in the same year of investment.
External disruptions such as inflation, geopolitical tensions, and labor shortages, alongside internal issues like supplier and manufacturing problems, were cited by 52% of respondents as factors contributing to failure in meeting business objectives.
Technology emerged as a critical factor in enhancing supply chain resilience. By leveraging technology to build resilience against disruptions, companies can better control their supply chain commitments, ultimately strengthening relationships and trust within their ecosystem.
Business objectives targeted with technology investments include enhancing the customer experience, improving relations with trading partners, and building resilience to navigate supply chain disruptions. Areas where technology is expected to assist include improved communications, data sharing, and support for onboarding and visibility.
Furthermore, research from Gartner underscores the importance of technology investments in supply chain performance. High-performing supply chains are investing in artificial intelligence and machine learning at twice the rate of their lower-performing counterparts. These investments, particularly in AI/ML applications for demand forecasting and other processes, are key to unlocking productivity and driving future success.
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