Global supply chain leaders seek better technology and platforms - IHS Markit

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Source: IHS Markit

Nearly Two-Thirds of Global Supply Chain Leaders Report Needing Better Technology, Platforms and Data to Meet Cost Goals, According to IHS Markit Survey

The 2021 Supply Chain Insights Global Survey conducted by IHS Markit has revealed that almost two thirds of global supply chain professionals often lack the tools, the data and platforms needed to diversify their supply chains and optimize their processes.

2020 had been a year of revelation for the supply chain industry with the pandemic wreaking havoc across the world, throwing well-drafted supply chains in disarray. “Supply chains can no longer operate as siloed, disconnected functions; recent events such as the COVID-19 pandemic and the Suez Canal saga, have illustrated the need for supply chains to be resilient and agile,” said Wilhelm Greyling, executive director, supply chain solutions, IHS Markit. “Supply chains can only truly be optimized via end-to-end collaboration and visibility. As the old saying goes, you can’t manage what you can’t see; an integrated approach is not only a nice to have, it's essential.”

Conducted earlier this year, the 2021 Supply Chain Insights Global Survey asked respondents to identify their priorities and capabilities in three key industry capabilities: strategy and process, platforms and technology and intelligence, insight and expertise across nine functional elements. While respondents noted prioritizing spend analytics and reported having a strategy in place to optimize costs, 63 percent lacked the necessary data, platforms and technology needed to make critical cost-saving decisions. The results represent a clear misalignment between strategic intent and capability and send a signal that significant investment is needed in technology, platforms and data to enable and deliver overall supply chain objectives.

Surprisingly, supplier risk management and ESG were prioritized as among the least important considerations, at nine and seven, respectively. Only 51 percent of supply chain leaders surveyed reporting having a strategy in place to combat ESG issues.

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