Companies are squandering potential of their own supply chain data, FourKites survey says

Firms are squandering potential of their very own provide chain information, FourKites survey says

Company provide chains in 2023 are awash in information generated by early waves of the digitization development, however few corporations are utilizing that info to information their strategic choices and attain their enterprise targets, in response to a survey from provide chain visibility supplier FourKites and the analysis information and analytics group YouGov.

Provide chain leaders cite their top-three challenges as the necessity to cut back prices, enhance the shopper expertise, and expedite supply occasions. However fewer than half are leveraging their provide chain information to inform their technique and 14% aren’t utilizing provide chain information in any respect to make choices, in response to the report, “Knowledge-Pushed Choices: Why Many Provide Chains Are Falling Behind.”

A serious purpose for that shortfall is that 48% of respondents say their provide chain digitization is sub-par, and 43% say they haven’t any single supply of fact for their information, the survey confirmed. Nevertheless, those self same corporations are working in direction of change: most respondents (72%) acknowledge the significance of connecting disparate provide chain information, and practically half (42%) plan to put money into expertise to de-risk their provide chains over the following six to 12 months.

Investments are even extra pronounced amongst enterprise corporations, the place 70% plan to extend tech funding in that class. And practically 52% of all corporations are diversifying their provider/supplier base of their efforts to de-risk their provide chains

“Two-thirds of responding corporations are utilizing provide chain information solely for easy, day-to-day duties — many have but to comprehend the alternative to have a look at their provide chain end-to-end to make knowledgeable, strategic choices,” FourKites Chief Technique Officer Fabrizio Brasca mentioned in a launch. “On the root of this concern is the ongoing wrestle to totally digitize the availability chain and have a single supply of information. For example, with a real-time view of stock ranges throughout services, provide chain leaders can proactively mitigate the chance of stockouts and stop orders from being reduce, resulting in a greater end-customer expertise.”




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