Steps to Achieve a Digital Supply Chain
in an Ever-Evolving Business World
Oct 19, 2023 | From: Quloi
Did You Know?
Research indicates that global spending on supply chain solutions will approach $33 billion by 2026, an 11.2% compound annual growth rate.
67.4% of supply chain managers use Excel spreadsheets as a supply chain management system.
A research report The Supply Chain Data Crisis found that 100% of supply chain leaders struggle to collaborate effectively with internal stakeholders, and 95% struggle with external collaboration.
Only 13% of firms have supply chain visibility, as reported by a Deloitte study. The report further found that up to 22% of firms have no visibility beyond their immediate suppliers.
According to the World Economic Forum, $100 trillion will be added to the world economy through digital transformation by 2025. Moreover, by 2025, interactions driven by platforms are expected to enable roughly two-thirds of the $100 trillion value at stake from digitalization.
In a world filled with up-to-the-minute stories of technological advancements, the reality is that most supply chain businesses, even leading ones, are not that far along with digital transformation. Modern consumers are no longer content with merely receiving timely deliveries; they demand precision in product quality, quantity, and pricing. Companies must construct highly standardized and efficient supply chains to meet these evolving consumer expectations. This necessitates a swift transition from conventional methodologies to embracing digital solutions.
What’s Digital Supply Chain Solution About?
However, building an effective digital supply chain solution isn’t about throwing lots of money at the problem. While it’s true that some organizations need to update aging infrastructure to support current supply chain applications and processes, more money doesn’t necessarily equate to the right solution. All businesses need is the proper framework to achieve supply chain excellence.
Digital Supply Chain Framework
The Digital Supply Chain Framework Whitepaper discusses how digitalization is more than just automating processes for efficiency. It is also about transforming processes to gain valuable insights and emphasizes the importance of technology, data, collaboration, and continuous improvement in achieving supply chain digitalization goals.