FourKites partnered with international research data and analytics group YouGov to poll 500 supply chain leaders across every industry in the US and UK to understand how they’re digitizing their supply chains and mitigating risk. While most respondents (72%) recognize the importance of connecting disparate supply chain data, and nearly half (42%) plan to invest in technology over the next six to 12 months, the majority of supply chain leaders are struggling to extract the information they need to make the data-driven decisions that will help them meet strategic objectives. Specifically, 48% of respondents say their supply chain digitization is sub-par, and 43% say they have no single source of truth for their data.
“Two-thirds of responding companies are using supply chain data only for simple, day-to-day tasks — many have yet to realize the opportunity to look at their supply chain end-to-end to make informed, strategic decisions,” said FourKites Chief Strategy Officer Fabrizio Brasca. “At the root of this issue is the ongoing struggle to fully digitize the supply chain and have a single source of data. For instance, with a real-time view of inventory levels across facilities, supply chain leaders can proactively mitigate the risk of stockouts and prevent orders from being cut, leading to a better end-customer experience.”
Key findings from FourKites’ report include:
The complete survey findings have been published in FourKites’ report, “Data-Driven Decisions: Why Many Supply Chains Are Falling Behind” along with expert perspective on the imperative to unify disparate systems into a single platform that helps leaders make rapid, data-driven decisions based on real-time information.