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Nearly 90% of industry professionals say there is an increased need for connection and collaboration across the global supply chain, supported by the transformative power of cloud technology, to improve efficiency, ensure compliance, avoid fines, and reduce overall costs, according to research released by Loftware.
“Today’s supply chains are more global and complex, while expectations from business and consumers have increased. This has led to a greater need for connection and collaboration as companies embrace digital transformation to streamline interactions and ensure compliance with suppliers, customers, and their own facilities across the enterprise,” says Josh Roffman, EVP of marketing at Loftware.
Key takeaways:
- 84% of companies believe it would be beneficial to join an ecosystem where supply chain partners share access, data, and standards to improve efficiency, ensure compliance, and reduce overall costs.
- Additionally, nearly three-quarters (74%) of respondents said the cloud offers a more flexible and agile framework for streamlining labeling access for trading partners.
- Customers report continued struggles with streamlining the receipt of inbound goods, resulting in mislabeling and hundreds of millions of dollars in fines. However, 77% of respondents said they believe providing controlled access to labeling would help to solve this issue.
- 78% of professionals said they believe artificial intelligence (AI) can be useful in analyzing data to identify counterfeit goods, while 59% say their company is currently using serialization technology to solve supply chain challenges.
- 68% flagged cloud technology as playing a crucial role in improving track and trace across their operations.
- 54% say digital product passports (DPPs) already play a significant role in enhancing supply chain transparency and sustainability within their industry, while 63% expect DPPs to be more widely adopted within the next 3 years.
