The global economic crisis brought on by the pandemic has opened up failures in supply chain risk management, but technologies such as blockchain may be the solution.
More blockchain, please: 40% of executives say they ‚couldn’t handle‘ supply chains in the crisisNOTHINGS
A survey of 320 executives from companies in different segments in 18 countries revealed that 40% of professionals „could not handle“ their supply chains during the height of the current economic crisis, according to the CIO from IDG website.
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In addition to supply chain problems, Orange Business Services‘ „Real-time Intelligence and the Future of Supply Chains“ survey also showed that more than 80% of respondents „are more aware of possible production stoppages, logistical bottlenecks and material shortages,“ mainly due to the impacts of the current pandemic.
The survey focused on the manufacturing, transportation and logistics sectors, revealing a radical change in executive awareness, which today stands at 83% among those who do not despise current risks in supply chains.
To deal with the problems and frustration of seeing their operations paralyzed, executives are seeking more speed, agility and innovation, seeking to bring more resilience and sustainability through disruptive technologies.
Digitization and real-time decision-making have become essential to the survival of many of the companies heard, the study says. As a result, eight out of ten executives acted to accelerate the digitization of supply chains with technologies such as blockchain, 5G, artificial intelligence, cloud and big data analytics.
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Almost 50% of companies today are reviewing and revising their risk management strategies for the next two years. Automation, the report notes, is also expected to gain traction and double the number of companies seeking to cope with rapid changes in demand through technology.
Kristof Symons, International Executive Vice President of Orange Business Services, says in the report:
„The global health emergency has made organizations accept the fragility of their ecosystems. Critical gaps must be filled to ensure end-to-end visibility on a global scale and minimize risk to business. Digital technologies and resources are the key to enabling companies and their partners to safely reinvent their supply chain. Digitization and data collection will also be the key enablers to become more sustainable and save costs as well as the planet“.
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The survey was conducted between August and October 2020 with leaders from 320 companies. The study also concludes that if corporations can implement their risk management plan based on disruptive technologies, digital sustainability management programs should become „near universal in two years.