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Unraveling Global Supply Chain Complexity
How Technology is Paving the Way?
Global trade continues to transform the way companies produce, move, buy, and sell goods across borders, so supply chain leaders should be aware of trade trends that can help them benchmark their organization.
A recent survey conducted by global trade management software provider Amber Road and the Association of American Exporters and Importers offers valuable insights on the use of technology in the industry. It sheds light on both emerging and established technologies, their intended purposes, and the strategies behind their implementation for companies.
Below are the primary figures gathered from a survey of over 120 executives in different industries and positions within the supply chain.
- According to the chart above, 77 percent of participants have cited tariffs and duties as their main worry for the year ahead. Meanwhile, 57 percent are aiming to decrease supply chain expenses.
- Over half are seeking to address sourcing and quality concerns through the utilization of technology (refer to chart).
- Just 40 percent are utilizing a Global Trade Management system for supply chain execution.
- Despite this, not all processes have been automated, signifying an ongoing dependence on manual methods.
- Out of the companies that participated in the survey, 30 percent are currently considering implementing blockchain technology. This is likely the same group of companies, comprising 33 percent, that view themselves as pioneers in adopting new technologies.
The report provides advice on constructing the optimal technology stack. While initially intimidating, this endeavor should be viewed as an opportunity to ignite your company's ingenuity in discovering unique approaches to succeed.
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