A study found the pandemic only exposed existing problems among suppliers, and was not the root cause.
International Data Corporation’s latest report shows traditional, linear supply chains are dead. It also found fragmented supply chains are neither byproducts of coronavirus (COVID) nor external events. They are due to poor visibility, global value alignment and technology updating schedules.
Supply chain visibility continues to be mostly aspirational, with 98 per cent of employers trying to improve overall supply chain visibility.
Business networks can offer a solution to supply chain visibility that helps unlock information that can help organisations streamline processes, drive value, and address challenges in real-time as they arise according to Procurement and Supply Australasia.
COVID accelerated the urgent need to update and upgrade supply chains to the 21st Century. Through digitalising the supply chain, businesses can leverage real-time data and predictive analytics to address current vulnerabilities, increase the agility of their supply chain and stay future proofed.
Companies can also view historical data to identify trends, track key performance indicators, and benchmark with industry peers.
Without investing in a digital business network businesses can regain control of their supply chain and improve resilience and agility. It also lets them streamline processes, drive value, address challenges as they arise, respond to customer insights, and create more effective and efficient businesses.