Enterprises bank on AI to improve supply chain resilience
New research for supply chain solutions company Cleo, based on a study carried out by Dimensional Research, shows 30 percent of companies plan to use trending technologies like artificial intelligence and automation to better meet supply-chain related business commitments.
It finds 97 percent of companies surveyed invested in supply chain technologies in 2023, with 81 percent stating their supply chain investment delivered business improvement in less than 24 months and 35 percent getting benefits in the same year.
Around 80 percent say they increased revenue in the same year they made supply chain technology investments. Also 51 percent plan to invest $1 million or more in supply chain technology in 2024.
"A company's supply chain is simply a series of commitments that tether across an ecosystem and must be delivered upon," says Tushar Patel, CMO at Cleo. "And for companies to uphold those critical business commitments, they need to consistently invest in their supply chain technology, otherwise they stand to take a hit to their relationships -- impacting their bottom line."
The top three priorities for 2024 are improving the customer experience (50 percent), fostering stronger relationships with trading partners (35 percent), and building resilience to supply chain disruptions (30 percent).
"Just like consumer expectations evolve, so do companies' business objectives and ecosystem commitments. But often times these evolutions emerge due to various supply chain disruptions," Patel adds. "By leveraging technology to build greater resilience to supply chain disruptions, a company is better able to take control of its supply chain commitments and deliver on their promises -- resulting in stronger relationships and trust with their ecosystem."
The full report is available from the Cleo site.
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