Articles about global supply chain

A new study finds 83 percent of executives now rank supply chain resilience as being as critical as cybersecurity, and many are turning to technology to strengthen their operations.

The research from Cleo shows that to bolster resilience, 47 percent are considering artificial intelligence (AI), recognizing its potential to automate processes, predict disruptions, and enhance decision-making.

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Digital transformation is becoming integral to procurement success. In fact, 77 percent of companies have adopted peer-to-peer (P2P) and source-to-contract (S2C) systems. However, acknowledging the importance of digital transformation and taking full advantage of its benefits are two very different things.

Yes, procurement technologies can provide organizations with a competitive advantage and improve operational efficiency, but these benefits are only possible when there is a trusted supplier data foundation. Even as leaders look to digital technologies to accelerate their procurement processes, they run into a consistent and demoralizing roadblock: low-quality supplier data. Whether it’s inaccurate, piecemeal or missing, bad supplier data can lead to extensive time spent on manual outreach, a reliance on supplier portals and conflicting data sources -- ultimately hindering the progress of digital transformation.

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The worldwide supply chain took a massive hit during the COVID-19 pandemic and has yet to recover fully. This pandemic compromised manufacturing and maritime shipping sectors, causing an unprecedented supply shortage in the 21st century. Store shelves were bare and many places could not access the essentials.

Although the situation has greatly improved in recent years, it’s still far from ideal. To this end, technology has been a boon to the wounded retail industry. New digital tools are helping the recovery effort by introducing innovative ways to buy and sell goods.

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A new survey of UK IT decision makers from cybersecurity company WithSecure looks at global supply chain issues, with 67 percent of respondents believing that these issues will either remain the same (28 percent) or get worse (39 percent) within the next year.

As issues around inflation and supply shortages remain high in the news agenda, 43 percent believe they are very knowledgeable in their understanding of supply chain issues. However, few are confident of quick fixes to these global issues, and 60 percent of respondents believe that they will last for two years or more.

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According to a new survey, 85 percent of companies say they are losing money to integration issues related to their supply chains, with 24 percent admitting to losing $500,000 or more.

The study carried out by Dimensional Research for Cleo shows 14 percent, say they are losing over $1 million per year, up from just 10 percent in each of the previous two years, reflecting a 40 percent year-on-year increase.

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Supply chain attacks have dominated news headlines in 2021. From SolarWinds to JBS Foods, cybercriminals are actively targeting national and international supply chains, causing widespread disruption and financial impact. Attackers understand that organizations have less control over and visibility into the security controls of a supply chain -- controls that are typically limited to legal contracts rather than true and comprehensive security policies and procedures. Common cyber supply chain risks and threats include third-party access to IT systems and weak cybersecurity practices of smaller suppliers.

Now more than ever before, protecting every part of the supply chain must be a top priority for both public and private sector organizations globally. To do this effectively, it is important to remember that securing any supply chain cannot be successfully achieved through the work of only an IT department or team. While they do play a significant role, cyber supply chain risks touch upon many different areas. Therefore, a more comprehensive, shared responsibility approach is required.

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