Descartes Systems Group has released findings from its study conducting businesses to tackle the growing global supply chain challenges. The study shows that 74 percent of the supply chain and logistics leaders who have been questioned consider technology as fundamental or very important to the growth strategy of their organization amid increasing global trading challenges, such as rates and trade barriers, disruptions of the supply chain and geopolitical instability. This number jumps up to 88 percent for companies that grow more than 15 percent over the next two years. In addition, 59 percent technology is considered extremely or very important to provide a competitive advantage in international trade.
If you are considering what technology capabilities are expected to help companies involved in international trade to grow business and get a competitive advantage, 36 percent Global Trade Intelligence has cited as the most important ability to make the greatest value in the next to deliver two years. This was followed by Global Trade Analytics at 27 percent and through the supply chain mapping at 26 percent.
Results also showed that respondents in all industries agreed that global trading intelligence was the most important technological ability that was expected to deliver the greatest value over the next two years, including for example in manufacturing (40 percent), wholesale and distribution (44 percent) ,, finance and insurance (38 percent) and retail (30 percent) sectors.
“For businesses in different industries, global trade has become much more complicated, with many new challenges for traditional business operations,” says Jackson Wood, director, operational strategy at Descartes. “Since businesses have to do with rates and trade barriers, geopolitical instability, supply chain interruptions and compliance requirements, technology instruments can help them build greater agility and resilience in their supply chains to compete more effectively.”
Descartes and Sapio Research questioned 978 supply chain intelligence leaders in important trading countries across Europe, North and South America and Asia-Pacific. The goal was to understand the strategies, tactics and technologies involved in international trade companies to gain a competitive advantage and to ensure continued growth in the business, and to identify whether according to factors such as country, industry, operating size and business growth varied. Respondents are members of company leadership teams, from management level to CEO or owner. To learn more, read the study that businesses do to tackle the growing global supply chain challenges.
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