Logistics Manager has been given exclusive early access to a survey conducted by FourKites and YouGov, revealing that only 35% of UK supply chain leaders surveyed said that supply chain data is being used to inform strategic decisions. What’s more, 19% of UK respondents admitted that supply chain data isn’t being used at all to make any type of decision.
Fabrizio Brasca, Chief Strategy Officer at FourKites, said: “Two-thirds of responding companies are using supply chain data only for simple, day-to-day tasks – many have yet to realise the opportunity to look at their supply chain end-to-end to make informed, strategic decisions.
“At the root of this issue is the ongoing struggle to fully digitise the supply chain and have a single source of data. For instance, with a real-time view of inventory levels across facilities, supply chain leaders can proactively mitigate the risk of stockouts and prevent orders from being cut, leading to a better end-customer experience.”
FourKites and YouGov surveyed 500 supply chain leaders: 250 from the UK and 250 from the US. In addition to the aforementioned findings, it also discovered that 61% of UK supply chain leaders recognised connecting supply chain data as a top business priority, compared to 82% in the US.
Those surveyed in the UK and US identified two main strategies for managing risk in the supply chain over the next six to 12 months: investment in technology and diversification of suppliers and/or supply chain partners, both being a top priority for 42% of respondents.
In the wake of Brexit and the Covid-19 pandemic – not to mention ongoing conflict around the world – the need to manage risk in supply chains has never been clearer. Making use of the data at a company’s disposal to inform decisions could play a significant role in minimising the impact of disruptions within global supply chains.
FourKites has been shortlisted as a finalist for the Geek+ Supply Chain Visibility Award at the 2023 Supply Chain Excellence Awards. For more information and to book your ticket, click here. Hurry – over 95% of tickets have already been sold!
