Investment in Supply Chain Technologies Boosts Revenue, Survey Finds

A recent study found that investments in supply chain technology bring additional revenue, according to the “2023 Global Supply Chain Executive Report,” based on a survey conducted by Dimensional Research Inc. on behalf of Cleo.

The survey found that 66% of businesses made proactive investments in supply chain technology in 2022, a 26% year-over-year increase compared to 2021.

Almost half of the executives that took part in the study (49%) said their business gained over $1 million in additional revenue in 2022 thanks to investments in supply chain technology that brought increased organizational agility, or the ability to adapt to internal and external changes while still meeting customer demands and expectations. A notable 18% of responders said their revenue levels increased by $3 million or more. Amongst all organizations that reported improved agility, 97% said they accumulated at least $50,000 in additional revenue.

The study also showed that supply chain issues continue to be a huge burden on businesses around the globe with 45% of responders claiming supply chain disruptions were the biggest external threat to their company in 2022. Additionally, when asked what the biggest external threat would be in 2023, 36% of participants said it would be supply chain disruptions.

To counteract potential supply chain disruptions, participating executives said they were going to invest more money in supply chain technologies. The survey found that 83% of responders invested $100,000 or more in supply chain technologies in 2022, with 32% investing more than $500,000. Based on this upward trend, it makes sense that 85% of participants plan on investing at least $100,000 in supply chain technologies in 2023.

“For growth-minded executives, the main takeaway is clear: More agility and control means more money in the bank,” said Tushar Patel, chief marketing officer of Cleo. “Agility, which is achieved through ecosystem integration technology, is what delivers business continuity. By providing greater visibility and control over a company’s day-to-day business activities, teams can better identify and execute on opportunities to strengthen valued ecosystem relationships.”

“Creating Supply Chain Resiliency, Agility & Control Through Ecosystem Integration: A Global Survey of Supply Chain Business and Technology Executives,” was based on interviews with 105 executives in 2022 and 108 executives in 2021, in both Europe and North America.

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• Source: https://www.supplychainbrain.com/articles/37055-two-in-three-businesses-invested-in-supply-chains-in-2022-report-finds