18 Must-Have Negotiation Skills For Procurement Professionals
Supply Chain Statistics – 18 Key Figures of 2023
Just like procurement analytics, supply chain statistics can be a long and dragging subject. However, it is an important factor for the success of your procurement process. It’s only right to talk about it with this article.
We will discuss further the importance of supply chain statistics for procurement managers all over the world. We’ll also include 18 key figures for supply chain managers to look at for this year 2023.
When you’re done reading about this article, you should already be an expert in supply chain statistics.
Supply Chain Statistics – What the Numbers Actually Mean
Despite the COVID 19 pandemic still rearing its ugly head from time to time, procurement remains strong and the supply chain industry is benefitted from it as a result. This can be seen with how many procurement teams still getting hired and paid to do the sourcing of needed supplies for companies that need them.
Therefore, one can safely say that supply chain statistics will remain positive all throughout the year. Some of the most recent statistics reveal just how the supply chain is keeping up, despite the economic crunch:
Automation and AI
As noted with Dexterity, companies that provide AI and automation solutions for supply chain management are only going to continue to grow. In addition to the warehouse solutions provided by Dexterity, automation can be deployed for supplier management and AI can actively detect and respond to changes in demand as they occur.
Automation and AI can increase end-to-end visibility and transparency of an entire supply chain, which allows companies to better mitigate potential disruptions, improving supply chain performance. The increase in efficiency provided by increased automation is likely to be a key driver in revenue growth. This will occur alongside and help accelerate their human comrades being able to focus on more cognitively demanding tasks.
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Supply chains are highly susceptible to security risks because there are so many elements that go into securing a supply chain. For example, securing a supply chain involves coordinating physical and cyber security. Within cybersecurity, there are a variety of risks including ransomware attacks and data breaches. It is not surprising then that security is one of the biggest challenges faced by global supply chains.
As cyber-attacks on supply chains continue to rise, expect security to remain a hot topic as it pertains to the supply chain. Products that offer defense against these attacks are likely to see high adoption rates as organizations begin to prioritize supply chain security.
Visibility and Transparency
Visibility into all parts of the supply chain is vital. Supply chains are continuing to digitize, and as this occurs, it is easier for organizations to seek insights related to visibility and transparency in all aspects of their supply chains.
More visibility makes it easier to avoid minor problems, such as delivery delays or order errors, which improves customer service. This transparency also improves the time to resolution for larger issues as they arise.
The 18 Key Supply Chain Statistics for 2023
1. According to KPMG, disruptions to supply chain operations are set to stay in 2023.
2. According to the S&P Global report, governments are beginning to view supply chain resilience as a “national security imperative” and may become hands-on when it comes to sourcing and trade. Thus, creating new import and export challenges.
3. According to DDC, concerns about supply chain sustainability and corporate practices are on the rise in 2023.
4. The SCM predicts that the demand for supply chain graduates will go through the roof in the next two years.
5. According to the lead US economist at Oxford Economics, 2023 will be a better year, but supply chains will still cause headaches and the speed at which supply-side snarls are fixed will be key for how quickly inflation comes down.
6. On-time pick-up delivery will be critical as softer prices and more available capacity will likely stay through 2023.
7. Supply Chain Digital predicts that the industry will see an uptick in leveraging automation and data lineage to combat the labor gap and build a reliable supply chain.
8. Many factors such as geopolitical tension are causing supply chain executives to rethink their sourcing strategies in 2023.
9. According to Gartner, about 83% of businesses demand that supply chains enhance the customer experience as a component of their digital business strategy.
10. According to the GEODIS Supply Chain Worldwide Survey of 623 industry professionals in 17 countries, supply chain visibility is currently the third most important strategic priority.
11. In 2023, many businesses will need to evaluate the risk in their digital supply chains and prepare scenarios to protect themselves according to ASCM.
12. Gartner predicts that AI will generate $5 trillion in economic value in the year 2025.
13. IDC researchers said that by 2026, 55% of G2000 OEMs will redesign service supply chains based on AI.
14. IDC analysts predicted that 50% of companies will have implemented more balanced multi-shoring sourcing strategies to better address risk by 2024.
15. According to the Harvard Business Review, the ongoing war in Ukraine and other global disputes will constrict the global supply chain in 2023.
16. A record number of new and huge container ships will hit the water in 2023.
17. Carriers, freight forwarders, and traders might bear the effect of low rates and excessive competition as markets will slowly align with the dropping demands.
18. 2022’s dip in transported cargo volumes will continue to impact the air freight industry in 2023.
+ What are supply chain statistics?
Supply chain statistics are numbers displaying interesting facts and data about the status of the world supply chain.
+ Why is the supply chain important?
The supply chain is important because it determines how many products a company can manufacture.
+ How can one get supply chain statistics?
Data on the supply chain can be gathered with the use of procurement programs that collect and analyze data.
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