The latest GEP-Economist Impact report reveals that more than half (57%) of enterprises recognize that they need greater transparency and control over supply chains. To bolster resilience, businesses are implementing real-time visibility systems and stress testing their supply chains, according to the report, Navigating the Cost-Plus World of Supply Chains: A Balance Between Resilience, Sustainability and Costs.
With that said, there must be a balance between risk and resilience. The research uncovers a notable surge in active approaches to mitigating supply chain risks — up to 38.5% in 2023 from 30% in 2022.
Other intriguing findings:
39% of respondents say they are incorporating, or planning to incorporate, data and software to enhance supply chain visibility and control as part of their risk management strategies.
- More than half (55.5.%) of business leaders surveyed indicated that building inventories is a high priority.
- Complexity of aligning with diverse private (29%) and governmental standards (27%) are among the main barriers to achieving a more sustainable supply chain.