As global trade continues to transform the way companies are producing, moving, buying, and selling goods across borders, it’s important for supply chain leaders to know about trade trends that can help them benchmark their company against the leaders and laggards.
To sort through emerging and existing technology, a recent survey by global trade management software provider Amber Road and the Association of American Exporters and Importers provides insight into what technology companies are using, the challenges these systems are expected to solve, and how companies are implementing them.
Here are some key statistics from the survey of more than 120 supply chain executives in a cross-cut of industries and roles.
- While 77 percent of respondents state tariffs and duties top their list of concerns for 2019, 57 percent are looking to reduce supply chain costs (see chart above).
- More than 50 percent are looking to solve sourcing and quality issues using technology (see chart above).
- Only 40 percent are leveraging a Global Trade Management system for supply chain execution.
- Even then, not all processes are automated, indicating continued reliance on manual processes.
- Blockchain is being considered at 30 percent of responding companies; probably the same 33 percent that consider their companies as leaders in technology adoption.
The report gives guidance on how to build the “right” technology stack. Although finding the right stack might sound daunting at first, this task should be seen as a way to spark your company’s innovativeness in finding new ways to compete and win.