According to the results of a recent study on supply chain resilience conducted by IBM and process mining company Celonis, 51% of supply chain leaders are willing to sacrifice profit to improve sustainability outcomes, which would cost the US Fortune 500 companies $22 billion in a one year.
These firms recognize the essential role that hybrid cloud, AI, process mining, and execution management play in helping them to overcome the unexpected challenges they have encountered over the past two years. In fact, 87 percent of the chief supply chain officers (CSCOs) surveyed are implementing execution management, while 67 percent are implementing process and task mining to modernize their operations.
A total of 83 percent of CSCOs expects to introduce AI-enabled real-time inventory management, while another 83% expect self-monitoring and self-correcting assets, and 81% are looking to AI-enabled processes and workflows for real-time demand sensing.
87 percent of CSCOs intend to utilize execution management in their everyday tasks in an effort to modernize their supply chain operations.
According to the results, organizations are looking for ways to improve their supply chains by adopting data and hybrid cloud strategies, balancing sustainability.
Despite the advances in data-infused technologies across the cloud, supply chain leaders are reinventing their processes, 69 percent of respondents expect to accelerate cloud adoption to enhance real-time data access. The study also reveals the role of the CSCO, as well as the various ways they are setting themselves apart from peers and competitors who are only focused on today''s issues.
The resilient digital supply chain: How intelligent workflows balance efficiency and sustainability, was reviewed by the IBM Institute for Business Value (IBV) and by Celonis and Oxford Economics. The group surveyed 500 senior supply chain officers across industries to gain an in-depth understanding of how recent disruptions in global supply chains are affecting their short-term tactics, longer-term strategies and business performance.
The revenue size of companies surveyed varied from $500 million to $500 billion. Read the full report.