According to results of a new 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 equates to $22 billion for Fortune 500 companies in a single year.
These firms recognize the important role that hybrid cloud, AI, process mining, and execution management play in assisting them in overcoming the unexpected challenges they have encountered in the past two years. In fact, 87% of the top supply chain officers (CSCOs) surveyed are implementing execution management, and 77% are implementing process and task mining to streamline their operations.
85 percent of CSCOs intend to introduce AI-enabled real-time inventory management, while another 83 percent intend to introduce self-monitoring and self-correcting assets, and 81 percent are looking to AI-enabled processes and workflows for real-time demand sensing.
87 percent of CSCOs are planning to incorporate execution management in their daily tasks in an effort to improve their supply chain operations.
According to the findings, organizations are looking for ways to enhance their supply chains by adopting data and hybrid cloud strategies, as well as prioritizing sustainability.
By leveraging the latest data-infused technologies via the cloud, supply chain leaders are reinventing their processes, and 69 percent of businesses are planning to accelerate cloud adoption in order to improve real-time data access. The report also highlights the role of the CSCO, as well as the various ways they are establishing themselves apart from competitors and peers who are only focused on the present challenges.
The resilient digital supply chain: How intelligent workflows balance efficiency and sustainability was developed by the IBM Institute for Business Value (IBV) and led by Celonis and Oxford Economics. The group conducted a survey of 500 supply chain officers across the globe to gain an in-depth understanding of how recent disruptions in global supply chains are affecting their short-term strategy, long-term strategies, and business performance.
The study examines ten industries, including banking, consumer goods, healthcare, electronics, telecommunications, insurance, industrial goods, manufacturing, automotive, and life sciences. The gross margin of the companies surveyed is from $500 million to $500 billion. Read the full report.