For many companies, optimizing the supply chain is a decisive factor for long-term success and therefore a strategic necessity. Two measures stand out in particular: Close collaboration with suppliers and partners and the use of digital technologies. The results of the 21st SupplyX Barometer, formerly the Hermes Barometer, on the topic of “Need for optimization along the supply chain” illustrate how essential these two aspects currently are for companies.
21st SupplyX Barometer: Partnership-based cooperation as a driver of success
Close cooperation between all parties involved in the supply chain is a key driver for efficient supply chains: 83 percent of the 150 logistics managers surveyed emphasized the importance of well-coordinated collaboration in order to realize synergy effects and make processes run smoothly. Particularly in the case of international goods movements, where supply chains operate across many countries and continents, the focus is on strong partnerships in order to be able to intercept potential disruptions quickly.
Through trusting collaboration and optimized networking, communication channels can be shortened, information exchanged faster, and bottlenecks identified earlier. Companies that rely on close coordination with their partners benefit from this approach, especially in times of crisis: They are able to react more flexibly to changes and are more resilient in the face of unexpected challenges. “The growing interdependence between companies and their suppliers requires new approaches to collaboration. Flexible and well-coordinated supply chains are essential to avoid operational failures and other disruptions. Together with partners, it is important to develop innovative solutions that also ensure the long-term success of the company,” says Moritz Gborglah, Division Manager Operations at SupplyX, explaining the results.
Competitive advantages through digital transformation
The importance of digital technologies for optimizing the supply chain is growing in parallel with collaborative partnerships. 64 percent of the companies surveyed for the 21st SupplyX Barometer see digitization as the decisive factor in sustainably modernizing their supply chain. According to 58 percent of survey participants, technologies such as the Internet of Things, artificial intelligence or big data analytics contribute to optimized value chains, enable improved control of supply chain processes and help to monitor and adapt them in real time. This figure is even higher for companies with 250 to 1,000 employees, at 76 percent.
“Companies that use digital technologies correctly not only manage to respond to challenges, but also anticipate trends, facilitate communication with partners and secure competitive advantages. In the long term, only those companies that consistently integrate the opportunities of digital transformation into their business strategy will be successful,” says Gborglah.
Further information and evaluations can be found in our 21st SupplyX Barometer “Need for optimization along the supply chain”, available here for free download.