FourKites, a leading supply chain visibility provider, released a new report titled 'Data-Driven Decisions: Why Many Supply Chains Are Falling Behind,' to enhance the customer experience and accelerate delivery times. The latest report reveals the pressing issues within the industry by highlighting the challenges that supply chain leaders in the US and UK face, including the imperative to cut costs. FourKites, in partnership with YouGov, surveyed 500 supply chain leaders from diverse sectors to comprehend their strategies for digitalizing supply chains and managing risk.
The report found that 72% of the respondents acknowledge the significance of integrating fragmented supply chain data, and 42% intend to invest in technology within the next year; a substantial portion of these leaders grapple with accessing the essential data required to make informed decisions. Additionally, 48% rate their supply chain digitization as suboptimal, and 43% lack a single source of truth for their data. This information underlines the current supply chain landscape, wherein many industry leaders strive to harness data's power for effective decision-making.
In addition, it also indicates that only 45% of supply chain leaders use their supply chain data for strategic decisions, while 14% do not utilize this data at all for decision-making. Moreover, nearly half, 48% of respondents, struggle or rate their efforts as 'not great' in digitizing their supply chain. Another challenge lies in integrating internal systems and establishing a singular source of truth, as 43% face difficulties. In response, 42% of respondents plan to invest in technology over the next 6 to 12 months to mitigate supply chain risks. The increased tech investment focus among enterprise companies is significant, with 70% intending to bolster technology. Furthermore, approximately 52% of companies aim to enhance supply chain resilience by diversifying their supplier/provider base.
FourKites platform offers a comprehensive solution that transcends system silos, stakeholders, modes, and geographical boundaries, enhancing coordination from transportation to order management. It encompasses the most extensive supply chain data set within a secure cloud-native, multi-tenant SaaS application. It facilitates secure data sharing among Fortune 500 companies and their supply chain networks. Innovations like Fin AI (FourKites Intelligence Network) and My Workspace are further bolstering the decision-making capabilities of customers by harnessing data from the FourKites platform and third-party sources. This cutting-edge approach empowers supply chain professionals to access solutions with unparalleled speed and accuracy, ensuring their businesses remain at the forefront in the competitive industry.
About FourKites
FourKites, a global supply chain visibility leader, empowers businesses with insights into their transportation, yards, warehouses, stores, and more. This cutting-edge platform continually tracks over 3 million shipments daily, spanning road, rail, ocean, air, parcel, and last-mile segments, reaching a vast network covering over 200 countries and territories. Leveraging the potential of real-time data and advanced machine learning, it offers a transformative solution to companies seeking to digitize their end-to-end supply chains. Trusted by over 1,200 of the world's most renowned brands, including 9 out of the top 10 CPG and 18 out of the top 20 food and beverage companies, FourKites paves the way for businesses to forge agile, efficient, and sustainable supply chains.