Over Half of Companies Lack Clear Picture of Their own Supply Chain, According to New Report from ASCM and the Economist Intelligence Unit
CHICAGO, Feb. 23, 2021 /PRNewswire/ -- Over half of companies lack end-to-end visibility into their supply chains because they rely on a picture of supply and demand that is based only on internal data from the company itself. This leaves many vulnerable to unexpected risks according to a new Economist Intelligence Unit (EIU) research report commissioned by The Association for Supply Chain Management (ASCM). The report "The Resilient Supply Chain Benchmark: Ready for Anything? Turbulence and the Resilience Imperative" presents findings on how 308 publicly-listed retail, pharmaceutical and consumer electronics companies have adopted resilience-building capabilities to manage real-time and longer-term risks, and how they've performed over the past year.
The end-to-end supply chain refers to the entire process starting at the procurement of materials from suppliers and ending when the product reaches the customer. According to the EIU research, just over half of the companies benchmarked rely on their own internal data. In addition, 37% of companies in the benchmark reported that their visibility was hampered by either internal siloes or was not data-driven at all.
This limits their ability to detect emerging threats or calculate how a disruption will unfold across supply chains and business units. In addition to improving visibility, data from across the supply chain can unlock higher-level capabilities that lead to greater supply chain resilience and supply chain innovation. The benchmark shows that high performers build an 'outside-in' picture through the integration of supply chain partners into demand forecasting and planning as well.
"While each industry faces unique supply chain dynamics, in a time of increased turbulence it has become critical to reconsider the balance between efficiency and resilience, said ASCM CEO Abe Eshkenazi, CSCP, CPA, CAE. "The Resilient Supply Chain Benchmark provides both data and analysis to better understand the critical capabilities driving resilience, where the most common vulnerabilities lie, and how to strengthen operations for the future."
The results of the Resilient Supply Chain Benchmark are based on a combination of primary survey data collected in October 2020, data from corporate disclosures, and a wide-ranging intervie program that included corporate executives and industry experts from IBM Sterling, Intel, Novartis, AbbVie, the Consumer Technology Association (CTA), and the Retail Industry Leaders Association (RILA), among others. To develop the framework, the EIU consulted leading experts on supply chain resilience from The Ohio State University, Michigan State University, MERC & CO LLP, and many others.
Additional key findings from the report include:
"By providing evidence based, sector-specific analysis into best practices and areas for improvement, we hope that the benchmark will give companies a first step in assessing their own resilience-building capabilities against their industry-peers," said Sabu Mathai, the Project Lead and a Senior Manager at the Economist Intelligence Unit.
Please join Claire Casey, EIU Global head, Policy and Thought Leadership and Abe Eshkenazi, ASCM CEO for a discussion on the Resilient Supply Chain Benchmark at 1:00pm EST on February 24, 2021. To register, please visit https://bit.ly/2M68W97
The Resilient Supply Chain Benchmark Report and full report can be accessed here.
About The Economist Intelligence Unit
View original content to download multimedia:http://www.prnewswire.com/news-releases/over-half-of-companies-lack-clear-picture-of-their-own-supply-chain-according-to-new-report-from-ascm-and-the-economist-intelligence-unit-301233340.html
SOURCE Association for Supply Chain Management (ASCM)
IoT Transportation Solutions for Government Agencies
Networking LIVE! Reception - On the Amazing Spacious Seaside Patio of the Loews Miami Beach Resort