CEO Update: Supply Chain Continues to Invest In Technology
Ongoing disruption to supply chains is fueling record investments in technology. In fact, nearly 80% of supply chain leaders saying their digital transformation has accelerated due to the pandemic, according to the survey results from the 2022 MHI Annual Industry Report, Evolution to Revolution: Building the Supply Chains of Tomorrow.
Of the 64% of respondents increasing investments, two out of three say they will spend more than $1 million over the next two years. Investments are particularly growing in the middle ranges from $5 million up to $100 million—where 41% say they spend more than $5 million and 18% say they will spend more than $10 million.
Investing in these tools and technologies is imperative to drive transparent and resilient digital supply chains. Those without these tools will see a significant risk to their business survival moving forward. In short, tech IS your competitive advantage for the future.
As supply chain increasingly becomes a tech-driven industry, the technologies that facilitate supply chain efficiency by informing decision-making, facilitating transparency and mitigating risk will see record adoption rates. These technologies include IIoT, artificial intelligence, robotics and automation,, cloud computing and advanced analytics.
This issue of MHI Solutions focuses on the adoption of these and other digital solutions from best practices, leading trends and the importance of actionable supply chain data. It also focuses on the leading driver of this adoption—the workforce dilemma.
Supply chain innovations were on full display at MODEX and the event continues on-demand as a digital resource for supply chain solution sourcing, interaction and education via MODEX Digital Entry at modexshow.com.
As supply chain increasingly becomes a tech-driven industry, the technologies that facilitate supply chain efficiency by informing decision-making, facilitating transparency and mitigating risk will see record adoption rates.
Another great way to stay at the forefront of these innovations is to attend the 2022 MHI Annual Conference, October 2-5 in San Antonio, TX. Attending is also a great opportunity to collaborate with MHI and WERC members while exchanging ideas with your peers on the most important issues and trends impacting our industry. See pages 80-86 for more information on this event.
Supply chain leaders have never been in a better position to drive impactful and lasting change for the industry. With the white-hot media spotlight chronicling the after-effects of the pandemic, the importance of supply chain is finally coming into focus in boardrooms across the world.
I hope this issue of MHI Solutions helps provide the information and resources you need to assist you on your digital transformation.
Chief Executive Officer, MHI