As businesses across industries continue to navigate severe staffing challenges, consumer shifts, and materials shortages, 60% of small and mid-sized businesses (SMBs) report that they have lost up to 15% or greater in revenue due to supply chain delays. This is one of the significant findings from the 2023 Supply Chain Outlook, commissioned by Anvyl, the leading platform for supply chain visibility.
The Outlook found that 56% of organizations have had to switch suppliers in the past year, with “costs” and “consistent delays” being the most cited reasons why.
Anvyl’s data shines a light on the struggles experienced by businesses as they’ve attempted to overcome the pandemic’s acute impact, as well as the burden of an ongoing economic downturn. As both of these events continue to wreak havoc on global supply chains, businesses have felt a particularly acute impact from resulting disruptions.
In fact, the U.S. Chamber of Commerce recently found that nearly half (47%) of small businesses currently find it hard to keep up with customer demand due to disruptions in their supply chain. Meanwhile, new research from Gartner, which found that 95% of organizations continue to struggle with supply chain resiliency, also confirms the pervasiveness of these obstacles for businesses across the board.
"The findings of this report underscore that businesses across industries are continuing to grapple with a myriad of challenges facing their supply chains," said Rodney Manzo, the CEO, and founder of Anvyl. "While there have been some positive signs indicating that these issues might be easing, it's important to acknowledge that many of the challenges brands are facing are due to shortcomings in their supply chain management strategies.”
Manzo added: “In order to remain competitive and navigate the complexities of today’s environment, brands must be prepared to undertake new and innovative digital transformation strategies. Adapting and modernizing is no longer an option - it's an absolute necessity for survival in today's hyper-competitive marketplace."
Additional highlights from the report include:
To view the full 2023 Supply Chain Outlook, click here.
Anvyl connects global supply chain teams, systems and suppliers to improve collaboration and decision making from PO issuance through to warehouse delivery. The tool facilitates real-time collaboration, automates key tasks and processes, and empowers teams with deeper insights that allow them to make smarter decisions, faster. To learn more visit http://www.anvyl.com.