(Commonwealth_ A new global survey by Loftware reveals that 90% of industry professionals see an increased need for stronger connections and collaboration across the global supply chain . The transformative potential of cloud technology drives this demand, essential for improving efficiency, ensuring compliance, avoiding fines, and cutting costs. To navigate ongoing disruptions and shifting consumer demands, executives are focusing on building more resilient, transparent, and agile supply chains.
The survey, which included insights from over 400 supply chain professionals across 55 countries, found that 84% of companies recognize the value of joining a connected ecosystem where partners can share data and standards. Such collaboration can enhance efficiency and reduce costs. Additionally, 74% of respondents highlighted that cloud technology offers a flexible and agile framework for streamlining labelling access for trading partners. This emphasizes the ongoing importance of digital transformation in supply chain operations.
Josh Roffman, EVP of Marketing at Loftware, emphasized that today’s supply chains are increasingly global and complex, with heightened expectations from both businesses and consumers. As a result, the need for better connection and collaboration has grown, especially as companies embrace digital transformation to improve interactions with suppliers, customers, and internal facilities.
A significant challenge highlighted in the survey is maintaining compliance within global supply chains. Many companies continue to struggle with inbound goods, leading to mislabeling and costly fines. The research reveals that 70% of companies with revenues exceeding $1 billion face the issue of having to relabel inbound goods, a process that is both resource-intensive and expensive. However, 77% of those surveyed believe providing controlled access to labelling standards could resolve this issue. A connected network where all parties have access to data, labels, and rules could ensure proper labeling for inbound goods.
The survey also pointed to the increasing importance of product and data protection in the global supply chain. A growing number of companies are leveraging technologies like artificial intelligence and serialization to address challenges such as counterfeiting. According to the survey, 78% of professionals believe AI can help identify counterfeit goods, and 59% of companies are already using serialization technology to address these issues.
Digital transparency has also emerged as a key factor in creating resilient and secure supply chains. 68% of respondents believe cloud technology plays a crucial role in improving track and trace capabilities across supply chain operations. Digital traceability allows companies to ensure sustainable sourcing, protect consumers, streamline inventory tracking, ensure timely deliveries, and combat counterfeiting.
In addition to these technological advancements, the survey emphasizes the growing importance of Digital Product Passports (DPPs) for enhancing supply chain transparency and sustainability. By scanning a product’s digital passport, stakeholders can access detailed information about the product’s origin, ingredients, and sustainability practices. According to the survey, 54% of companies already recognize the significant role DPPs play in their supply chains, and 63% expect their use to increase over the next three years. Companies view DPPs as an essential tool for managing the product lifecycle, guaranteeing sustainable sourcing, and equipping consumers with the necessary information to make informed purchasing decisions.
This research underscores the need for companies to embrace digital transformation in order to streamline operations, improve compliance, and build more resilient and sustainable supply chains. As global supply chains grow more complex, leveraging cloud technology, AI, serialization, and digital passports will be essential to staying competitive and meeting the demands of modern consumers.
