New research from CargoWise shows that while supply chain professionals are increasingly diversifying their networks and utilizing real-time monitoring to address growing risks like geopolitical tensions and cybersecurity threats, many may be overconfident in their ability to recover from disruptions due to a lack of consistent scenario planning.
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The study, *Future-proofing Supply Chain Operations: Leveraging Technology for Lasting Impact*, surveyed over 450 global logistics professionals between March and April 2024. Findings indicate that while 57% of respondents are confident in their recovery strategies, only 32% conduct regular scenario testing to assess their response to potential threats.
Key Insights
Top Concerns: Geopolitical tensions and cybersecurity threats rank as the top risks to global supply chains, with professionals in North America particularly concerned about cyberattacks (28%, compared to the global average of 19%).
Diversification and Real-Time Monitoring: To mitigate risks, companies are prioritizing multi-sourced supply chains and real-time monitoring, allowing faster decision-making when disruptions occur. North American respondents lead in diversifying supply routes (37%, compared to the global 33%).
Technology Integration: Nearly half of the respondents (48%) seek to streamline operations through technology integration, promoting real-time visibility and data accuracy for better decision-making.
However, Gene Gander, General Manager at CargoWise, emphasizes that confidence in recovery plans may be misplaced without thorough and regular scenario planning. “True resilience requires ongoing preparation and testing,” Gander noted, encouraging businesses to adopt unified platforms that support predictive analytics and fast decision-making.
Despite increasing awareness of potential threats, the gap between preparedness and confidence reveals an opportunity for the industry to strengthen its resilience strategies through more proactive measures.
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