Ninety percent of CEOs believe the digital economy will have a major impact on their industry, but only 25% have a digitalization plan in place, according to SAP research.
Most global supply chains are unequipped to cope with the world we’re entering. For that reason, supply chain managers need to shift their attention from cutting costs to enabling new processes and increasing connectivity and agility. Speed is also crucial, as product cycles are becoming shorter and more fluid. Additionally, as customers demand faster product and service development and delivery, organizations must transform their existing business processes to reduce response times.
A key part of this transition includes the transformation of traditional supply chains into demand-sensitive business networks. Standardized supply chain and logistics approaches pose threats for companies.Enterprises can use the latest digital technologies to overcome these threats a couple of different ways:
- Gaining a better understanding of what the customer wants while enhancing customer relationships
- Transforming supply chain processes and responding to the rising tide of global uncertainties and business complexities
The big move toward digitalization is coming sooner than many companies expect, according to Digital Supply Chain Management – 2020 Vision. This white paper presents an overview of supply chain digitalization best practices, courtesy of several leading enterprises. The document also provides a view of today’s challenges and trends versus the vision of a digital supply chain in the future.
The future of digital supply chain: Elements to success
IT, operations, and supply chain managers, the future of the digital supply chain will enable you to evaluate your company’s level of digital maturity in the following categories:
Early adopters of digital transformation have increased revenue by nine percent, market valuation by 12%, and profitability by 26%, according to SAP research.