47 percent of global companies need to take more care of their supply chain, according to a survey run by the Economist Intelligence Unit and sponsored by UPS.
Written by Hannah Eiseman-Renyard
350 Senior Executives were interviewed for the survey, which revealed the worrying fact that ten percent of companies do not monitor their supply chain at all. Just sixteen percent of respondents said they paid an adequate amount of attention to their supply chain, while forty-seven percent said they needed to focus more on risk mitigation.
While 38 percent of companies did rate their supply chain as resilient, a more worrying 42 percent stated that their ability to manage risk had been outpaced by the expansion of their global supply chains.
According to the survey, while many companies knew the risks of supply chain, and the benefits to making sure their chain is resilient and well-managed, many glossed over this in their day-to-day operations. Nearly half of the companies only measured risk assessment annually.
“Businesses appear to be increasingly vulnerable to supply-chain disruptions that can have a catastrophic impact on business performance,” said Dan Brutto, president of UPS International.