FourKites’ UK survey results

News 7 Nov 2023 by WCN Editorial

A survey conducted by FourKites, the provider of supply chain visibility solutions, has revealed that almost two thirds of business leaders in the UK and over 80% of those working in the US list supply chain data connectivity as one of their top priorities.

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Yet, the latest FourKites report entitled “Data-Driven Decisions: Why Many Supply Chains Are Falling Behind,” revealed fewer than half were leveraging their supply chain data to inform their strategic direction and 14% weren’t using supply chain data at all to make decisions.

The survey undertaken by FourKites involved a partnership with YouGov, the international research data and analytics group, with the latter polling 250 UK-based and 250 US-based supply chain leaders across every industry. The idea was to understand how their companies were digitising their supply chains and mitigating risk.

The main conclusions demonstrated that 61% of UK respondents recognised the importance of connecting disparate supply chain data, compared to 82% of US respondents. Yet only 35% of UK respondents said supply chain data was being used to make strategic decisions. Interestingly, almost 52% of all companies surveyed indicated that they were diversifying their supplier/provider base as they sought to de-risk their supply chains

In terms of investments in digital processes, 30% of UK respondents said they were planning technological innovations over the coming six to 12 months. In the US, a much higher 54% of respondents were planning digital solutions.

Commenting on the results, Fabrizio Brasca, chief strategy officer at FourKites, said: “Two-thirds of responding companies are using supply chain data only for simple, day-to-day tasks — many have yet to realise the opportunity to look at their supply chain end-to-end to make informed, strategic decisions.”

He added: “At the root of this issue is the ongoing struggle to fully digitise the supply chain and have a single source of data. For instance, with a real-time view of inventory levels across facilities, supply chain leaders can proactively mitigate the risk of stockouts and prevent orders from being cut, leading to a better end-customer experience.”

FourKites’ supply chain visibility platform helps companies eliminate silos across systems, stakeholders, modes and geographies, from transportation to the yard, order management and beyond.