Supply Chain Professionals Want Greater Collaboration

An overwhelming majority (90%) of supply chain professionals believe there is an increased need for collaboration across the global supply chain to improve efficiency, ensure compliance, avoid fines and reduce costs.

That’s according to fresh research from Loftware, a specialist in enterprise labelling, which discovered that the transformative power of cloud technology is set to prove pivotal in improving connections between businesses. 

The findings have been revealed at a time when executives are laser-focused on building more resilient, transparent and agile supply chains in a bid to navigate disruptions and shifting consumer demands. 

Creating a supply chain ecosystem 

Loftware’s global survey, which draws on insights from professionals across various industries in 55 countries, found that 84% of companies believe it would be beneficial to join an ecosystem where supply chain partners share access, data and standards.

Around three-quarters (74%) said the cloud offers a more flexible and agile framework for streamlining labelling access for trading partners, highlighting the ongoing importance of digital transformation.

“Today’s supply chains are more global and complex, while expectations from business and consumers have increased,” comments Josh Roffman, EVP Marketing at Loftware.

“This has led to a greater need for connection and collaboration as companies embrace digital transformation to streamline interactions and ensure compliance with suppliers, customers and their own facilities across the enterprise.”

Maintaining compliance

A significant issue for today’s global supply chain lies in maintaining compliance, with customers consistently reporting struggles with streamlining the receipt of inbound goods, resulting in mislabelling and hundreds of millions of dollars in fines. 

Loftware’s research illustrates the scale of this issue, with 70% of US$1bn+ companies being forced to relabel inbound goods from suppliers and partners – a resource-intensive and costly process. 

However, more than three-quarters (77%) of respondents believe providing controlled access to labelling would help to solve this issue.

Leveraging a connected network that enables publishers and subscribers to gain access to standards, data, labels and rules has the potential to ensure inbound goods are properly labelled.

Integrating technology 

Loftware’s report also reveals an increasing number of companies are exploring new ways to guarantee their products, shipments and data are protected as they progress through today’s global supply chain. 

Seventy-eight per cent of professionals said they believe AI can be useful in analysing data to identify counterfeit goods, while around three in five (59%) say their company is currently using serialisation technology to solve supply chain challenges.

Clearly, facilitating digital transparency is a vital step in creating resilient and safer supply chains, so it's no surprise that 68% flagged cloud technology as playing a crucial role in improving track and trace across their operations.

Using cloud technology, digital traceability helps companies to ensure sustainable sourcing, protect consumers, streamline the location of inventory, guarantee on-time delivery to market and address the growing issue of counterfeiting. 

Being able to trace products both upstream and downstream is also vital for managing the product lifecycle and ensuring sustainable sourcing – and digital product passports (DPPs) will be key to achieving this. 

Scanning a product’s digital passport allows stakeholders to access information about its origin, ingredients, sustainability practices and more, enabling them to make more informed choices. 

More than half (54%) of surveyed professionals told Loftware that DPPs are already playing a significant role in enhancing supply chain transparency and sustainability within their industry.

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