**London**: A recent study by Descartes Systems Group reveals that 74% of supply chain leaders view technology as vital for growth amid escalating global trade challenges, with global trade intelligence identified as the most essential tool for maintaining competitiveness over the next two years.
In a recent study released by Descartes Systems Group, titled “What Companies are Doing to Tackle Escalating Global Supply Chain Challenges,” significant insights into the role of technology in supply chain management emerged. Conducted among 978 supply chain and logistics leaders across key trading nations in Europe, North and South America, and Asia-Pacific, the research highlights the increasing importance of technology in navigating complex global trade environments characterised by escalating tariffs, trade barriers, and geopolitical instability.
The study revealed that 74 per cent of respondents consider technology to be fundamental or highly important for their organisation’s growth strategy as they face these challenges. This figure rises dramatically to 88 per cent among companies projecting more than 15 per cent growth over the next two years. Moreover, 59 per cent of participants believe that technology is crucial for providing a competitive advantage in international trade.
When examining the specific technological capabilities expected to foster business growth and competitiveness, 36 per cent of the surveyed leaders pinpointed global trade intelligence as the most essential capability for delivering value within the next two years. This was followed by global trade analytics at 27 per cent and supply chain mapping at 26 per cent.
Furthermore, the findings indicated a consensus across various industries regarding the significance of global trade intelligence. This capability was highlighted by 40 per cent of participants in manufacturing, 44 per cent in wholesale and distribution, 38 per cent in finance and insurance, and 30 per cent in retail.
Jackson Wood, director of industry strategy at Descartes, remarked, “For companies in diverse industries, global trade has become much more complex, with many new challenges to traditional business operations. As businesses contend with tariffs and trade barriers, geopolitical instability, supply chain disruptions, and compliance requirements, technology tools can help them build greater agility and resilience into their supply chains to compete more effectively.” His comments underscore the necessity for businesses to leverage digital tools in response to the current climate.
The study’s overarching aim was to identify strategies, tactics, and technological adoptions by companies engaged in international trade to maintain a competitive edge and ensure ongoing business growth. It also sought to determine whether these approaches varied according to factors such as country, industry, company size, and anticipated business growth. As companies continue to grapple with the complexities of supply chain digitization, the emphasis on strengthening supplier relationships remains a pivotal aspect of their digital transformation initiatives.
Source: Noah Wire Services
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