According to a recent survey by Anvyl, a supply chain visibility platform, 60% of small and mid-sized businesses (SMBs) experienced up to 15% or more revenue losses in 2022 due to supply chain delays. The study shows that supply chain issues have become a significant concern for businesses, with 56% of SMBs forced to change suppliers over the past year because of costs and delays.
Additionally, a quarter of SMB owners and C-suite executives expressed concerns about their supply chain strategies for the year ahead. The situation is a cause for worry for companies, as any disruption in the supply chain can affect production and ultimately revenue. Supply chain delays can occur for several reasons, including transportation issues, material shortages, and labor shortages.
However, the “2023 Supply Chain Outlook” report provides some hope for the future of supply chain management. The report shows that 89% of executives and SMB owners surveyed plan to invest in supply chain management systems in 2023. The authors of the study state that investing in supply chain management tools is a positive sign, indicating that industry leaders “have an understanding of the major issues plaguing their supply chains,” and that they are actively allocating resources to address those problems.
According to Rodney Manzo, the founder and CEO of Anvyl, the report highlights that businesses across multiple industries are continuing to grapple with the challenges facing their supply chains. Manzo believes that many of the issues affecting SMBs are due to shortcomings in their supply chain management strategies. This highlights the need for businesses to reassess their supply chain management systems continually.
In conclusion, the importance of a highly reliable and functioning global supply chain has never been more critical for SMBs. The study shows that organizations recognize the importance of addressing supply chain issues and are willing to invest in solutions to address them. By investing in supply chain management systems, SMBs can mitigate the risk of revenue losses due to supply chain delays and improve their overall operations.
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