As they navigate change in a constantly evolving industry, most retail procurement executives say they understand the advantages offered by supply chain technology.
C2FO’s inaugural retail pulse survey provided to Supply Chain Dive reported that 97% of retail executives surveyed said supply chain technology offered a competitive advantage. Seventy-three percent characterized the advantage as significant, and 71% of those surveyed revealed that they plan to invest in logistics technology over the next year.
Supply chain technology — such as supplier collaboration enhancement and trade finance solutions — improves efficiency to existing operations, streamline inventory and increase revenue. A majority (62 percent) of those surveyed feel their organizations are agile at embracing solutions that can help them navigate through supply chain complexities.
Though procurement executives are always looking for ways to reduce operating and support costs, surveys such as the one conducted by C2FO show that they understand that supply chain tech will enhance their decision making and help them streamline processes.
Among the takeaways: Nearly 88 percent of the 200 respondents, representing sporting goods retailers, apparel brands, drug stores and other household names, said they are more focused this year on improving profit and revenue margins.
How to do so? Nearly 75 percent of the survey respondents said they plan to rely more on technology to drive supplier efficiency, while 62 percent said their companies have become flexible in embracing new purchasing and logistical solutions, including working more closely with suppliers.
In addition, companies that implement supply chain technology can lower their potential risk exposure due to growing volume and increasing reliance on global supply chains.
C2FO conducted the survey at the Retail Industry Leaders Association (RILA) Retail Supply Chain Conference on Feb. 12-15, 2017, in Orlando, Fla. The conference was attended by more than 500 professionals who represented industries such as domestic transportation, distribution, e-commerce, omni-channel and sourcing. Two hundred of the 500 executives in attendance were surveyed.