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Consumers Should Brace for Continued Supply Chain Disorder in 2023Coupa's inaugural survey reveals a majority of supply chain decision-makers don't anticipate supply chain issues improving in the coming year SAN MATEO, Calif., Feb. 1, 2023 /PRNewswire/ -- Disruption and uncertainty have become the new normal for the global supply chain. A majority (82%) of supply chain leaders anticipate challenges will worsen or stay the same during the next 6 to 12 months according to new survey data from Coupa Software (NASDAQ: COUP), the leader in Business Spend Management (BSM). During 2022, more than 4 in 5 organizations experienced at least one significant supply chain disruption, and 50% experienced three or more. With continued or worsening conditions, consumers should prepare for sustained impact on essential items. Supply chain leaders predict that food, gas, and computer chips are most at risk of impact in 2023. Supply Chain Leaders Battle Increasing Costs
"Consumers continue to face a barrage of shortages of essential goods and are growing impatient with the continued impact on their daily lives. Over the last twelve months consumers have faced shortages from tampons to Tylenol, and everything in between," said Dr. Madhav Durbha, vice president of supply chain innovation at Coupa. "With climate change an geopolitical tensions expected to impact food and cause disruptions, now is the time for supply chain leaders to take initiative and be creative as to how they can invest and improve their operations." Make Suppliers Central to Win in 2023 Suppliers are central to a number of mitigation strategies companies are implementing or planning to implement over the next 6 to 12 months, including:
"As disruptions persist, it's critical for organizations to prioritize improving their relationships with suppliers," stated Durbha. "When supply gets constrained and capacities and materials go on allocation, suppliers tend to prioritize their preferred customers. Organizations are gaining this status as 'preferred customers' through collaborating with suppliers by providing visibility into their anticipated demand and ensuring payments happen on time." Investments in Digital Supply Chain Solutions Grow Leaders see digital solutions as a key to ensuring product availability, improving customer experience, and reducing overall risk, but 79% of all decision-makers surveyed reported not having all of their functions digitized or not knowing if they are fully digitized. A majority (83%) are already investing in digitizing their supply chain or plan to in the next 12 months. Dive into the full report, The State of Supply Chains: 2022 Reflections and 2023 Priorities here. Methodology About Coupa Software View original content to download multimedia:https://www.prnewswire.com/news-releases/consumers-should-brace-for-continued-supply-chain-disorder-in-2023-301736323.html SOURCE Coupa Software |