Supply chain technology investment is growing as it enables firms with more resilient, transparent and data-driven operations that are providing a key competitive advantage. In fact, nearly 74% of supply chain leaders are increasing their supply chain technology and innovation investments, according to the survey results from the 2023 MHI Annual Industry Report, “The Responsible Supply Chain: Transparency, Sustainability and the Case for Business.”
Of those increasing investments, 90% said they are planning to spend over $1 million, an increase of 24% over last year. Thirty-six percent plan to spend over $10 million, up 19%.
Responsible supply chains react in real time to changing conditions—this requires actionable data, automation and automated decision-making. Investments in automation and other digital solutions like IoT, advanced analytics and AI arm your operations with speed, accuracy and improved visibility. These solutions enable the real-time decision-making and transparency necessary for reporting and improved performance up and down the supply chain.
This issue of MHI Solutions focuses on the adoption of these and other digital solutions from best practices, leading trends and the importance of actionable supply chain data.
Automation and digital supply chain innovation was on full display at ProMat, and the event continues on-demand as a digital resource for supply chain solution sourcing, interaction and education via ProMat Digital Entry at promatshow.com.
Another great way to stay at the forefront of these innovations is to attend the 2023 MHI Annual Conference October 1-4 in Ft. Lauderdale, FL. Attending is also a great opportunity to collaborate with MHI and WERC members while exchanging ideas with your peers on the most important issues and trends impacting our industry. See pages 86-91 for more information on this event.
I also encourage you to download the 2023 MHI Annual Industry Report at mhi.org/publications/report to see all of the data from this year’s survey.