Physical and Financial Supply Chain Evolution: The Digital Era
The challenge and opportunity for many businesses of becoming increasingly digitised in the modern era, extends beyond trade financing and supply chain factoring. It also includes trade as a whole, as well as, a range of activities inherent in the operation of a modern global supply chain. This includes mission-critical processes in logistics, customs clearance and other market access related.
In a recent survey conducted by GT Nexus and Capgemeni, it was found that three quarters of the supply chain executive respondents considered digital transformation to be important to their business. This from a group of 330 executives from 20 countries that partook in the survey.
Respondents from the survey admitted that they were only partly satisfied with their progress in digitising their supply chains to date. They pointed to the need to receive, manage and mine the massive amounts of data within their businesses' complex global supply chains. Improved understanding of supply chain based data flows was highlighted by many as a path to better commercial agility and responsiveness.
For further interesting reading on the matter, try:
1. Your Roadmap to a Digital Supply Chain
2. Digitisation in Supply Chain: Five Key Trends
Reference: International Chamber of Commerce., 2017. Rethinking Trade and Finance. The World Business Organisation. Paris: France.