80% of Supply Chain Executives Cannot Digitally Track the Movement of Direct and Indirect Materials Across Their Networks; Verusen Unveils 2022 State of Supply Chain Management Research Findings

A top priority of supply chain industry leaders is reducing material supply risk to avoid unplanned production delays and outages

It has been an incredibly trying year for manufacturers operating complex and global supply chains as a combination of factors has hindered the smooth functioning of their businesses. Eighty percent of supply chain executives polled in a recent survey revealed they cannot digitally track the movement of direct and indirect materials across their enterprise network. This is one of the eye-opening findings from the just-released ‘2022 State of Supply Chain Management’ report from supply chain innovator Verusen, a global leader in materials intelligence.

Verusen’s annual survey explores supply chain professionals’ current perspectives, activities, and challenges related to the impact of the rapid shift in supply chains and consequent business conditions. This year’s findings indicate that many companies lack the resources and direction to meet their supply chain management goals. The result can mean the stalled shipment of goods, delays in manufacturing production, or a total inability to produce goods, constraining profits and business growth. The top priority of supply chain leaders as they look ahead to the coming year is to reduce material supply chain risk to avoid unplanned production delays and outages.

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The ‘2022 State of Supply Chain Management’ survey was conducted with leading global supply chain executives based within companies showing revenues ranging from under $1 billion (70%) to $1 billion and above, past $20 billion (30%).

Summary of Key Findings:

• When asked about hurdles to a digitally transformed approach to materials management, 76% of execs pointed to disparate silos of materials data and lack of knowledge.
• 43% of executives surveyed reported a lack of visibility into inventory availability as the primary hindrance to sharing critical materials with other facilities within their network.
• The #1 priority among respondents over the next 12 months is reducing supply risk for their materials.
• Over 75% of respondents believe implementing an AI-driven Materials Management solution would take 12-24 months.
• 80%+ report they cannot digitally track the movement of direct and indirect materials across their enterprise network.
• Over half of the respondents claim they need to expedite spare parts on a weekly and monthly basis to avoid production outages.