1 minute read
The Epic Supply Chain Struggle
No matter how strong your business strategies are, challenges exist when things happen in the real world. Playing smart and ditching traditional supply chain management practices is important in times of dire supply chain mismanagement issues that the world is currently dealing with.
The supply chain is the backbone of most businesses that need it to be fully streamlined. However, the reality is different.
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•As of 2020, the estimated value for out-of-stock items was $1.14 trillion.
•Nearly 12% of retailers have reported severe supply chain disruptions because of the pandemic.
•28% of respondents reported shortages and struggled to maintain stocks amid the pandemic.
•Supply chain disruptions are on the rise. From 2019 to 2020, incidences of these issues have increased by 14%.
•70% of companies believe that supply chains are key in enhancing the overall customer experience.
Businesses of all sizes and shapes are dealing with these and many more supply chain disruptions .
