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New GS1 US Research on Supply Chain Resilience

In a recent study by GS1 US, a notable not-for-profit organization focused on developing information standards, the findings reveal a significant level of confidence among supply chain professionals regarding their ability to manage disruptions. Conducted among over 500 industry professionals, the survey showcases that 64% of respondents exhibit strong confidence, followed by 35% who are moderately confident about their supply chain management capabilities.

Despite this optimism, the research sheds light on a critical challenge: nearly 43% of the surveyed professionals struggle with maintaining supply chain visibility. This disparity between confidence and visibility is alarming and indicates that high levels of assurance do not always translate into effective management practices.

Operational Capabilities Driving Confidence

The study titled "Powering Supply Chain Confidence: The Role of Data and Standardization" emphasizes the importance of operational capabilities in fostering supply chain confidence. The data indicates that organizations reporting high confidence levels are significantly better equipped to manage disruptions effectively. Here are some key findings:

• - Centralized Systems: A noteworthy 56% of companies with high confidence utilize centralized systems to respond to disruptions in real time. Moreover, having reliable data in these centralized systems enhances their efficiency, as evidenced by 68% of respondents who trust the accuracy and consistency of their data.

• - Total Automation: Full supply chain automation was evident in 72% of high-confidence organizations, enabling them to react to demand fluctuations adeptly, with 61% claiming they manage supply chain agility efficiently.

• - Response to Consumer Demand: Additionally, 51% of these companies report they handle consumer demand fluctuations quite well, attributing this success partly to their adherence to GS1 standards, which boosts their confidence to respond to disruptions.

Real-time Tracking and Sustainability Initiatives

A crucial element of the survey highlights that organizations utilizing real-time tracking technology are 68% more likely to report enhanced visibility and improved inventory management. It’s critical now more than ever to implement strategies that leverage technology for greater transparency in the supply chain.

Interestingly, the study underscores that while 99% of participating companies regard sustainability as important, only 50% have taken actionable steps to incorporate these practices into their supply chains. The organizations pursuing sustainability prioritize:

• - Waste management and recycling programs (52%)
• - Sustainable packaging practices (48%)
• - Certifications and impact accounting (48%)
• - Sustainable sourcing of materials (45%)

Navigating Modern Supply Chain Challenges

As geopolitical tensions continue to rise and supply chain disruptions become more prevalent, the pressure on organizations to innovate and rethink their strategies is undeniable. Bob Carpenter, President and CEO of GS1 US, remarked on these findings, emphasizing that to remain competitive, businesses must embrace agility, sustainability, and innovation throughout every stage of their supply chains. Real-time adaptability and enhanced visibility are no longer optional but essential in today’s tumultuous environment.

To conclude, the study conducted by Redpoint underlines the critical necessity for companies to focus on operational innovation and sustainable practices as the backbone of their supply chain strategies. The full insights can be accessed in the report entitled "Powering Supply Chain Confidence: The Role of Data and Standardization," available on GS1 US's official website. For additional resources related to supply chain standards and best practices, visit GS1 US.