As businesses across industries continue to navigate severe staffing challenges, consumer shifts, and materials shortages, 60% of small and mid-sized businesses (SMBs) report that they have lost up to 15% or greater in revenue due to supply chain delays. This is one of the significant findings from the 2023 Supply Chain Outlook, commissioned by Anvyl, the leading platform for supply chain visibility.
The Outlook found that 56% of organizations have had to switch suppliers in the past year, with “costs” and “consistent delays” being the most cited reasons why.
Anvyl’s data shines a light on the struggles experienced by businesses as they’ve attempted to overcome the pandemic’s acute impact, as well as the burden of an ongoing economic downturn. As both of these events continue to wreak havoc on global supply chains, businesses have felt a particularly acute impact from resulting disruptions.
In fact, the U.S. Chamber of Commerce recently found that nearly half (47%) of small businesses currently find it hard to keep up with customer demand due to disruptions in their supply chain. Meanwhile, new research from Gartner, which found that 95% of organizations continue to struggle with supply chain resiliency, also confirms the pervasiveness of these obstacles for businesses across the board.
"The findings of this report underscore that businesses across industries are continuing to grapple with a myriad of challenges facing their supply chains," said Rodney Manzo, the CEO, and founder of Anvyl. "While there have been some positive signs indicating that these issues might be easing, it's important to acknowledge that many of the challenges brands are facing are due to shortcomings in their supply chain management strategies.”
Manzo added: “In order to remain competitive and navigate the complexities of today’s environment, brands must be prepared to undertake new and innovative digital transformation strategies. Adapting and modernizing is no longer an option - it's an absolute necessity for survival in today's hyper-competitive marketplace."
Additional highlights from the report include:
- Pandemic-induced challenges threaten health: 79% of SMBs say they’ve suffered consequences due to supply chain disruptions since the onset of the pandemic, including increased cost of operations (41%), damage to brand reputation (28%) and delayed cash flow (28%).
- SMBs showcase robust supply chains: More than 50% report using 26 or more suppliers, with 37% using 50 or more. On the same note, 64% of businesses say that they issue 25 or more purchase orders per month, with 40% issuing 50 or more purchase orders on a monthly basis.
- Paving the road ahead: 89% of business owners & C-suite executives who were surveyed report that they are planning to make strategic investments in their supply chain management in 2023.
To view the full 2023 Supply Chain Outlook, click here.
About Anvyl
Anvyl connects global supply chain teams, systems and suppliers to improve collaboration and decision making from PO issuance through to warehouse delivery. The tool facilitates real-time collaboration, automates key tasks and processes, and empowers teams with deeper insights that allow them to make smarter decisions, faster. To learn more visit https://www.anvyl.com.
