Supply chain and logistics consultancy, Prological, has released findings from its annual survey, uncovering trends and future predictions from supply chain, property and manufacturing experts across Australia and New Zealand.
The Prological Supply Chain Pulse Check Survey 2024 brings views from more than 200 professionals in supply chain, logistics, manufacturing, retail, property and operations and uncovers sentiments on supply chain uncertainty, sustainability, visibility, staff shortages and future economic outlooks.
“With supply chain now a critical focus for the c-suite, visibility is more important than ever before,” says Peter Jones, Managing Director and Founder at Prological.
“The data from this year’s Pulse Check Survey shows that driving new investments and improving end-to-end network visibility are key focus areas for business leaders this year.”
The survey reveals that optimism in the economy is improving in 2024, with 30 per cent of respondents foreseeing economic improvement in 2024 – more than double last year’s findings.
Key findings of the Prological Supply Chain Pulse Check Survey 2024 include:
- 58 per cent of businesses will consider automation investment this year
- 80 per cent of respondents have an ambition to reduce carbon emissions in transport this year
- 57 per cent of respondents say C-suite is more focused on supply chains
- 41 per cent are considering moving or expanding warehouse requirements in 2024
- 65 per cent of businesses are considering upgrading Warehouse Management Systems
(WMSs), Transport Management Systems (TMSs), or Freight Management Systems (FMSs) in 2024 30 per cent of respondents expect the economy to improve in 2024, compared with 15 per cent in 2023
Staff shortages is the biggest challenge facing supply chains this year, with 20 per cent of respondents singling it out as the biggest problem to business success.
Rising consumer demand, supplier relationships and inventory management are the other most pressing issues, while concern over geopolitical tensions eased compared with last year’s survey results, despite continued global turmoil.
“Despite labour challenges being a top frustration for businesses, it is encouraging to see optimism about overcoming obstacles through technology adoption and collaboration,” adds Peter.
“As evidenced by the survey results, we are seeing rapid upgrades in supply chain capability and investment in preparing for the next year and next period of growth.”
The survey demonstrated businesses are starting to come to terms with artificial intelligence (AI), with almost half of respondents planning on increasing supply chain capability by using AI this year. Despite the increased interest in AI, The Internet of Things was the most prominent technology being adopted in 2023, closely followed by Big Data.
Environmental, Social and Governance (ESG) compliance has remained a priority for the respondent pool this year, with 80 per cent revealing they have an ambition to reduce their carbon emissions in transport in 2024.
In transport, postal and warehousing, 15 per cent have intentions of reducing carbon emissions in transport significantly, and only eight per cent of businesses have no intention of reducing their carbon emissions.
The Prological Supply Chain Pulse Check 2024 reveals companies are taking a long view to create future readiness, investing heavily in technology as well as strategic employment to remain competitive and agile.
To download the Prological Supply Chain Pulse Check 2024 report in full, click here.