Global survey highlights tech investments as key enabler for growth, agile supply chains
December 15, 2023 By PrintAction Staff
More than half (52 per cent) of companies currently host critical enterprise applications in the cloud while 76 per cent believe artificial intelligence (AI) will be an important part of their supply chain within the next three years, according to an annual report by Loftware, a software company specializing in enterprise labelling and artwork management solutions.
The global survey, which draws on insights from over 300 labelling, packaging, and supply chain professionals across industries in 55 countries, found that investing in technologies such as cloud computing, AI, and IoT solutions is no longer a tactical necessity but an enabler for business growth and agile supply chain operations. This shift in prioritization has primarily been driven by ongoing supply chain disruption, heightened consumer expectations, and growing sustainability demands.
“As companies plan for 2024 and beyond, the combination of geopolitical uncertainties, climate instability, and the threat of recession continues to impact companies of all sizes. Organizations are grappling with disruptions that extend far beyond the traditional scopes, requiring a strategic recalibration to weather the storm and emerge stronger in the face of adversity,” said Josh Roffman, EVP of marketing at Loftware. “With this in mind, a commitment to bolstering digital transformation strategies through investment in innovative technologies will be critical to streamline operations, drive growth, and increase profitability.”
The Loftware report also revealed that sustainability has become a crucial strategic and operational priority for organizations of all sizes around the globe. Of those surveyed by Loftware, 78 per cent said they have already adopted sustainability initiatives across their organizations due to increased regulations and shifting consumer preferences. In fact, 77 per cent of respondents believe stricter regulations and compliance requirements are pushing businesses to adopt sustainability practices, while 82 per cent reported that consumer preferences for sustainable products are driving this approach.
Facilitating transparency is a vital step in creating resilient supply chains and fostering better sustainability practices, so it’s no surprise that 79 per cent of respondents flagged global traceability as a priority for their company – an increase from 70 per cent just 12 months ago. Additionally, 48 per cent of those surveyed believe the inability to effectively manage recalls is the biggest risk of not being able to track products through the supply chain. This compares to 33 per cent five years ago.
As highlighted by Loftware’s report, Industry 4.0 will continue to have an impact on companies and their manufacturing operations. Organizations operating across a range of industries, from automotive, electronics, and manufacturing to consumer products and life sciences, are embracing automation and standardized solutions which help them meet their own unique requirements. This is especially true for mission-critical business processes such as cloud labelling and printing, with 91 per cent of respondents reporting seeing an advantage of using a single platform to support thermal transfer labelling and direct marking and coding. By adopting such a solution as part of a cloud-first strategy, businesses gain printing flexibility, accuracy, production line uptime, and efficiency to manage costs and support global growth.
For more information about the trends identified by Loftware, access the full report.
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