A recent study has quantified the tangible business benefits of investing in supply chain security efforts.
Those benefits include:
- Improved product safety (e.g., 38% reduction in theft/ loss/ pilferage, 37% reduction in tampering);
- Improved inventory management (14% reduction in excess inventory, 12% increase in reported on-time delivery);
- Improved supply chain visibility (50% increase in access to supply chain data, 30% increase in timeliness of shipping information);
- Improved product handling ( 43% increase in automated handling of goods);
- Process improvements (30% reduction in process deviations);
- More efficient customs clearance process (49% reduction in cargo delays, 48% reduction in cargo inspections/examinations);
- Speed improvements (29% reduction in transit time, 28% reduction in delivery time window);
- Resilience (close to 30% reduction in problem identification time, response time to problems, and in problem resolution time);
- Higher customer satisfaction (26% reduction in customer attrition and 20% increase in number of new customers).