A survey of over 300 supply chain professionals conducted by supply-chain automation platform Centersource and logistics media consultancy Charlie Pesti details a scramble for inventory and visibility, while showing how technology, and vertical and horizontal collaboration are helping companies adjust to a complex and turbulent new normal.
The report, The State of The Freight 2021, breaks its findings into three categories – sourcing, visibility, vertical and horizontal collaboration.
Viewing recent challenges and transformation through these three lenses, the report shows how unprepared many industry stakeholders were when trade wars and then COVID-19 shook global supply chains.
As conventional sourcing practices failed to produce results, the survey asked how and where shippers and logistics companies identified weak links, what factors motivated them to seek out new technology and innovate, and how they strategized more robust practices.
Finding, for example, that 88.2 percent of shippers either had or were planning to diversify suppliers, the report helps industry watchers understand how that process is playing out on the ground, including what technology and business practices are leading the way.
On the collaboration front, the survey found that 89.8 percent of respondents already were, or were likely to increase their collaboration with other supply chain stakeholders. The report finds firms moving towards both vertical and horizontal across the supply chain, forming interconnected networks of logistics partners - including cargo owners, ocean carriers, freight forwarders, ports and terminals, customs authorities, amongst others.
“The State of The Freight 2021” is the first such report to categorize and detail the seismic shifts that are taking place in response to global volatility. The report is an industry must-read and an important catalyst for ongoing conversations about innovation and adaptation in the face of massive challenges,” said Amir Rashad, CEO & Founder of Centersource.