Resilience 2022: Procurement – Download the Interos Annual Global Supply Chain Report
The average organization faced three significant supply chain disruptions during 2021, costing a combined $203 million in lost revenue, according to more than 750 chief procurement officers surveyed for Resilience 2022.
In this special version of Interos’ annual global supply chain report, procurement leaders shared how their organizations continue to struggle with supply chain visibility but have plans to make changes in the near future.
Key findings from the report include:
- Organizations plan to make “wholesale changes” to their supply chain footprints amid continued supply chain shocks and rising geopolitical tensions. Companies plan to reshore or nearshore an average of 51% of existing supplier contracts.
- Disruption causes were split evenly between financial, operational, cyber, ESG and other risk categories. Most companies were impacted by sub-tier supplier issues where they have limited visibility.
- Slightly over half of an organization’s suppliers are typically evaluated during risk analysis exercises. Only one-tenth of CPOs say they continuously monitor supplier risks.
- Technology is seen by procurement leaders as delivering significant benefits. While most organizations currently lack advanced supply chain visibility solutions, they plan to implement them in the next 12 months.
- Supply chain risk management and operational resilience demand collective responsibility, collaboration and information sharingwith both internal functions and external suppliers and strategic partners. Most procurement executives acknowledge they need to do a better job on all fronts.
Download the full report below or check out Resilience 2021, last year’s report.