About 96% of firms will bring changes to supply chains: DP World report
Companies have started adopting Internet of Things (IoT) Solutions, direct communication with customers and suppliers and reducing the length of the supply chain with the help of technology.
About 96% of firms worldwide are bringing in changes to supply chains to adapt to geopolitical events, reduce costs and disruption risks, a DP report titled Trade in Transition 2023 said.
Companies are increasingly shifting manufacturing and suppliers either to home markets or nearby with the aim to bring production closer to the final customer and reduce the number of touchpoints involved in the supply chain. This inturn make the flow of cargo around the world more resilient, the report highlighted.
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Companies have started adopting Internet of Things (IoT) Solutions, direct communication with customers and suppliers and reducing the length of the supply chain with the help of technology. There is also a growing concern among these firms about global inflation and the resultant input costs from supply shortages, shipping capacity constraints, and transportation costs.
With monetary tightening, and a decrease in production and demand, companies across Europe, North America and Asia-Pacific expect exports to be 1% lower than under the usual business situation, the report said.
Beyond the war in Ukraine, there is also a concern for the impact that US-China tensions and cyber warfare would have on economies worldwide, it found.
Edited by Akanksha Sarma