Request a demo

Gartner Event Encourages a ‘Rethink’ of Global Supply Chains

Article

Gartner Event Encourages a ‘Rethink’ of Global Supply Chains

The annual Gartner Supply Chain Symposium/Xpo is always a great meeting of minds, and this year’s theme, “Rethink Supply Chain,” is an important one.

The suggested reset can benefit every industry today, as the realities and risks in global supply chains are constantly shifting. Supply chain leaders often need to rethink their priorities and strategies to evaluate which will deliver the best results for their organizations today. The Gartner conference was a perfect opportunity to do some of that recalibrating.

 

Several Exiger team members attended and shared these five takeaways from the event.

 

1 - Find the Opportunity in Regulations

The regulatory impact on supply chains is rising, and organizations should reframe this increase as a chance to sharpen their focus and strengthen their core. This can help manage the full range of supply chain risks and clarify material priorities for mitigation and resilience. Emerging supply chain regulations like the CSDDD or the EU Deforestation Regulation (EUDR) may push organizations to develop new muscles that enhance compliance and yield other benefits like volume buys and more innovative sourcing strategies. The costs of noncompliance are staggering and can include up to 2% of global annual revenue and reputational damage.

 

2 – Be Vigilant About Forced Labor Risk

Exiger CEO Brandon Daniels and Hope for Justice CEO Tim Nelson emphasized in their panel on ethical sourcing that to eliminate forced labor in the supply chain, you first must gain real visibility into the entire supply chain. “Improving visibility into all levels of the supply chain will help you not only reduce compliance risk and thrive in today’s complex market but also help eliminate forced labor worldwide,” Daniels said. 

“Improving visibility into all levels of the supply chain will help you not only reduce compliance risk and thrive in today’s complex market but also help eliminate forced labor worldwide.”

Brandon Daniels, Exiger CEO

3 – Prioritizing Sustainability Can Pay Dividends

Companies that build sustainability into their supply chain strategy are nearly 2X more likely to decrease resource intensity, reduce exposure to energy price volatility, and ease cost pressures, per Gartner research presented at the conference. Sustainability is also a major driver for consumers: 66% said that it influences their buying decisions.

 

4 – Supplier Diversification Is Top of Mind

Diversification in supply chains is still a top priority, especially for mitigating geopolitical risk. Gartner research suggests nearly 4 out of 5 (79%) high-tech companies plan to change their manufacturing and sourcing strategy in China. This is especially urgent for semiconductor manufacturing and procurement, and the CHIPS Act is fostering ways to diversify supply chains. Moreover, Proactive Intelligence — the new capability Exiger released during the 2024 Orlando conference — delivers predictive insights to inform critical business decisions, like identifying alternative suppliers. Watch the video interview below to learn more:

5 – Unlock People’s Value Through AI

Organizations can start by establishing clear and compelling use cases for machine learning, AI, and generative AI. Consider, for example, how GenAI is helping procurement professionals make more informed decisions. They can leverage the 1Exiger platform to orchestrate the collective buy of the materials and ingredients across the manufacturing network to safe and secure sources. The power of AI can illuminate your supply chain like never before, so getting this technology to the right functional stakeholders is key to driving transformation in your end-to-end supply chain. These technological advancements can also boost productivity and free more time for supply chain leaders to focus on critical risk-management decisions that strengthen resilience.

 

Many sessions focused on supply chain risk management and having solutions in place to prevent costly disruptions. Gartner has researched and published a guide on that topic, and you can download the Gartner® Market Guide for Supplier Risk Management Solutions. We are proud to be recognized as a Representative Vendor in all categories for supplier risk management.

 

Contact us to learn how Exiger solutions can help as you rethink your supply chain.

More Resources

Perspectives
SEE ALL
Tagged
Industries
Solutions
Products
Company
contact us
join the team
Logo - Exiger AI-powered supply chain risk management
© 2024
Privacy and Legal Center

Demo The
Exiger Platform