Rethinking Risk and Opportunity in the Supply Chain
WBR and Coupa Software surveyed 200 CPOs to find out what keeps them up at night and how they are rethinking risk and opportunity in their supply chains to prepare for the year ahead.
The COVID-19 pandemic of 2020 opened our eyes to the ever-changing conditions and uncertainty that exists in our world today. There are risks as well as opportunities across the supply chain, and CPOs are assessing the impacts of the past year, particularly with regards to supply chain disruption. Their mission is to figure out how to be agile to get ahead of future uncertainties.
While the top supply chain risk concerns are operational risk and supplier risk, per the responses, CPOs report they lack confidence in identifying these risks in their supply chains. Most CPOs do not think their functional leads and business units are properly equipped to manage risk. Almost all (99%) of CPOs agree that risk should be the responsibility of the entire business, not just the risk and compliance teams. Yet they are not confident in their organizations’ ability to manage risk, noting that IT, Procurement, Legal, and Finance are not adequately able to manage this risk.
The report features both quantitative and qualitative findings, with many valuable insights from leading CPOs to assess the current state of supply chain health and how CPOs are rethinking their supply chains to prepare for the year ahead.
Some of the key findings surrounding the health of supply chains include:
- Nearly 60% of CPOs surveyed said that they are not very confident in their ability to identify operational risk in their supply chains
- Only 24% of surveyed CPOs strongly agree that they have the right metrics to see and measure the health of their supply chains
- 43% of CPOs surveyed say that the COVID-19 pandemic has had a major, or severely detrimental impact on their business
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