Loftware: Supply Chain Professionals Call for Collaboration

Research from Loftware shows an overwhelming majority of supply chain professionals believe there is an increased need for collaboration across the global supply chain.

Ninety per cent of those surveyed by the enterprise labelling specialist say an enhanced connection between stakeholders would improve efficiency, ensure compliance, avoid fines and reduce costs.

“Today’s supply chains are more global and complex, while expectations from business and consumers have increased,” comments Josh Roffman, EVP Marketing at Loftware.

“This has led to a greater need for connection and collaboration as companies embrace digital transformation to streamline interactions and ensure compliance with suppliers, customers and their own facilities across the enterprise.”

Facilitating ecosystem connections through the cloud

Loftware's global survey, covering insights from professionals across 55 countries, found that 84% of companies believe joining an ecosystem where supply chain partners share access, data and standards would be beneficial.

Around three-quarters (74%) said the cloud offers a more flexible framework for streamlining labelling access for trading partners.

Elsewhere, a key issue facing global supply chains is maintaining compliance, with customers consistently reporting struggles with streamlining the receipt of inbound goods, resulting in mislabelling and hundreds of millions of dollars in fines. 

Of those surveyed by Loftware, 70% of $1bn+ companies report having to relabel inbound goods from suppliers – a costly, resource-intensive process.

However, more than three-quarters (77%) of respondents believe providing controlled access to labelling could solve this.

Integrating emerging technologies for transparency and resilience

Loftware's report reveals growing interest in technologies like AI and serialisation to enhance supply chain transparency and resilience.

Almost four in five (78%) supply chain professionals believe AI can aid in identifying counterfeit goods, while 59% are already using serialisation to solve challenges. 

Using cloud technology, digital traceability helps companies to ensure sustainable sourcing, protect consumers, streamline the location of inventory, guarantee on-time delivery to market and address the growing issue of counterfeiting. 

Being able to trace products both upstream and downstream is also vital for managing the product lifecycle and ensuring sustainable sourcing – and digital product passports (DPPs) will be key to achieving this. 

Scanning a product’s digital passport allows stakeholders to access information about its origin, ingredients, sustainability practices and more, enabling them to make more informed choices. 

More than half (54%) of surveyed professionals told Loftware that DPPs are already playing a significant role in enhancing supply chain transparency and sustainability within their industry.

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