9. Cybersecurity Threats and Data Breaches
Supply chain organizations manage immense amounts of data, and as companies work to become increasingly digital, the risk of cybersecurity and data breaches are on the rise as well. A 2024 report by BlueVoyant revealed that more than 80 percent of organizations had their supply chains negatively impacted by a negative breach within the previous year. Furthermore, Juniper Research reports that cyberattacks will cost companies nearly $81 billion globally by 2026, underscoring the need for companies to protect their data at any cost. As technology advancements like robotics, AI and cloud services become more prevalent for companies looking to stay ahead of the competition, they also create exponentially more vulnerabilities that leave supply chains exposed to cyberattacks and breaches. That’s why implementing and maintaining security measures, data encryption, compliance and incident response protocols are more important than ever for helping companies to prevent these attacks and respond quickly if they experience them.
10. Technology Integration and System Failures
A system that has been used for decades and “gotten the job done” likely isn’t reliable enough to withstand today’s turbulent and increasingly digital supply chain ecosystem. With visibility being more important than ever when it comes to monitoring supply chains and protecting the customer experience, outdated systems that are prone to error and lack integration capabilities can create bottlenecks and prevent full visibility, costing companies substantial financial losses in the process. Incorporating scalable transportation and warehouse management systems that can be used by or integrate with all partner systems can go a long way in preventing headaches associated with lack of visibility. Working with reliable systems that are not prone to outages and avoiding fragmented systems can also help to prevent gaps in operations and visibility while ensuring that all stakeholders have access to the most accurate and recent data available
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