Investment in Supply Chain Technologies to increase dramatically in 2019
New report highlights technologies driving digital supply chains and how firms can assess their Supply Chain Digital Consciousness Index.
April 26, 2019
By PLA Editor
MHI announces the release of the sixth in a series of MHI Annual Industry Reports developed in collaboration with Deloitte Consulting LLP. The 2019 MHI Annual Industry Report, titled “Elevating Supply Chain Digital Consciousness,” provides new insights into trends and technologies that are having a dramatic business impact on supply chains and the people who run them.
Eight out of ten survey respondents believe digital supply chains will be the predominant model within just five years. The survey results also suggest that investment in supply chain innovation is at a critical inflection point, with a trend of declining investment from 2015 to 2018 being more than countered by a 95% increase in projected spending for 2019. Survey respondents also reported increasing spending plans. For example,
- 57% of respondents are planning new technology investments totaling more than $1 million over the next two years (up 10% over last year’s survey)
- 34% plan to spend more than $5 million • 22% plan to spend more than $10 million
Manufacturing and supply chain professionals are facing many challenges but, according to the report, the top one continues to be hiring qualified workers (65 percent).
This year’s report provides updates on the innovative technologies MHI predicts will have the most potential to transform supply chains. The report also covers the potential of these technologies to disrupt the industry as well as their adoption rates and common barriers to adoption. The eleven technologies covered in the report are:
- Robotics and automation
- Predictive analytics
- Internet of Things
- Artificial intelligence
- Driverless vehicles and drones
- Wearable and mobile technology
- Inventory and network optimization
- Sensors and automatic identification
- Cloud computing and storage
- 3D printing