- 13 July 2017
- Transport / Logistics Services
Invoicing software firm the Tungsten Network has commissioned research that shows 84% of businesses have faced supplier failure in the last 2-3 years.
The Tungsten Network say that the research demonstrates how supply chains are “not yet optimised to meet the demands of today’s customers, resulting in stunted business growth and increased risk levels.”
The common impact of supplier failure identified in the research was financial. 30% of companies reported a loss in revenue of business partners. 22% of buyers identified higher insurance premiums, damaged reputation and loss of customer trust, as well as significant legal or regulatory fines as problems. Finally, only 23% of buyers have achieved ‘mature’ supplier related processes that involve monitoring and analysing suppliers with clear data.
“Today’s digital world affords buyers and sellers the opportunity to more effectively use their data and manage their interactions,” says Rick Hurwitz, Tungsten Network ’s CEO. “It is vital that businesses are able to effectively use their data and manage their suppliers.”
The Tungsten Network CEO concluded, “Both buyer and suppliers in our study shared a host of challenges in meeting their company’s objectives, including increased cyber fraud, siloed customer data, insufficient cash for investment, and legacy technology systems.”
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