On Wednesday morning, the findings of the MHI 2023 Annual Industry Report were presented to ProMat attendees. Titled The Responsible Supply Chain: Transparency, Sustainability, and the Case for Business, the report focuses on the trends and digital technologies that are transforming supply chains.
John Paxton, MHI CEO, opened the keynote, saying that responsible supply chains should react in real-time to changing conditions, which will require actionable data, automation and automated decision-making. Paxton also said that investments in technology such as automation, IoT, advanced analytics and AI will arm your operations to be able to provide speed, accuracy and improved visibility. These solutions enable the real-time decision-making and transparency necessary for improving performance up and down the responsible supply chain.
Wanda Johnson of Deloitte then joined a panel of manufacturing and supply chain thought leaders to discuss the findings. The panel included:
The report is based on a survey of over 2,000 supply chain professionals, and this year's findings are powerful: 74% of supply chain leaders are increasing their supply chain technology and innovation investments, with 90% saying they are planning to spend over $1 million, an increase of 24% over last year. Thirty-six percent plan to spend over $10 million, up 19%. This investment includes solutions for improved supply chain resiliency, transparency and sustainability as well solutions for the ongoing workforce shortage.
The report also includes findings on sustainability and responsibility, climate readiness assessment, the workforce, and more. Download it here.