Cost Control, Complex Supply Chain Processes and Omnichannel Fulfillment Rank Among Top Three Concerns for Fashion brands, Retailers, Manufacturers and Wholesalers
New York, NY – April 4, 2024 – CGS, a global provider of software and business applications, enterprise learning, and outsourcing services, has released its 2024 Global Supply Chain and Technology Trends Report. The Company’s 9th annual report evaluated critical themes in the contemporary supply chain landscape among hundreds of industry executives in the fashion, consumer goods, and retail industries including ecommerce, cost controls, digital transformation, supply chain insights and management, sustainability and ESG, and more.
“Our annual report combines quantitative survey data, insights from our daily interactions with thousands of clients, and forty years of collective experience to create a highly informative, engaging document that provides value to the industry,” said Paul Magel, President, Business Applications and Technology Outsourcing Division, CGS. “Depending on your perspective, in this year’s report, supply chain remains in the spotlight — or in the hot seat. Underpinning the age-old adage of the right product, right time, right place, right price, right quality with a heightened emphasis on sustainability and supply chain visibility. Capitalizing on these findings can differentiate your business from the rest of your industry to drive competitive advantage and growth.”
Findings reveal a continued focus on traditional areas of concern and improvement, along with tempered optimism on global, strategic initiatives to drive growth. Most notable was 83 percent of businesses stated digital transformation as a major program already undertaken or in early stages of execution to overcome challenges in the areas of PLM, ERP, inventory management, demand planning, supply chain tracking, and logistics management.
Key Report Highlights
- eCommerce remained the number one growth opportunity for the second year in a row.
- Digital Transformation made a big debut as a growth opportunity for 2024. Almost 40 percent of respondents said it was “very important,” while another 31 percent rated it “important.” These results reflect how digital processes, automation and strong analytics underpin success in every business growth area.
- Price/margin pressure topped the list as the greatest supply chain challenge facing businesses this year, with reducing costs ranking the No. 1 improvement priority for 2024.
- Only 25 percent of respondents reported a high level of confidence in their supply chain to support their 2024 business objectives, with 67 percent reporting “moderate confidence.”
● Environmental, social and governance (ESG), the second most important growth and improvement priority heading into 2023, dropped a few notches, taking a back seat to concerns such as economic and political uncertainty. This makes sense in a presidential election year. Still, almost 60 percent of respondents identified ESG as a “very important” or “important” growth opportunity.
Methodology
This report compiles feedback from approximately 350 top executives from the fashion, apparel, footwear, and home goods industries, including professionals from the C-suite, operations, finance, sourcing and supply chain management, product development, retail operations, IT, and e-commerce.
You can download the full report here: 2024 Global Supply Chain and Technology Trends Report
The BlueCherry Supply Chain Solution
BlueCherry® by CGS is an award-winning, end-to-end supply chain management solution – supporting the needs of high-growth organizations operating in consumer lifestyle products, retail, and apparel. The platform provides complete visibility and resilient supply chain management tools from planning and product development to manufacturing and sales. A robust and flexible feature set enables customers to utilize individual components or take advantage of a single, unified platform.
Learn More About BlueCherry
For more information on the BlueCherry family of solutions, please visit www.BlueCherry.com, email [email protected], or visit our blog at www.cgsinc.com/blog.
About CGS
For 40 years, CGS has enabled global enterprises, regional companies, and government agencies to drive breakthrough performance through business applications, enterprise learning and outsourcing services. CGS is wholly focused on creating comprehensive solutions that meet clients’ complex, multi-dimensional needs, and support clients' most fundamental business activities. Headquartered in New York City, CGS has offices across North America, South America, Europe, the Middle East, and Asia. For more information, please visit www.cgsinc.com and follow us on LinkedIn.
Media Contacts:
Mark D. Tullio, CGS
[email protected]
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