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-Global survey highlights rise of technology-driven supply chains to address disruption, uncertainty and cost pressures
52% of companies host business applications in the cloud; 76% foresee the integration of AI into supply chains by 2026
PORTSMOUTH, N.H., Dec. 12, 2023/PRNewswire/ — More than half (52%) of companies currently host critical business applications in the cloud, while 76% believe artificial intelligence (AI) will be a part important part of its supply chain within the next three years, according to an annual report released today by Loftware, the world’s largest software company specializing in enterprise labeling and artwork management solutions.
The global survey, which draws on insights from more than 300 labeling, packaging and supply chain professionals across all industries in 55 countries, found that investing in cutting-edge technologies such as cloud computing, artificial intelligence and IoT solutions is no longer a tactical necessity, but rather an enabler for business growth and agile supply chain operations. This shift in prioritization has been primarily driven by continued supply chain disruption, increased consumer expectations, and increasing demands for sustainability.
“As companies plan for 2024 and beyond, the combination of geopolitical uncertainties, climate instability and the threat of recession continues to affect companies of all sizes. Organizations are grappling with disruptions that extend far beyond the scope traditional, requiring a strategic recalibration to weather the storm and emerge stronger in the face of adversity,” said Josh Roffman, executive vice president of marketing at Loftware. “With this in mind, the commitment to reinforce digital transformation strategies through investment in innovative technologies will be essential to optimize operations, drive growth and increase profitability.”
Gartner, a leading technology analysis firm, supports this idea, reporting that global end-user spending on public cloud services is forecast to grow 20.4% to a total of $678.8 billion in 2024, up from 563.6 billion dollars in 2023.
The Loftware report also revealed that sustainability has become a crucial strategic and operational priority for organizations of all sizes around the world. Of those surveyed by Loftware, 78% said they had already adopted sustainability initiatives in their organizations due to increased regulations and changes in consumer preferences. In fact, 77% of respondents believe that stricter regulations and compliance requirements are pushing companies to adopt sustainability practices, while 82% reported that consumer preferences for sustainable products are driving this approach.
Enabling transparency is a vital step in creating resilient supply chains and encouraging better sustainability practices, so it’s no surprise that 79% of respondents named global traceability as a priority for their company, up from 70%. just 12 months ago. Using cloud technology, digital traceability helps companies ensure sustainable sourcing, protect consumers, optimize inventory location, ensure on-time delivery to the market, and address the growing problem of counterfeiting. In fact, 48% of respondents believe that the inability to effectively manage recalls is the biggest risk of not being able to track products throughout the supply chain. This compares to 33% five years ago.
As the Loftware report highlights, Industry 4.0 will continue to have an impact on companies and their manufacturing operations. Organizations operating in a variety of industries, from automotive, electronics and manufacturing to consumer products and life sciences, are adopting automation and standardized solutions that help them meet their own unique requirements. This is especially true for mission-critical business processes such as labeling and cloud printing, and 91% of respondents reported seeing an advantage in using a single platform to support thermal transfer labeling and printing. direct marking and coding. By adopting such a solution as part of a cloud-centric strategy, companies gain printing flexibility, accuracy, production line uptime and efficiency to manage costs and support global growth.
To learn more about the trends identified by Loftware, access the full report and register for the ‘2024 Top 5 Trends in Labeling’ webinar
About Loftware:
Loftware is the world’s largest cloud-based enterprise labeling and artwork management provider, offering an end-to-end labeling solution platform for businesses of all sizes. Loftware, which maintains a global presence with offices in the US, UK, Germany, Slovenia, China and Singapore, has more than 35 years of experience solving labeling challenges. We help companies improve accuracy, traceability and compliance while improving the quality, speed and efficiency of their labeling. As a leading global provider of enterprise labeling and artwork management, along with clinical trial labeling and content management, Loftware enables supply chain agility, supports evolving regulations, and optimizes business operations for a wide range of industries. These include automotive, chemicals, consumer products, electronics, food and beverage, manufacturing, medical devices, pharmaceuticals, retail and apparel.
Media Contacts:
Laura Hindley, Senior PR
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