New York, NY – March 16, 2023 – CGS, a global provider of business applications, enterprise learning, and outsourcing services, today released its 2023 Supply Chain Technology TrendsReport. The annual report evaluates the vital signs of customers in the fashion, consumer goods, and retail industries that CGS BlueCherry serves.
The 2023 report provided a mix of trends that have held firm and others of increased importance to respondents. Topping the results is a focus on 1) eCommerce and 2) Sustainability as the primary 2023 growth opportunities. Also notable was that only 23% of respondents admitted having high confidence in their supply chain while a majority, 70% either have or plan to implement technology to support process digitalization, such as PLM, ERP, inventory management, demand planning, supply chain tracking, and logistics management.
Key Report Highlights
- eCommerce: remained the number one growth opportunity in 2023 as it was for CGS’s 2022 Report.
- Sustainability: represents the year’s biggest change moving from the sixth-most important growth opportunity to the second.
- Inflation: ranked third, which is consistent with other surveys1, which found 85% of fashion executives predict inflation will continue to challenge the market.
- Reducing Costs: for 1/3rd of respondents, reducing costs ranked either first or second in their list of 2023 priorities.
- Supply Chain Confidence: while a healthy 63% of respondents have moderate confidence in their supply chains, only 23% have high confidence and ~15% reported low to no supply chain confidence.
- Supply Chain Visibility: 57% of respondents plan to improve supply chain visibility in 2023.
- Digital Transformation: An overwhelming 70% of respondents have or plan to implement technology to support process digitalization.
- Strengthening Supply Chain Relationships: is cited as the number one action taken or planned in order to overcome supply chain challenges.
“Our annual report combines quantitative survey data, 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 chains remain 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.”
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: 2023 Supply Chain 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 viisit www.BlueCherry.com, email sales@cgsinc.com, or visit our blog at www.cgsinc.com/blog.
About CGS
For nearly 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.
1 – BoF-McKinsey’s State of Fashion 2023 Survey