Mass disruptions in global trade often happen unexpectedly, such as the COVID-19 pandemic, 9/11 attacks or when a container ship was stuck in the Suez Canal in 2021, which disabled $6.7 million in trade every minute it could not move.
The organization polled 250 executives, 80% of whom are C-suite executives or directors, across multiple industries in 2023. About 1 in 10 said their supply chains are in a “fully modern, integrated” state, and 47% said they regularly experience supply chain disruptions.
Nearly 20% of respondents said they feel “constant pressure,” 28% experience “occasional disruptions” and only 6% said disruptions aren’t a problem.
Companies featured in the report recommend centralizing and controlling data to speed up decision-making, greater collaboration with partners, and scenario planning to prepare for “black swans.”
It’s a careful balance between preparing for sudden catastrophes in the supply chain and answering the “mounting pressure to show progress on environmental, social and governance goals,” the report said.
“It’s like carrying an umbrella around. It’s great when it rains, but on sunny days, you’re carrying it around at a cost,” Chris Caplice, PhD, executive director of the MIT Center for Transportation and Logistics, said in the report.
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