IT Brief Asia logo
Technology news for Asia's largest enterprises
Story image

Supply chains continue to be disrupted, enterprises embrace circular economy

By Catherine Knowles
Mon 4 Jul 2022

Two-thirds (66%) of large enterprises globally say they are keeping more stock on hand now compared to the pre-pandemic period, with nearly one in five in total (18%) retaining ‘significantly more’ stock.

This growing focus on taking innovative measures to address supply chain disruption is highlighted in new research commissioned by IFS.

Further highlighting the impact of supply chain disruption, seven out of ten respondents polled for the survey (70%) said they had increased the number of suppliers of materials/products they use in response to recent supply chain issues. Moreover, nearly three-quarters (72%) of the survey sample claimed to have grown the proportion of materials/products they source from domestic suppliers as a result of these issues.

Together, these measures are also likely to add more complexity and waste into the supply chain, at a time when increased regulatory burdens (highlighted by 15% as a primary contributor to their current business disruption) and the need to tap into the many benefits of the circular economy is making supply chain management more complex, the researchers state.

In line with this, the researchers found it's positive that 93% of respondents said their organisation was either embracing the circular economy today or planning to in the future. However, many are facing challenges in terms of delivering on their goals, with around 60% of those saying they are in the process; still developing objectives; yet to plan programs; or have their objectives on hold.

Even among those respondents already embracing the circular economy, 23% felt their customers’ circularity expectations were either having no impact on the customer experience or were detrimental to it, although over time the benefits of circularity in delivering a better customer experience are likely to become ever clearer.

So far, as the survey indicates, many large enterprises have re-engineered their supply chain in innovative ways to reduce the risk of this disruption. These include: onshoring to improve security of supply; keeping more stock on hand to make certain they can always meet demand and increasing the number of suppliers they use to eliminate any chance of disappointing customers.

Maggie Slowic, global industry director for manufacturing at IFS, says, “Large businesses are likely to incur much higher costs and other negative financial impacts because of the measures they are taking to mitigate disruption. Onshoring the supply chain will often lead to having to invest in more expensive raw materials or product components, especially as inflation ramps up, while keeping stock on hand will tie up significant sums that could otherwise be ‘working’ for the business.”

Despite the far-reaching benefits of the circular economy, the need to embrace it is nevertheless a source of disruption for many large enterprises - especially if their equipment and processes are not set up to deal with waste reduction and the re-use and recycling of materials, the research finds. That’s particularly the case when other macro-economic disruption, from COVID-19 to the war in Ukraine, is factored in.

At the same time, the survey reveals many large businesses are suffering from talent shortages. 65% of respondents say their organisations are finding it challenging to fill open roles, with a lack of qualified applicants and skilled talent being the most prevalent reasons why, and 39% think disruption relating skills shortages within their organisation will last beyond the end of 2022.

According to Slowic, “Businesses urgently need to find a solution that can help them to manage this disruption, which with price volatility is escalating ever further, transition to a circular economy and address the supply chain complexities we are dealing with today.

"To do this, especially when skills are in short supply, they will ultimately need to invest in technology that delivers the agility and fast time to insight that they need to better forecast demand. By addressing it now efficiently and cost-effectively, they will put themselves in a great position to not only survive but also thrive long into the future.”

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Cohesity, Equinix, IDC, Proofpoint & Xero
We round up all job appointments from July 29 - August 5, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Firewall
Fortinet unveils compact firewall for hyperscale data centres, 5G networks
"Fortinet’s dedication to pushing the boundaries of what is possible in security performance has yielded the most powerful compact firewall yet."
Story image
Enterprise
Fortinet reports second quarter 2022 financial results
“We delivered strong revenue and billings growth in the second quarter driven by an increase in the number of transactions larger than one million dollars."
Story image
Mergers and Acquisitions
Netskope acquires Infiot, delivers integrated SASE platform
Converged SASE platform provides AI-driven zero trust security and simplified, optimised connectivity to any network location or device, including IoT.
Story image
SaaS
Why is MACH architecture a new big thing in the tech world?
More and more global enterprises are considering replacing the monolithic tech stack with the best-of-breed composable stack that enables greater business agility.
Story image
Cloud
TBC Bank decreases time to market for new offerings by 40%
TBC Bank has reduced time to market for new and enhanced products and services by 40% since implementing Kong Enterprise, the cloud native API platform. 
Story image
Data
NOVATION releases cloud-based solution to maximise value of data
NOVATION has announced the release of DataVio, its cloud-based solution for helping businesses automate the processing and extraction of data.
Story image
SAP
OutSystems joins SAP PartnerEdge program, integrates solutions
OutSystems has become an official member of the SAP PartnerEdge program. This will make it easier for other businesses within the SAP ecosystem to discover and connect with OutSystems.
Story image
Healthcare
SOTI research explores professional's thoughts on digitisation in the healthcare sector
Interconnectivity, automation and data management were the three key trends highlighted in the report as integral parts of successful medical technology implementation.
Story image
Data Protection
CyberRes partners with Google Cloud in lead up to BigQuery release
CyberRes, a Micro Focus line of business, has announced a partnership with Google Cloud to support the upcoming release of BigQuery remote functions.
AWS Marketplace
See how managed security services (MSS) have evolved to Managed Detection and Response (MDR) and Extended Detection and Response (XDR). Learn how these new holistic solutions can simplify security management and improve your threat detection and response.
Link image
Story image
Infrastructure
New developments for cable set to connect South America to APAC and Oceania
Further proposals have been issued to begin construction of the almost 15,000 km subsea Humboldt Cable cable, which connects South America to APAC and Oceania.
Story image
Remote Working
Four-day week: Perceptions across Asia Pacific and Japan
Workers across APJ want to be empowered to do their best work, wherever and whenever they want.
Story image
SaaS
ManageEngine unveils SaaS availability of Analytics Plus
ManageEngine's Analytics Plus is now available as a software as a service (SaaS) offering, enabling users to set up a completely functional and integrated analytics platform anywhere in under a minute.
Story image
Cybersecurity
More than a fifth of cybersecurity teams ban the use of public WiFi
Verizon’s fifth annual Mobile Security Index report has revealed a continued rise in significant cyberattacks in the last year involving a mobile/IoT device.
Story image
Cybersecurity
FirstWave responds to SMB demand for better cybersecurity
FirstWave developed the CyberCision Open Security Management Platform to respond to SMBs 'urgent' need for comprehensive cyber protection.
Story image
Product Management
TeamViewer and Siemens to innovate product lifecycle space with AR
TeamViewer's new partnership with Siemens Digital Industries Software to bring the power of TeamViewer's AR platform, Frontline, to Siemen Teamcenter software.
Story image
Internet of Things
AI-Link chooses Keysight offering to validate 5G performance
AI-Link has chosen Keysight Technologies' 5G test tools for end-to-end performance validation of cloud-native 5G radio access network (RAN) equipment.
AWS Marketplace
Learn how security orchestration, automation, and response (SOAR) enhances your security strategy.
Link image
Story image
Data Centre Maintenance / Management
Vertiv releases update to Smart InfraSight platform
Vertiv has unveiled an update to its Smart InfraSight data centre management platform, featuring improved intelligence and the ability to manage multiple IT devices.
Story image
Digital Transformation
Government needs content services aligned for better customer experience
Organisations across all industries in the private sector have made significant progress in digital transformation. The public sector, however, has not always kept up with the pace.
Story image
Compliance
Why security needs to shape your journey to the cloud
It's estimated that 80% of workloads could be in the cloud in the next few years. How can you make all that data secure?
Story image
Ransomware
Ivanti and SentinelOne partner on patch management solution
Ivanti and SentinelOne will integrate their technologies Ivanti Neurons for Patch Management and SentinelOne's Singularity XDR platform.
Story image
API
Security gaps in APIs plague organisations - study
Together, the findings highlight that existing solutions and API security tactics focused on shift-left strategies are failing to adequately protect APIs.
AWS Marketplace
Watch this webinar to gain building blocks for data mesh, and how AWS customers today are successfully enabling domain driven data.
Link image
Story image
CRM
Forrester names Pega a Leader in CRM Solutions 2022 report
Forrester Research has named Pega a Leader among 11 competitors in The Forrester Wave: Core CRM Solutions, Q3 2022 report.
Story image
Partnership
NCS, FPT Software launch Strategic Delivery Centre in Vietnam
The new partnership is designed to support increasing demand for high quality digital services across the region.
Story image
Appointments
Tech job moves - Checkmarx, Kinly, Syniti, Trellix & WalkMe
We round up all job appointments from July 22-28, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Data
Hazelcast launches beta release of new serverless offering
Hazelcast Viridian Serverless speeds up app development, simplifies provisioning, and enables integration of real-time data into applications.
Story image
Radware
Good or bad - answer these questions to check application visibility
With the adoption of the hybrid cloud, applications now run in multiple private and public cloud environments managed by different teams and tools.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Incode Technologies
Jonathan Andresen joins us today to discuss the identification and authentication solutions offered by Incode.
Story image
SaaS
Viavi updates Observer platform to simplify cloud monitoring
Version 18.8 simplifies cloud monitoring with data centre-like visibility, bringing two key capabilities to cloud-based applications and deployments.
Story image
Healthcare
Why the Metaverse could be the key to enhancing the healthcare sector
The experts at Accenture understand that the programmable world is about building the next version of the physical world in healthcare, understanding complex layers in order to fully utilise technology to its maximum effect.
Story image
SaaS
OpenText launches new solutions on Salesforce AppExchange
Included in this latest launch is OpenText Core Content, a Content Services platform that customers can leverage to effectively manage their content.
Story image
SAP
Microsoft unveils two new security products to help reduce attack surfaces
The products are set to give companies deeper insights into threat actor activity and help them successfully navigate the changing threat landscape.
Story image
Cybersecurity
Qualys develops EASM capabilities for Cloud Platform
"Qualys unique approach to EASM is integrating the internal and external asset data from CyberSecurity Attack Management with its VMDR solution into a single view."
Story image
Apps
Freshworks integrates with Google's Business Messages
"The integration with Freshworks makes it fast and easy for businesses to have conversations with their customers within the Google apps."
Story image
Indusface
Why enhancing bot protection for web and API endpoints matters
The trouble with bots is that they aren’t all bad. Unfortunately, this can make it challenging to detect malicious bots that find their way into your system and threaten your business.
Story image
Robotic Process Automation / RPA
Gartner anticipates RPA software revenue of US$2.9 billion
Gartner predicts global robotic process automation (RPA) software revenue to reach US$2.9 billion in 2022, an increase of 19.5% from 2021.
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Ransomware
Majority of execs in SEA anticipate ransomware attacks
Kaspersky's study uncovers that more than half believe a ransomware attack against their business is too small to worry about.