Innovation heads up as firms invest more into supply chain

Companies have significantly increased investment in supply chain innovation in 2023, nearly doubling the average spend compared to 2022, according to research from Catena Solutions.

According to a recently released report, Supply Chain Trends & Insights: Innovation, the average investment in supply chain innovation increased to just over $20 million this year, up from slightly more than $10 million a year ago. It was under $10 million in 2021.

“Disruption and innovation go hand in hand. While these seemingly black swan events transform into regular occurrences, companies will invest more time, money, and resources into innovation to minimize the impact of disruption,” the report noted.

Catena offers supply chain consulting services.

Probably not-so surprising is the fact that the COVID-19 pandemic accelerated digital transformation, with 64% of supply chain executives saying it did, and 60% saying the pandemic increased their supply chain’s important.

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