9 out of 10 firms responding to a recent survey said improving staff experiences is a top priority. We aren’t referring to simply a matter of treating staff ethically.
According to a recent Gallup poll, businesses with good employee engagement improve sales by 20 percent, productivity by 17 percent, and profitability by 21 percent.
Businesses also make similar gains by establishing a reliable network of partners—particularly suppliers, built on mutual trust and shared interests.
This loyalty results in a more efficient business model. It enables organizations to focus on their core competencies instead of spending time and effort to optimize the procurement process constantly. It is imperative to note that supplier loyalty makes businesses more resilient to market disruptions.
Supply chain disruptions were the first signs of the pandemic going global, even before multiple regions had registered any cases due to Covid-19.
The global supply chain management market is projected to grow at a Compound Annual Growth Rate of 11.2% between 2020 and 2027. Such is the intertwined nature of modern markets, regardless of industry or sector.