Digital Transformation of Supply Chain is Top Priority This Year

Digital Transformation of Supply Chain is Top Priority This Year

March 4, 2024
Up from 25% in 2023, now 53% use IoT devices for real time shipment tracking.

In 2023, only 25% of respondents were utilizing Internet of Things (IoT) devices for real-time shipment tracking, but by 2024 the number doubled to 2024, with 53%. 

This is according to a recent survey, “The State of Visibility 2024”, from Tive,  that was conducted in January 2024. 

An additional 25% of 2024 respondents indicated plans to adopt real-time visibility tracking within the next 12 months—further evidence that real-time visibility has shifted from a competitive advantage to a fundamental operational necessity and customer requirement. 

“As our State of Visibility 2024 survey reveals, the landscape of modern supply chain operations is increasingly shaped by unprecedented challenges—from geopolitical tensions to escalating security risks—and the recent Red Sea shipping attacks underscore the urgency for robust visibility solutions,” said Krenar Komoni, Tive CEO & Founder, in a statement. “In today’s ever-changing environment, real-time data isn’t just a convenience; it’s a strategic imperative for preempting and mitigating disruptions effectively as well as supporting our customers’ sustainability efforts. At Tive, we remain committed to empowering businesses with the insights they need to navigate these complexities—and to building resilient, agile supply chains for the future.”

Additional survey findings include:

  • 89% of respondents cite that digital transformation of their supply chain and logistics operations is a priority for 2024—and 75% believe that real-time visibility is a key priority within their broader digital transformation efforts.
  • 77% of respondents believe that real-time visibility is a “must-have,” identical to data from the 2023 survey.
  • 53% of respondents are now utilizing Internet of Things (IoT) devices for real-time shipment tracking, up from 23% in 2023.
  • Only 24% of respondents currently have visibility into 75-100% of their total shipments, and 45% of respondents have visibility into less than 50% of their total shipments.
  • 80% of respondents cite that loss prevention and cross-border shipping challenges are the main drivers behind their need for real-time visibility.
  • 47% of respondents reported monthly cargo losses of $5,000 or more.

The survey captured insights from across multiple levels of seniority, including 7% representing the C-Suite, 23% coming from Directors/VPs, 44% from managers, 15% from employees in operations and analyst roles, with “other” filling the remainder.

The survey included a diverse representation across industries, with Logistics Service Providers (LSP)/3PLs leading at 37%, followed by high-value retail/consumer goods/luxury goods at 18%, and food/perishables at 15%. Other sectors, including pharmaceuticals/life sciences at 3%, round out the remainder. These industries are often heavily targeted by theft; there was a significant escalation in these incidents in 2023, surging 57% over 2022—and resulting in nearly $130 million in losses.

Survey responses came from professionals across many company sizes. 49% of respondents were from enterprises (1001+ employees), 10% from large companies (501-1000 employees), 20% from mid-sized companies (101-500 employees), and 21% from small companies (1-100 employees). This distribution underscores the varying visibility needs and challenges—and spotlights how critical these solutions are regardless of company size.