Article
2022 Importing benchmark survey results show areas for concern — but equally opportunities for growth
Published: February 2, 2023
Every year, we conduct a survey to assess the state of the supply chain for importers. We evaluate all stages of the import process, including Plan, Buy, Make, Move, and Sell.
Historically, importers have focused their efforts and investments on the Plan and Move stages, with little surprise in these areas. However, the Buy and Make stages continue to be the weak points for importers when it comes to profitability and predictability.
On average, the import process incurs 6 times more costs and 3 times more time in the Buy and Make stages than in the Plan and Move stages. In 2022, importers reported that they primarily use spreadsheets and emails to manage these stages, which leads to blind spots, errors, and inconsistencies. These issues during the Buy and Make phases can potentially impact all sales that depend on timely and complete delivery of goods.
On average, the import process incurs 6 times more costs and 3 times more time in the Buy and Make stages than in the Plan and Move stages. In 2022, importers reported that they primarily use spreadsheets and emails to manage these stages, which leads to blind spots, errors, and inconsistencies. These issues during the Buy and Make phases can potentially impact all sales that depend on timely and complete delivery of goods.
Want to take part in this year's survey?
We've launched out annual import supply chain benchmarking survey, helping importers to see where their supply chain stands against the competition and identify opportunities to build for a brighter future.
Enter today to receive a FREE copy of the 2022 results and be in with a chance to win $250 worth of Amazon vouchers!
Enter today to receive a FREE copy of the 2022 results and be in with a chance to win $250 worth of Amazon vouchers!
Take Part
In response to these challenges, importers are implementing new practices for 2023 and beyond. The top three strategies include:
1. Digitize
Digitization is a crucial step to enhance efficiency and precision in the purchasing process. Purchase orders usually start in an enterprise resource planning (ERP) system, however, suppliers often lack access to these expensive systems.
A recent survey among importers has revealed that 98% of them export purchase orders out of their ERP systems and handle the process manually through email, which is consistently problematic and generates errors. To overcome this challenge, importers are actively working to replace error-prone manual processes and email communication with fully digital workflow engines to ensure end-to-end visibility and streamlined communication.
A recent survey among importers has revealed that 98% of them export purchase orders out of their ERP systems and handle the process manually through email, which is consistently problematic and generates errors. To overcome this challenge, importers are actively working to replace error-prone manual processes and email communication with fully digital workflow engines to ensure end-to-end visibility and streamlined communication.
2. Network
To enhance communication and coordination, importers are increasingly turning to centralized communication platforms to connect with their suppliers, trading partners, forwarders, and internal teams.
By having a central hub for communication, importers have real-time visibility into the status of their operations and can better orchestrate communication at all levels. This approach reduces the risk of miscommunication and delays.
By having a central hub for communication, importers have real-time visibility into the status of their operations and can better orchestrate communication at all levels. This approach reduces the risk of miscommunication and delays.
2. Automate
By automating repetitive and redundant tasks, importers can minimize the risk of errors, increase speed and efficiency, and identify areas for improvement. Automation can provide a more consistent and reliable process, which ultimately leads to cost savings, improved performance and increased competitiveness in the market.
These digital, networked, and automated supply chain practices reduce costs, improve sales forecasts, and enhance resiliency, brand image, worker satisfaction, and corporate governance.
To see how your company compares, register for the 2023 Benchmark Survey here and receive a free copy of the 2022 results.
Discover how you stack up against the competition in the Official 2023 Import Benchmark Survey.
We've launched out annual import supply chain benchmarking survey, helping importers to see where their supply chain stands against the competition and identify opportunities to build for a brighter future.
Enter today to receive a FREE copy of the 2022 results and be in with a chance to win $250 worth of Amazon vouchers!
Enter today to receive a FREE copy of the 2022 results and be in with a chance to win $250 worth of Amazon vouchers!
Take Part in the 2023 survey
