Many Indian CEOs Adjusting Supply Chains Amid Global Conflict: Survey

Amid the geopolitical crisis and the Covid-19 pandemic, a total of 67 per cent of Indian chief executives officers (CEOs) said that they are adjusting supply chains, according to PwC’s 2022 Survey. 

It also stated that 59 per cent highlight they are diversifying their products and services. The survey also indicated that Indian business leaders believe avoidable and unnecessary organisational complexity poses ‘concerning’ cyber and privacy risks.

"The Covid-19 pandemic and the Russia-Ukraine conflict required to bring in this flexibility by vigilant day-to-day monitoring of the situation and by reacting to these developments with agility. This flexibility led us to attain resilience in our supply chain," said GV Prasad, Co-chairman and Managing Director, Dr Reddy’s Laboratories.

About 50 per cent of CEOs in the survey emphasised that they are increasing investments in cybersecurity and data privacy and 48 per cent mentioned adjusting their presence in current markets and or expanding into new markets in the survey.

Indian CEOs also underscore the need to include the impact of possible disruptions in scenario planning and corporate operating models. Supply chains, for instance, in the past have relied on siloed functions, limited data availability, manual decision making and unconnected planning with limited options for customisation, it added.

It added, "The supply chain of the future needs to be customised to cater to specific expectations of service levels sizes, made autonomous using AI and ML technology that can handle daily supply chain scenarios."