SMBs Find Ways to Compete
The business disruptions of the past few years have made it harder to optimize supply chains and forced all businesses to examine the best use of resources. It’s tough enough for large companies with deep pockets, but how are small and mid-sized businesses (SMBs) adapting?
They’re examining any and all options—including nearshoring, cooperative procurement, and technology adoption—according to a Capterra survey.
Here’s where SMBs are spending their energy and money as they deal with disruption and discover new best practices:
- 88% plan to or are currently switching at least some of their suppliers to ones closer to the United States.
- 64% have joined or plan to join a group purchasing organization to help manage procurement costs and challenges.
- 90% are committed to implementing emerging technologies. SMBs are increasing or maintaining investments in the Internet of Things (42%), blockchain/smart contracts (41%), and artificial intelligence (39%).
Through strong seasonal forecasting, SMBs also have been able to avoid many of the pitfalls larger retailers face. 67% say their forecasting techniques helped them avoid excess inventory. But many SMBs entered 2023 with some trepidation, concerned about inflation (65%), inventory shortcomings (45%), and economic recession (42%).