New research has been released by DP World this week, coinciding with the Global Freight Summit in Dubai. The research indicates that despite geopolitical uncertainties, communication gaps, and heightened competition, over 60 per cent of freight forwarders expressed they were ‘very optimistic’ as we approach 2024.
The survey brought together insights from dozens of freight forwarders to learn more about their collective outlook on overcoming hurdles.
The survey highlighted that greater collaboration throughout the supply chain is required to boost efficiency, something with which 40 per cent of respondents agreed.
Additional key factors for resilience include reducing regulation (15%), embracing new technologies (12%), and a heightened focus on Electric Vehicles and last-mile delivery (10%).
The research showed 34% of respondents believe the majority of the supply chain is already digitalised, while 31% say they have achieved full digitalisation.
The role of technology was highlighted as a crucial enabler for more efficient supply chains, which is critical to future-proofing the industry.
The survey also looked at the importance of supporting small to medium-sized enterprises (SMEs) in the face of the current $2.5 trillion trade finance gap.
For 26 per cent of freight forwarders, improving access to trade finance is key to helping SMEs expand internationally, alongside improving technological literacy (14%).
Regarding operating sustainably, 59% of freight forwarders surveyed said they are actively exploring alternative modes of transport or offering emissions-tracking tools to their clients.
Commenting on the research, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: “We are operating in an era of uncertainty, so the global supply chain industry must come together to build a more resilient future. Technology dictates how the world does business, so innovation will be vital to ensuring the seamless movement of goods around the globe. Amidst geopolitical uncertainties, heightened competition, regionalisation and rising inflation, the logistics sector must create new tools and solutions to navigate these economic headwinds. Strategic investments in technology, infrastructure, and pioneering new trade routes are essential for realizing a future supply chain that can overcome today’s challenges.”