Nearly two-thirds (60%) of small and mid-sized businesses (SMBs) reported losses of up to 15% or more in revenue during 2022 due to supply chain delays according to a recent survey, commissioned by the supply chain visibility platform Anvyl, entitled “2023 Supply Chain Outlook.”

Based on the report, 31% of participating businesses reported financial losses of up to 15%. Meanwhile, 29% of responding businesses reported losses greater than 15%.

The survey also found that 56% of SMBs reportedly had to change suppliers over the last year because of “costs” and “consistent delays,” which emerged as the most cited reasons why. 

The study’s authors also highlighted the fact that businesses were not overly confident with the future state of the economy and global supply chains. A quarter of responding SMB owners and C-suite executives expressed concerns about their company’s supply chain strategies for the year ahead.

The “2023 Supply Chain Outlook” report did provide some hope for the future of the supply chain management industry, though. Some 89% of executives and SMB owners surveyed by Anvyl said they were planning to make strategic investments into supply chain management systems at some point in 2023.

As the study’s authors explained, investments in supply chain management tools are a “positive sign” for SMBs because they indicate that industry leaders “have an understanding of the major issues plaguing their supply chains,” and that they are actively allocating resources to address those problems.

Regardless, Rodney Manzo, the founder and CEO of Anvyl, said the report shows that businesses across numerous industries “are continuing to grapple with a myriad of challenges facing their supply chains." Furthermore, Manzo believes that it is important to recognize that many of the problems affecting SMBs are “due to shortcomings in their supply chain management strategies.”

“The importance of a highly reliable and functioning global supply chain has never been more important for SMBs,” the report concludes. “And thankfully, it also seems to be more top of mind amongst organization leaders than ever before.”