NEWS
Descartes ’ study reveals 65 % of companies plan to accelerate supply chain and logistics innovation investment
Chris Jones , EVP , Industry and Services at Descartes
Descartes Systems Group , a global leader in uniting logisticsintensive businesses in commerce , released findings from its study Supply Chain and Logistics Innovation Accelerates , but Has Long Way to Go , which examined how technology innovation is changing supply chain and logistics operations and executives ’ plans for continued investment .
The report found that 59 % of companies surveyed accelerated the pace of innovation investment and deployment over the last two years . Moreover , 65 % plan to increase their technology spending over the next two years ; however , 87 % indicated they still face internal inhibitors to supply chain and logistics innovation .
The study of 1,000 supply chain and logistics decision-makers across nine European countries , Canada and the US provides supply chain and logistics organisations with critical insights into the importance of innovation and differences in the strategies , tactics and technology decisions of top financial performers and those companies whose senior management thought innovation was very important .
“ The recent past has highlighted that supply chain performance can make or break companies and the need to innovate supply chain and logistics operations has moved to the forefront of many C-suite agendas ,” said Chris Jones , EVP , Industry and Services at Descartes . “ The study shows that , while efforts in supply chain and logistics innovation are accelerating , many companies are relatively early in their innovation journey in areas such as digitisation and especially in the use of advanced computing technologies such as Machine Learning .”
Credit card fraud soars to a 10-year high
Credit card application fraud rose by
18 % in the last quarter of 2022 , with fraudsters looking to take advantage of Personally Identifiable Information ( PII ) and take out credit and borrowing in an account holder ’ s name .
“ Our latest figures show the scale of the fraud epidemic facing consumers and financial services companies ,” said Eduardo Castro , Managing Director of Identity and Fraud , Experian UK & I . “ The rise in first-party fraud is also striking , as it suggests that households are misrepresenting their financial situation to meet additional costs or cover everyday expenditure .”
The rise means the overall fraud rate for 2022 was the highest yearly rate recorded by Experian in the last 10 years , indicating the scale of the problem for both consumers and financial services firms looking to identify and prevent fraudulent activity .
When looking at loans , fraud in this space has more than doubled over the last two years , with the rate in Q4 among the highest seen in the last three years .
First-party fraud – where an individual gives false information or misrepresents their identity to access a product on more favourable terms , with no intention of paying it back – now accounts for 27 % of all applications .
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