TRENDING achieved through digitalization and standardization of trade documentation processes , including increasing rates of paperless trade .
This sentiment is echoed by banks with over 70 % of respondents planning to increase their support for SMEs by leveraging technology .
This is in line with the perceived benefits of digitalization indicated by banks .
Over 63 % of banks concur that widespread adoption of digitalization facilitates regulatory compliance checks while enabling better client profiling and risk management for SMEs . interoperability of existing platforms – all of which contribute to increased costs .
Banks and firms alike acknowledge the potential in digitalizing trade while understanding the cost and complexities involved .
As context , the surveyed firms included businesses involved in various stages of the supply chain , including raw material sourcing , manufacturing , warehousing , logistics , wholesale and retail .
The top two supply chain challenges in 2022 cited by the firms are insufficient financing and high transportation costs .
The high cost of digitalization is cited as the primary barrier to digitalizing business and trade portfolios . Additional cost-related issues include understanding and implementing technology , a lack of globally established laws and standards and insufficient
Around 12 % of responding firms indicated concerns around visibility in supply chain operations . This finding , coupled with the observation that only 14 % of firms are concerned about supply chain resiliency , suggests that companies and their supply chain ecosystems have
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