Companies between optimism and worries for 2024, according to a study

The rise of AI brings a breath of optimism

A study published by Economist Impact and DP World on the occasion of the World Economic Forum in Davos reveals that despite the difficulties of 2023 and a rise in geopolitical tensions, leaders remain optimistic for the year 2024.

The study was conducted among 3,500 corporate executives and sheds light on their perception of the future of global trade. They agree that technology will transform the efficiency and resilience of supply chains. In a context of growing worry about protectionism, global fragmentation, and political instability, these companies re-evaluate risks and turn towards new strategies.

The first notable event is the rapid adoption of AI to improve supply chains, whether for inventory management or optimizing transportation routes. According to the study, a third of companies use this new technology to reduce the overall costs of their operations and improve the planning of their logistics. More than a third consider that the use of digital tools is the most effective strategy.

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Geopolitical tensions call for caution

Alongside this optimism driven by technology, businesses remain cautious in the face of increasing geopolitical instability. According to the study, more than a third of companies are adopting "friendshoring" strategies to shape their operations and logistics. Friendshoring, or 'amicable sourcing,' is a supply chain management approach that favors business partners from friendly or allied countries. 32% of companies are also setting up parallel supply chains, or dual sourcing, while over a quarter (26%) are reducing their number of suppliers to limit risk.

The escalation of geopolitical tensions could heavily weigh on the world economy. According to an analysis, if tariffs on high-tech products were to increase significantly, the global GDP could experience a drop of 0.9%. These conclusions clearly illustrate the challenges facing the business world in this time of unprecedented transition. However, this delicate context also seems to be paving the way for new opportunities, notably thanks to the increasing adoption of cutting-edge technologies.