Ernst and Young (EY), the London-based auditing and consulting firm, said cost, infrastructure, cashflow, and inventory management are the top challenges Cypriot companies are facing.
An online-survey carried out by EY showed that every single one of the more than 30 interviewed company executives, said that cost effectiveness was a major challenge, EY said in an emailed statement on Monday.
Both the effectiveness, infrastructure, and cashflow management were challenges for 95 per cent of the interviewees, while 89 per cent said they considered the efficient and accurate inventory management to be a challenge too.
Less than three out of four said changing regulatory frameworks and compliance, as well as visibility, into outsourcing relationships, were considered to be challenges, the audit company said. Less than eight in ten named their more demanding and/or shrinking customer base as a challenge.
“The research also included a specific focus on company compliance with supply chain policies and procedures, and revealed that 63 per cent of organisations, monitor and control procedures and policies only once a year,” EY said.
The survey included executives in the construction, pharmaceutical, consumer products, and retail companies, EY said.
“Supply chains must be made a top priority of each organisation, they must be viewed holistically rather than in fragments, in order to improve the overall efficiency and effectiveness of the operations,” Thanos Maros, the head of EY’s Central Southeast Europe supply chain and operations was quoted as saying.
“The results of the survey unveil there is continued progress, but in order to compete with market leaders it is important to identify all processes and their risks including their suppliers beyond the first tier and understand how decisions in one area may impact the overall supply chain.”
The results of the complete survey are available to download here.