The Fung Group may be working tirelessly to create the supply chain of the future, but it’s also working to understand the global market shifts and continuously advancing disruptive technologies that will carry those supply chains to their next iterations.
The supply chain solutions leader has teamed up with the Clayton Christensen Institute for Disruptive Innovation for a five-year collaboration that’s expected to see the Fung Group into the future for sourcing, gleaning insights on challenges and opportunities to address what’s expected to be ongoing market shifts.
“Consumer industries are undergoing a seismic shift from a fundamentally analog approach to embracing fully the digital economy,” said Li & Fung CEO Spencer Fung. “At the same time, global markets are reshaping due to changes in demographics and new trading frameworks such as the Belt and Road initiative, which covers more than 60 countries and half the world’s population. In this unprecedented era of change, we are delighted to work with the Christensen Institute to create insights that will drive our businesses and create scalable, sustainable impact in the communities where we live and work.”
[Read more about Li & Fung: Li & Fung on Why Speed is the New Currency]
As part of the partnership, Li & Fung executive Jon George will be positioned full-time at the Institute as a visiting research fellow, where he’ll work closely with researchers to marry leading theories with industry insights—which is expected to fuel Li & Fung in its drive to channel more speed, digitalization and innovation.
“In an increasingly digital world, the theory of Disruptive Innovation can be invaluable in understanding businesses and social institutions alike,” said Institute president Ann Christensen. “Disruption across the supply chain carries an incredible opportunity to open up emerging markets, spur growth in developing nations, and provide essential goods to a greater portion of the world’s population.”
Apart from this partnership, Li & Fung in November established a new incubator designed to allow for innovation, calling the space “the world’s first business model testing platform.”
Innovation has been of focus for Li & Fung, and in an earlier interview with Sourcing Journal, Fung said, “In our Three-Year Plan, the whole digitization, that is what is going to get us closer to more data-driven decisions and ultimately speed up the entire supply chain…We will be running the supply chain by using a lot more data and automation than we do today.”