In a recent newsletter from the Women in Manufacturing Association (WIM), they shared an article from Manufacturing.net about reinvestment into reshoring operations. “As manufacturers face complex supply chain challenges due to COVID-19, trade wars, and political and social unrest, reinvesting in near-shoring or reshoring operations can help build resilience and agility amid the turmoil.” The pandemic shifted supply chains and stressed management capabilities and most companies needed to adapt to this changing environment.
We have heard the term reshoring for years, but it’s taken on a new meaning due to the covid pandemic. This article does a good job of exploring how the challenges faced in 2019 with respect to the supply chain need to be addressed moving forward. It explores some lessons that have been learned, talks about how companies are diversifying their supply chain, and what the priorities should be.
As the article mentions, the main priority for supply chain management should be an “increased emphasis on trust and predictability while remaining true to traditional focus on cost, time and quality.” Near-shoring efforts are instrumental in long term sustainability of companies. The diversification of supply chains builds resilience in companies and helps “Environmental, Social, and Governance practices that promote value beyond revenue and profit growth” in companies. Read the full article.
If you are struggling with supply chain management, we can help. CTmrg has vetted resources to assist you with your supply chain needs. If you are looking for a different approach to these issues, work with someone who knows manufacturing and supply chain management. Contact Us with any questions you may have, and we will be happy to help.