Of course, it was very exciting to be featured on Bloomberg’s ‘What’d You Miss?’ show! It speaks to the rising popularity of reshoring and business executives’ concern about dependence on Asia, China, far away suppliers, and geopolitical and supply chain risks that Bloomberg is searching for supply chain experts to talk about reshoring and whether it makes sense.
One Tip to Implement This Week:
As I said on Bloomberg, of course, the answer of whether you should reshore is “it depends”; however, it is becoming quite attractive for many industries and situations. At a minimum, review whether it makes sense to source manufacturing closer to your end customers. Regional supply chains are gaining popularity as a way to better control your supply chain while continuing to mitigate cost and risk. If you need a push, look no further than the Amazon-like customer requirements, increasing labor costs in China, the lessening importance of labor costs as the Future in Manufacturing panel discussed, the risk of disruption (tariffs, COVID-19, natural disasters etc.) and more. I discuss this topic in depth in my eBook, Future-Proofing Manufacturing & Supply Chain Post COVID-19.
Post COVID, disruptions and risk remain elevated as a ship got stuck in the Suez Canal, the Panama Canal experienced a drought, and the Red Sea is in chaos with ships being diverted from the Suez Canal as the war heats up in the Middle East. Geopolitical and supply chain risks are at an all-time high. Thus, smart and proactive executives are optimizing their supply chains with reshoring, nearshoring and focusing on regional supply chains. We have also launched a Supply Chain assessment so that you can evaluate how you are positioned in your supply chain. Knowing where you stand is a critical first step on your journey to optimizing your supply chain.