The world faces economic headwinds. According to the Economist, Europe’s economy only grew at 4% this decade as compared with 8% of the United States and is struggling with a triple shock of the energy crisis, surging Chinese imports, and the threat of tariffs from the United States.
There is substantial geopolitical risk with China. Look no further than the South China Seas. Philippine officials say Chinese forces seized two naval boats in a disputed South China Sea shoal. A few days prior, a Philippine ship and a Chinese vessel collided. It is a risky situation in the South China Seas.
The medical device market is expected to grow by almost $178 billion from 2023 to 2027 according to Technavio. Moreover, a Fortune Business Insights Analysis estimates the market to reach $799 billion by 2030. With such significant growth, manufacturing and supply chains must scale and mitigate risk to ensure supplies to customers and patients.
The risk of China has increased dramatically over the years. Early on, executives were concerned about intellectual property theft. Although that is still a concern, there are much bigger issues.
Lisa Anderson, founder of LMA consulting, who discusses global changes in the supply chain.
The FTC is cracking down on bogus 'Made in America' claims. Lisa Anderson was quoted in Bloomberg Law on reshoring and near-shoring.
If you are dependent on any region, non-friendly country, customer, supplier, material, or anything noteworthy to your success, you must diversify. Although this concept has always been true, the pandemic highlighted the critical importance. Some companies simply lost their source of supply overnight and have not recovered if not diversified.
Manufacturers should work to reduce materials, energy consumption, and inefficiencies to improve their carbon footprint and achieve the triple bottom line.
Sales strategies and customer programs are pivotal to developing a demand plan in support of sales revenue growth goals. SIOP (Sales Inventory Operations Planning) will translate these sales forecasts into operations and supply plans for review with cross-functional teams to ensure the sales plans are fulfilled successfully and efficiently.
Lisa Anderson addresses the significant challenges posed by recent quality issues at Boeing and their widespread effects on the aerospace and related supply chains. Drawing from her in-depth industry experience, Ms. Anderson offers vital strategies for companies to navigate these disruptions effectively.
