Turbulent times are upon us. According to Reuters reporting from the Bank of America, geopolitics has leapfrogged inflation as the most significant risk to the market, and that was proven true as the market slumped with the expectation of Iran's attack on Israel.
You would have to be hiding under a rock to not hear that the market sold off. The S&P 500 sold off 3%; the Dow tumbled 1,000 points, and tech company leaders lost a combined $1 trillion intraday (recovering almost half later in the day).
If you follow the stock market, you might think the economy is strong. As consumers, we are frustrated with the price of everyday supplies such as food, gas, and housing.
During a discussion with manufacturing and supply chain professionals at the Association of Supply Chain Management chapter of Orange County, California, we reviewed the top supply chain challenges impacting clients and colleagues around the world.
According to the ISM, "The Manufacturing PMI", a measure of manufacturing activity, registered at 48.5% in June, which is a decline from 48.7% in May.
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.
Modern ERP No Longer Enough Although we have been emphasizing the need for a modern ERP system to meet continually evolving customer expectations, modern ERP alone is no longer enough. To thrive in the next decade will require business AI (artificial intelligence) to be embedded throughout your ERP system, [...]
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.
