A return to strengthened local networks could simplify supply chain woes
An August 5th Forbes story by Lisa Caldwell shared the following …
Last month, President Joe Biden’s administration released the findings of a 100-day review into the domestic supply chain and, more specifically, how to strengthen it. The results and recommendations focused on four key sectors – semiconductors, large-capacity batteries, critical minerals and materials, and pharmaceuticals and advanced pharmaceutical ingredients – with the outcomes of a review into six further sectors due in February 2022.
The conclusions? Simply put, in order to face down another crisis, new local manufacturer networks must be developed while longtime local networks must be revived and strengthened. Thus, manufacturing associations such as TMA will become even more crucial than ever …
In particular, there needs to be greater emphasis on creating what Mandel calls a “distributed digital manufacturing capability”: an ecosystem of trusted partners working together to ensure that when the next disruption occurs, the industry doesn’t grind to a halt. Crucially, this ecosystem must be powered by advanced digital and data technologies that enable firms to operate more flexibly and become more agile in decision-making – all while fending off ongoing cost pressures from Asia and maintaining price points that customers are willing to pay.
More at Forbes HERE.