Companies Are Reshoring and Diversifying Supply Chains in A Post-Pandemic World
The COVID-19 pandemic has caused significant shifts in how companies manage their supply chains, with three major changes emerging. First, reshoring is becoming a dominant trend, with companies shifting production and manufacturing to domestic locations from overseas factories to reduce risk and maintain business continuity. Companies are also investing in digital technologies to improve visibility and transparency along their supply chains. Finally, firms are becoming more flexible in their supply chain management by diversifying their sources of supply and holding more inventory. These shifts are likely to have a significant impact on the way goods are produced, distributed, and consumed in the years to come, with government policies playing an important role in managing the impact of these changes.