There's a lot to think about when a company chooses to relocate its manufacturing plant. Many may wish they could pick up their current facility and bring it to their new location, but that hypothetical isn't currently possible.
The COVID-19 pandemic has exposed the fragility of long, complex supply chains. It has also shown how reliant many US and European companies are on the overseas supply of critical items, bringing to the fore a long-debated issue-are we ready to reshore?
Global organisations are turning to multi-sourcing and regional supply chains; COVID-19 has accelerated a rethink of supply chains, prioritising flexibility and robustness; Domestic politics and geopolitics impact supply chains as Brexit, elections and rival superpowers clash.
Reshoring holds great potential for companies to gain increased flexibility and responsiveness when facing supply chain disruption. During COVID-19, we saw companies forced to fly to China to pick up specific parts.
From Knowledge@Wharton: Manufacturing accounts for about 13% of the U.S. economy. Should we even focus on trying to "bring it back," now that information and services - the "knowledge economy" - seems a more promising path?
The Wire Association International (WAI), Inc., founded in 1930, is a worldwide technical society for wire and cable industry professionals. Based in Madison, Connecticut, USA, WAI collects and shares technical, manufacturing, and general business information to the ferrous, nonferrous, electrical, fiber optic, and fastener segments of the wire and cable industry. WAI hosts trade expositions, technical conferences, and educational programs.