Re-engineering Supply Chains Leads to New Opportunities

The COVID virus pandemic led to the discovery of many weaknesses in supply chains. Some companies found their sources of materials cutoff due to cross border trade restrictions. Some companies permanently lost suppliers because they went out of business. Other companies discovered their supply chains were not diverse enough, so they had few options when one supplier interrupted the flow of goods and services. The supply chain vulnerabilities were exposed, including the fact single-sourcing practices driven by the desire to lower costs led to low or no inventories.

There is another impact to consider too. The closing of small to medium sized businesses due to lack of business or ....