During this pandemic, many companies have shut down or undergone extreme employment changes. It’s hard to imagine the US economy will bounce back anytime soon, but experts like Data Systems International predict that America will bounce back more vital than ever. Right now, many companies, especially tech companies, rely on foreign suppliers to manufacture products.
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When COVID-19 struck the US back in January, expert organizations like the Institute of Supply Management began conducting surveys. Their first survey found that more than 80 percent of domestic companies experienced disruptions in their supply chain. See This Page for more information.
A few months later, that number rose to 95 percent. All companies, both manufacturing and non-manufacturing, reported supply chain issues stemming from international suppliers being unreliable. The few sectors of industries not being devastated by the pandemic included food, beverage, and tobacco companies; distilleries, in particular, experienced success while others closed down.
Experts like James Spivey, RVP of US Sales East for Data Systems International, noticed that companies whose supply chains consisted mostly of US-based companies didn’t experience severe breakdowns or disruptions in their supply chains. This tiny piece of information led many experts to predict that many companies will return to relying on US-made products.
The transition from relying on foreign suppliers will not be easy for many companies, especially those operating in the technologies industries. However, this particular adaption will increase supply chain strength and reliability. James Spivey also predicts that this trend will occur worldwide, as international suppliers become riskier and more unreliable. Go To This Page for related information.
From a profit perspective, the current economic environment is depressing, but from an overall business perspective, now is the perfect time for companies to re-examine where inefficiencies and challenges exist. Data Systems International recommends starting with productivity, compliance, inventory optimization, and revenue generation.
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