If 2020 taught us anything, it was that we underestimate the pivotal role of the supply chains in our lives and how fragile these global networks are. There is a pressing need to build robust, scalable, and less vulnerable supply chains.
Our challenging circumstances are set to continue for the foreseeable future. While we’re likely to see a roll-back from over-reliance on single-sourced goods, modern capitalism depends upon global markets.
The issue is the more complex a supply chain, the more vulnerable it is. As supply chain technology experts Transparency-One point out: “Supply chains that incorporate multiple tiers, are heavily globalized and/or involve a number of components or stages of transformation, are inherently more complicated and at greater risk of being severely affected by a crisis like Covid-19.”