In this episode of the NextWave Global Trade podcast series, Jim Morton and Jay Bezek discuss the ongoing volatility in trade networks.
The economic chaos caused by the COVID-19 pandemic has exposed vulnerabilities in supply chains and raised doubts about globalization. Businesses should use this crisis to revisit their supply chains, understand vulnerabilities and take steps to improve resilience. It’s time to adopt a new vision pertinent to the realities of the new era — one that leverages the capabilities in the trade networks, improves resilience and reduces the risks from future disruptions that are certain to occur. Businesses must also consider regionalizing supply chains and diversifying supplier relationships.
- With the global trade showing signs of rebound in 2021, experts are predicting continued growth in the volume of goods getting shipped. Data analytics is becoming a mainstream activity within global trade organizations.
- Manufacturers and retailers in the US are expected to deal with rapidly increasing commodity prices. Businesses will need to look for ways to operate lean to avoid a squeeze on margin.
- Visibility and resiliency will help companies handle disruptions in the future. Taking steps, such as rerouting shipments in transit, stocking inventory to handle delayed shipments, strategically positioning inventory in networks and considering alternative suppliers will help them stay prepared.
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Duration 21m 57s
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