Uncertainty still hangs over supply chains and is pushed further due to skyrocketing fuel prices, exorbitant shipping costs and continuous COVID-19 lockdowns globally. Nearshoring is said to be the 'epic', 'strategic' response to the long-withstanding situations that continue to disrupt global supply chains. It is being used to reshape supply chains, especially in the West, as they go all out to stay afloat in testing waters.
Between transportation delays, pandemic-related factory shutdowns and geopolitical tension, global supply chains have never been more vulnerable. Volatility became the new normal. The farther a supplier is from a buyer, the more opportunity for disruption.
Nearshoring involves shifting manufacturing facilities closer to home, and is the complete opposite of 'offshoring' manufacturing, often halfway across the world.
According to Dylan Alperin, Keelvar's Head of Professional Services, "Moving supply chains closer to home not only reduces the risk of external events creating delays, shortages and more for supply - it also increases procurement teams' visibility into their supplier relationships, makes it easier for them to ensure criteria such as reliability and sustainability are met, and enables them to quickly react to market changes and fluctuating demand."
In my signature style, let's go into a brief flashback.
This story is from the February 2023 edition of Logistics Insider.
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This story is from the February 2023 edition of Logistics Insider.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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