As the war in Ukraine continues, global supply chain problems worsen leaving consumers unable to make essential purchases. According to the Canadian Automobile Dealers Association, wait times for new cars are now predicted to last until 2023 compared to earlier predictions about delays receding by the end of the summer. In addition, appliance shortages are prevalent and largely driven by high levels of demand and semiconductor shortages.
A recent survey by Interos, an operational resilience company that helps companies manage their supply chains, found that supply chain disruptions cost companies an average of $182 million annually in lost revenue over the last 12 months. This leaves many firms considering reshoring or near shoring to fortify their supply chains by improving their resiliency and predictability.
The following sources were used for the article:
- Looking to buy a new car? Wait times could stretch up to 2023, experts say, Global News
- Resilience 2022: Interos Annual Global Supply Chain Report, Internos