VIDEO: Use Data to Be Proactive Instead of Reactive
The current supply chain disruption—as a result of the Coronavirus and any other unexpected event—serves as a reminder that it may be time to rethink the manufacturing supply chain. Data can help make that case and give you some control of the future of your business. Watch this video to learn more from Gardner Intelligence.
I work within the moldmaking community where the conversation often turns to people. People are what make the world go around, and they are certainly the key to making things happen within a shop, a community, an industry. I agree. So, I hope it goes without saying that my thoughts and prayers go out to all those individuals and families who continue to be impacted by the effects of the Coronavirus disease 2019 (COVID-19).
However I would be remiss if I did not mention the concerns people are sharing with me via email and social media about the impact of the COVID-19 on manufacturing here and abroad, and the argument for manufacturers to take a good hard look at their supply chains to avoid this economic disruption in the future.
It’s not news that data reveals the true cost of using overseas sources for manufacturing … and it’s not always pretty. But the point here is that the data doesn’t account for unexpected events that can occur at any time and are out of our control.
What we CAN control is the supply chain, so when incidents like the Coronavirus do happen (and let’s face it, they always will), it’s business as usual — with nations focused on the people infected and containment, so we keep our economies strong.
The key is data, and the teams at MMT and Gardner Intelligence want to help you can keep track of where and when a rebound may occur, so you can prepare your business—be proactive instead of reactive.
In this video I speak with my colleague Michael Guckes, Chief Economist for Gardner Intelligence (who provides the moldmaking index each month in MMT) to break down the data we pull from the industry, key data points and the trends he is seeing when it comes of the impact of the virus on the global supply chain.
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