The global effects of Coronavirus have continued to increase daily, impacting supply chains and disrupting manufacturing operations.
Companies that depend on products and parts overseas, particularly from China, are anticipating a hit to their bottom line.
With airport and customs closures due to the COVID-19 outbreak, many are already experiencing delays – showing dependency on foreign products and weaknesses in the world’s supply chain.
According to the Harvard Business Review, the activity of Chinese manufacturing has fallen in the past month and is expected to remain low for months to come. That’s why the most vulnerable companies are the ones that rely on factories in China for their materials.
From electronics to pharmaceuticals to clothing.. The impacts are far and wide; exposing a potential need for more community based manufacturing.
To shorten the supply chain may mean an increased cost but could allow for more innovation and security in the future.