Four reasons you may want to localize your supply chain

The pandemic exposed supply chain weaknesses throughout the globe. Now companies are taking stock of their systems, not just because of COVID-19, but the very real problems associated with the geopolitical landscape. Businesses are looking at becoming more local, or at least more diverse in terms of their supply chain as a path to resilience. If you find yourself reconsidering your supply chain, here are four things to consider first.

Supply chain costs are increasing fast

Companies must consider the total acquisition cost incurred to make the component or service available for use, including packaging, transportation, customs, tariffs, exchange rate insurance, so on. If these costs rise to the point where they become a competitive disadvantage,…