Adapt Your Supply Chain to New Realities

This article is sponsored by Siemens Financial Services.

This story originally appeared in the Winter 2021 print edition of Middle Market Growth magazine. Read the full issue in the archive.

The fact that the COVID-19 pandemic has disrupted the global supply chain is not a surprise. We are dealing with these consequences every day, but there are also many other current and potential future disruptors— from climate change and de-globalization to shifting demographics and technological advancement—that convince us that a review of supply chain strategy is necessary.

With this disruption comes greater cost and impact to the continuity of supply. There are instances where shortages of a low-tech, low-cost component caused significant delays in highly complex, yet essential technology. There are also cost drivers and interdependencies in the supply chain that impact resiliency, but technology can help.

Research from Siemens Advanta—Siemens’ digitalization consulting arm—found that 73% of supply chain leaders say they’ve encountered problems in their supplier footprint that require changes in the future. Technology can accelerate change—improving cost, reliability and customer satisfaction, yet knowing how and what to invest in may be tricky to navigate.

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