COVID-19 Data Insights from Foley: Supply Chain ResilienceOctober 14, 2020
The Supply Chain Survey Report is the result of input from approximately 150 industry executives.
Key findings of the Supply Chain Survey Report include:
- 43% of the responding companies have already pulled out of China or are planning to do so, with many looking to reshore closer to home, be it in the U.S., Canada, or Mexico.
- 70% agree that companies will lessen their focus on sourcing from the lowest-cost supplier, with other resilience factors taking on an increased prominence.
- 62% agree that the focus on just-in-time manufacturing models will also decrease.
- More than 80% of the responding executives noted that multi-sourcing to reduce reliance on a single supplier for key products and services, and improving key business partner relationships were at the top of activities being executed on or considered to address supply chain resilience.
In addition, Foley has created Accelerating Trends Report 2020, which analyzes and offers guidance on supply chain trends, including rethinking China, resiliency strategies, efficiency, and innovation. The report also includes a Supply Chain Assessment Tool for assessing future process changes.