Whether you’re plugging in your new television or biting into that juicy burger, the supply chain that brings these products to life is complex. This vast network of suppliers, manufacturers, distributors, warehouses, transportation companies and retailers stretches across the globe. With tight production schedules, just-in-time deliveries and high standards for quality control, there’s little room for errors or delays.
But global events, including the COVID-19 pandemic and Russia-Ukraine conflict, have exacerbated supply chain issues and brought additional risks to the logistics industry in 2022. The resulting logistical bottlenecks make it difficult for businesses to source materials, ship orders and deliver them to customers.
The impact of these issues reaches into every area of business, from manufacturing and warehouse operations to customer service, brand reputation and revenue. Empty shelves and missed delivery windows can lead to lost sales, while higher prices, backlogs and excess inventory can strain cash flow and impact profitability.
To address these issues, brands can implement a number of solutions that will improve their supply chain performance. These include focusing on strategic supplier relationships, embracing business technology applications and implementing lean practices to streamline operations. In addition, they can explore business resources such as the Tariff Guide to easily view and update their HS codes and U.S. tariff rates. By taking these steps, they can create a supply chain that’s more resilient and responsive to market trends and changing consumer demands.
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