When businesses relocate facilities from Asia to the U.S., further concerns emerge, including technology, talent andskills availability, and labor costs.
“Access to required skills and technology is particularly relevant as it is not always easy to simply hireexperienced talent in the location that you want to build,” says Bhatt.“Therefore, having a talent assessment strategy becomes more important.”
Despite proactive measures, supply chain or distribution failures continue to impact businesses. According to Aon’s Global RiskManagement Survey, 43 percent of respondents experienced losses due to such failures despite 63 percentclaiming to have response plans in place. This underscores the importance of ongoing preparedness and vigilance inmitigating risks associated with reshoring initiatives.
Using Data to Take Action
From geopolitical uncertainties to supply chain disruptions, the transportation and logistics industry must adopt aproactive and dynamic risk management approach.“Risk managers must identify, quantify and manage their exposure across their global supply chain,” says Bhatt.“Using data analytics and investing in new technologies and ways of working will help companies manage volatilityand build resilient operations and workforces.”
