For electronic manufacturers, the last two years may have felt like a bad dream on steroids. From the pandemic to supply chain disruption, all the endless uncertainty took its toll.
If 2021 and 2022 were a trainwreck, we ask ourselves what is on the horizon for the industry in 2023? The rumour is, ‘It’s coming home.’
Reshoring –
‘The process of bringing production and manufacturing ‘back home’ to a company’s original country.’
Bringing production ‘back home’ now makes sense and provides clarity to the world of manufacturing…
· Reshoring has financial benefits, such as lower inventory costs and a decrease in exposure to fluctuating exchange rates and unstable currencies.
· Reshoring can simplify supply chain issues, reducing lead time uncertainties in the process.
· Reshoring allows a manufacturer to source higher quality products more easily.
· Reshoring means recovery times are often faster.
· Reshoring generates a boost to local economies with the creation of new jobs, helping to support local communities.
The last couple of years have left manufacturers feeling like the bearer of bad news and the threat of recession made it seem like there is no light at the end of the tunnel.
Where most other manufacturers tightened their belt, at Elite we speculated to accumulate. By spending on business improvements and using the dip in downtime as an opportunity to get ahead Elite is firmly positioned at the forefront of smart manufacturing.