Global Chip Shortages: Background and A Way Ahead
The global economy is struggling to overcome an unprecedented semiconductor chip shortage. With critical investment plans falling behind schedule, growing trade and tariff tensions, and a combination of geo-political upheavals across the historically over-centralized production regions, the challenges appear poised to extend well into 2023.
As the global demand for electronic and smart products rises unabated, manufacturers must consider a three-pronged strategy to suit both their demands and the needs of their customers. A relook at the existing supply paradigms is the need of the hour.
For the driving business success, it is therefore critical to understand the background to the current global chip shortages, and adopt to the proposed three-pronged strategy. This would help revitalize sourcing and supply methodologies, mitigating the impact of this unprecedented worldwide scenario.
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