Executive Briefings

U.S. May See New Industrial Revolution - But What Would That Look Like?

Given the advent of the Internet of Things, personalization and an overall need to reduce distribution risk, procurement officers aren't necessarily crossing off reshoring as an option.

In fact, many analysts would assert that the U.S. and the global manufacturing industry as a whole is due for an industrial revolution. To some, what the new age of production will look like is somewhat of a mystery. Will factories be completely devoid of human labor? Is a new form of "raw" materials to be established? How can artificial intelligence contribute to future development?

There's no doubt that globalization transformed the conventional supply chain model. Instead of purchasing materials produced at factories distributed across North America, sourcing specialists were obligated to set up logistics models that included overseas manufacturing facilities, oceanic shipping companies and hundreds of partners.

These types of operations have made spend management and other tasks associated with procurement much more complex. They inherently carry risks that can obstruct or delay shipments and even result in criminal investigations.

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In fact, many analysts would assert that the U.S. and the global manufacturing industry as a whole is due for an industrial revolution. To some, what the new age of production will look like is somewhat of a mystery. Will factories be completely devoid of human labor? Is a new form of "raw" materials to be established? How can artificial intelligence contribute to future development?

There's no doubt that globalization transformed the conventional supply chain model. Instead of purchasing materials produced at factories distributed across North America, sourcing specialists were obligated to set up logistics models that included overseas manufacturing facilities, oceanic shipping companies and hundreds of partners.

These types of operations have made spend management and other tasks associated with procurement much more complex. They inherently carry risks that can obstruct or delay shipments and even result in criminal investigations.

Read Full Article