Indisputably, few industries are unscathed by the supply chain crisis triggered by COVID-19. The hardware and building supply industry has been hit particularly hard due to increasing freight costs, shipping delays, labor constraints, and raw material availability. Compounding the issues are China’s rigid rules to curb the pandemic, which, according to Bloomberg, “are about to unleash another wave of summer chaos on supply chains between Asia, the U.S. and Europe.” They recently reported that, “Shipping congestion at Chinese ports, combined with Russia’s war in Ukraine, risks a one-two punch… already buffeted by inflation pressures and headwinds to growth.”
Many business leaders now identify the supply chain issue as the greatest threat to their companies' growth and their countries' economies. Throughout the pandemic, which created an unprecedented supply chain bottleneck, our company’s leadership has taken the opportunity to examine our business practices, evaluate what’s working (and what’s not), and further improve our processes.
Warren Swindlehurst is President of US Wire & Cable Corporation, which consists of three industry-leading divisions in the garden hose, power cord and industrial lighting sectors: Flexon Industries, U.S. Wire & Cable and Voltec Power & Lighting. His email is [email protected]