This week’s “WisBusiness: The Podcast” features Vanessa Miller, partner and co-chair of Foley & Lardner’s coronavirus task force and supply chain team.
Miller also co-authored the firm’s recent supply chain disruption and strategies report. The report draws on responses from nearly 150 manufacturing executives in a survey conducted by Foley & Lardner.
One of four takeaways from the survey is companies moving away from just-in-time manufacturing models. These models are popular because the manufacturer doesn’t need warehousing or to worry about large stocks of inventory, Miller said.
“On the other hand … it’s a risky model if there is any hiccup in the supply chain,” she said. “We’re learning that companies are considering whether it’s best to have some inventory on hand, some buffer, to ensure that they’re not so tied to receiving just-in-time inventory from their supply chain partners.”
The other takeaways highlighted in Foley & Lardner’s report include putting less reliance on China for materials supplies, building more transparency into supply chains and adopting technology and innovation at a faster pace.
Listen to the podcast below, sponsored by UW-Madison: