During 2022, the industry has continued to experience global supply chain challenges and the effect it has had on the American economy. The pandemic disrupted global supply chains and it tested the resilience and flexibility of supply chain leaders. While COVID-19 was not a typical risk event, it underscored the need for organizations to reexamine and manage their supply chains to ensure business continuity and growth for the future.


 


Joining Host Jonathan Betz are two industry specialists to discuss future strategies on how companies can maintain supply chain resilience and the lessons they’ve learned to help companies avoid disruptions, Chip Overby, Sr. VP Strategic Development of Old Dominion Freight Line, and Professor Jeffrey Bergstrand, Professor of Finance in the Mendoza College of Business at the University of Notre Dame.


 
Key Takeaways:

 


Chip highlights the potential bottlenecks and issues, including labor, inflation, and weather, that affect the supply chain. [1:05]


 


Will companies reconsider their offshoring strategies and overseas manufacturing practices? Professor Bergstrand discusses the myriad of uncertainties that abound in the industry and Chip offers up some statistics that may shape the future. [3:46]


 


Chip describes the three key requirements for keeping domestic supply chains operating efficiently. [11:29]


 


Professor Bergstrand shares an example of the liability of having a limited number of suppliers and the additional risk smaller suppliers face. [14:03]


 


Both Professor Bergstrand and Chip weigh in on the critical requirements of labor, network, equipment, and technology to provide reliable on-time service to customers. [16:47]


 


Professor Bergstrand describes the semiconductor issue, e-commerce trends, and the need for diversification in the supply chain. [20:43]


 


Chip shares the operational technologies and planning tools Old Dominion invests in to maintain superior customer service and on-time deliveries. [25:19]


 


Chip and Professor Bergstrand remark on how technologies and innovation will assist business leaders in developing strategies for business resilience in the future. [26:59]