How does globalization impact supply chains?

How does globalization impact supply chains?

Globalization significantly affects supply chains by enabling companies to source materials and products from around the world, reducing costs and increasing efficiency.

What are some challenges that come with global supply chains?

Challenges include political instability, trade tariffs, and logistical issues like transportation delays and customs regulations.

Can you give examples of industries heavily influenced by globalization?

Sure! Industries like electronics, automotive, and textiles are heavily influenced by globalization due to their reliance on global sourcing and markets.

How do companies manage risks in global supply chains?

Companies often use strategies like diversifying suppliers, investing in technology for better visibility, and developing contingency plans to manage risks.

What role does technology play in global supply chains?

Technology enhances global supply chains through improved communication, data analytics for decision-making, and automation for efficiency.