No One is Prepared for This..
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Everyone is noticing that products are more expensive than ever and also very challenging to find lately. Shoppers are having to check different stores for particular goods, but still most of the time they are unable to get what they want. Those who were hoping that the new year would mark a new era of abundance on our supply chains will be disappointed to find out that the various shortages that define 2023 are not only expected to continue this year, but analysts are also warning that they’re likely to get even worse in the coming months. Conditions at stores will remain chaotic and food industry experts say Americans are really going to be hurting in their wallet in 2023. Before supply chains were pushed to a breaking point, driving people to hunt for toilet paper and other basic essentials, few Americans ever thought about the supply chain, but by now everyone is already experienced going to a store and not finding what they want. The origin of many of the product stock outs we still see today can be partially attributed to the interruptions caused by the pandemic. The end of lockdowns and virus outbreaks doesn’t mean that every link that has been broken across this complex logistics network has magically returned to normal and that prices will come back to the levels they once were. Nicholas Ellis, partner at Folly and Nadner, an international law firm, highlights that though many of the current issues we’re seeing in the supply chain still have their roots in the pandemic, they are not directly caused by the pandemic today. The health crisis was the perfect stress test for our manufacturing and distribution system. Much of the supply chain effectively shut down in 2020, but restarting something like the global supply chain is not as simple as flipping a switch, Ellis emphasized. Different parts of the chain came out of lockdown at different times, but periodic outbreaks and shutdowns, as well as labor shortages and other issues, often combined to create bottlenecks and delays, most notably around the ports. All of this was coupled with a large surge in demand for certain products. As a result of these and other challenges, the restart was rocky for many companies and ongoing issues simply have prevented the supply chain thus far from returning to its pre-pandemic levels of efficiency, Ellis noted. The damage done to the system were far greater than anyone could have imagined. And while the health crisis has exacerbated those issues, it also showed holes in the industry’s infrastructure and processes that have been there all along, as explained by Brian Ulster, general manager of the North America Finance and Risk. As we look into a new year, supply chain risks continue to heighten within organizations, particularly those that are most vulnerable to shortages and labor disruptions, he says. Today, some of the main issues companies are reporting are related to limited production and transportation to get their goods. In 2023, businesses are facing a proverbial death by a thousand cuts, according to Ulster. Costs for all kinds of expenses from salaries to materials to the napkins in the cafeteria and laundry for company uniforms are all going up.

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