It’s hard to imagine life without semiconductor chips. The average American adult, for example, spends more than 12 hours a day interacting directly with electronic devices – none of which could function without semiconductors. Tiny tech, huge impact.
The pivotal role of semiconductors in the global economy has been on full display in recent years, with pandemic-driven sourcing, production, and supply chain disruptions upending this critical industry and affecting many others. The semiconductor shortage also exposed vulnerabilities across many different supply chains.
The semiconductor industry has responded with an unprecedented ramp-up of production capacities, which comes with its own set of logistics challenges. For example, the scarcity of raw materials is a phenomenon that tomorrow’s successful businesses would do well to plan for. So it comes as no surprise that business leaders worldwide are making resilience a top priority.
But how did we get here? And how can companies resolve these semiconductor supply chain issues to get ahead of the next chip shortage?