Yahoo! News reports that the global supply chain is going to take at least another eight years to be reconfigured.

As we have said quite extensively, the supply chain is in chaos. And there doesn’t seem to be an end in sight. Expert Mark Millar said this opens an opportunity to reevaluate sourcing and production. One such solution is to consider a more regional approach going forward, something others have called friendshoring, others still are considering nearshoring. He also expects global supply chain reconfiguration to last through 2025 to 2030. Geopolitical instability, including the Russian invasion of Ukraine, haven’t helped to say the least. And, since future conflicts are possible, that will mean even more disruption.

How should companies fix the problem?

In the short-run, collaboration between supply chain partners is the practical way to get through the crisis. This includes finding alternative sources or transportation routes that may be more expensive but can deliver goods to their final destination.

On a medium-term basis, the disruption has created an opportunity for reevaluation after 30 years of globalization. For instance, companies might want to take a more local and regional approach in the future that would build more resilience into their supply chains and reduce emissions. Some businesses are already reconfiguring their supply chains, moving sourcing and production closer to the final destination market.

There is a lot more at the article. Have a look.