COVID-19 five times more disruptive to supply chains than cyberattacks
Six out of ten businesses target geographic diversification of supply chains to build resilience.
According to the Supply Chain Resilience Report 2020 from 3D Hubs, cybersecurity issues have affected less than 10 percent of firms over the past 10 years, compared to 60 percent that have suffered directly as a result of COVID-19 disruption.
In 2020, the pandemic has emerged as the most potent threat to economic growth, more than trade sanctions, natural disasters and cyberattacks combined. Over 96 percent of global companies are now planning to take measures to boost the resilience of their manufacturing supply chains. However, more than half (52 percent) admit they are yet to embark on that journey. As businesses develop long term strategies, over 59 percent of companies say geographic diversification of their supply chains is the most effective way of building resilience.
The 3D Hubs Supply Chain Resilience Report 2020 includes insights from an industry survey of 1,281 professionals, its own database of 36,000+ companies, and 240 global manufacturing partners.
Key findings include:
- Around 72 percent of companies have experienced external disruptions to their manufacturing supply chain over the last 10 years. Pandemics, natural disasters and trade wars are the most common disruptive events. Despite being a major concern for many companies, less than 10 percent have experienced disruptions due to cybersecurity issues.
- The COVID-19 pandemic has been the single biggest disruptive event of the past decade, causing major volatility on both manufacturing supply and demand. Around 60 percent of all companies report the Novel Coronavirus directly disrupting their manufacturing supply chain.
- Following the outbreak of COVID-19, over 96 percent of companies believe measures should be taken to avoid future supply disruptions, but only about half (48 percent) have done so to date.
- Over 59 percent of companies believe that geographically diversifying their manufacturing supply is the best way to prevent future disruptions. Creating more autonomy by investing in automation and developing more transparency throughout the supply chain can also help companies build resilience.
For more information, please visit https://www.3dhubs.com/get/supply-chain-resilience-report/
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
