Off-shoring began in the 1990s as a way to tap into the advantages of lower-wage workers in developing nations in order to minimize production costs. Obviously, for lots of products, low labor costs still provide a decisive competitive advantage. However, wages are steadily rising, while energy economics are rapidly evolving, reframing manufacturers’ strategic options. To adapt, today’s manufacturing strategies need to emphasize proximity to demand. McKinsey & Company refers to this as next-shoring. What are the economic forces and technologies driving this shift? What are the implications for corporations, nations, and individuals? We’ll provide the answers you need.
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