Virus outbreaks. Labor challenges. Geopolitical uncertainties. The COVID-19 pandemic. They’ve all fueled the global chip shortage, as you’ve probably already heard. It’s an issue affecting so many industries and workers.
Massive consumer spending has created a big need for chips (semiconductors). Connected devices in all industries are pushing demand for chips including the growth of the Internet of Things (IoT) and 5G, smartphones, and the electrification of the automotive industry (among other manufacturing and transportation industries that depend on chips for their processes).
This demand has strained and disrupted the supply chain capacity of chips. The result? 5% to 15% higher chip prices and increased shortages and costs of raw materials, say experts.
Manufacturers (like Intel & TSMC) have invested billions of dollars into constructing new microchip fab plants. But most facilities won’t be ready for production until 2023 or later.
I have clients who are affected by the chip shortage. Helping them to rethink their business strategies and renew their short and long-term vision has been of great support, especially when the chips are down.
