In 2022, we find that the impact of the supply shortages for electronic parts, including, MLCC, semiconductor devices, and chips, has grown exponentially, given the growing demand for digital products and services across verticals. While the prioritization of replacements and alternates has helped alleviate some of the challenges, the question remains as to how we approach the current shortages in highly regulated industries, like medical devices. With the supply disruptions projected to continue well into 2023, how should these organizations handle the scenario?
What should organizations do to minimize the impact of similar disruptions in future? At a glance, this might look like a purely supply chain challenge, to be addressed through a more robust and agile framework. However, the need of the hour is for a more holistic view. I feel that engineering, driven by sustained research and development, will play a significant role here by transforming our current approach to how products are designed and manufactured – making them resilient to potential supply shocks. A smarter design approach, covering both new product development and existing offerings, would be the key to continued business success.
This can be structured around a twin-pronged strategy, involving