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Business leaders, economists and politicians around the world have spent a lot of time searching for ways to solve supply chain disruptions that are hampering growth and prosperity for corporations and consumers alike. Some business experts, such as Harry G. Broadman of the Berkeley Research Group, contend that these disruptions predate the COVID-19 pandemic.

In a survey of 2,000 global CEOs that was released this past January, professional-services company EY reported that 87% of respondents have witnessed significant price increases for labor, energy and raw materials since the onset of the pandemic. One in five executives said that the pandemic had “fundamentally reshaped our industry for the worse” while 79% had adjusted their supply chain operations to reduce costs, manage geopolitical risks or strengthen business resiliency.