Will 2014 be the Year of Reshoring Procurement?

Over the past couple of years something that has become known as “reshoring” has been getting an increasing amount of attention. In these uncertain economic times with rising costs overseas including fuel and transportation costs, more US companies are considering or planning to bring jobs back into the US. This process has many advantages such as reducing inventories, reducing lead times, improving quality, speeding up all processes, but until recently the increased cost was not worth it in the long run. That is what prompted manufucaturing, service, call centers, and IT jobs to move to overseas. But as the winds change and the total cost for these functions and goods becomes the same or even less by moving the jobs back into the US, many experts believe that this year will see a migration of these jobs from China, Vietnam, and the Phillipines returning to the United States. Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. According to a recent study they predict a full one third of US business will move jobs back into the US this year. The results of this survey are shown in this infographic they created. of U.S. businesses will move goods and services work back to the U.S. over the next 12 months. See more at: http://www.grantthornton.com/issues/library/survey-reports/manufacturing/2013/11-reshoring-infographic.aspx#sthash.dWIMjCWI.dpuf