A good friend, former colleague and mentor would often say that “if necessity is the mother of invention, then crisis is the mother of transformation.” The Great Depression of the early 1930s gave rise to Roosevelt’s New Deal. A string of high-profile corporate scandals in the early 2000s beget the Sarbanes-Oxley Act, a U.S. law established to protect investors and the public.
In light of the COVID-19 crisis, we have witnessed how the manufacturing processes that were once deemed customer-centric and productivity-enhancing have revealed their vulnerabilities. The surge in demand following the pandemic-induced shutdowns has far surpassed our production capacity and strained our logistics networks, resulting in unprecedented inflation not witnessed in four decades. As a result, the United States has enacted several legislative measures to allocate over $2 trillion towards economic competitiveness, innovation, and industrial productivity.