What Does the Global Chip Shortage Mean for Your Business?

For the past couple of years, the IT world has been struggling with a huge shortage of chips. But it’s not just tech businesses that are feeling the impact. By now we’ve all heard about the global chip shortage. These days pretty much everything needs a chip – not just laptops and desktops, but also many of the things we use every day, such as our cars and household appliances (even your refrigerator has them). It’s hard to find an electronic device that doesn’t need a chip. But there just aren’t enough chips being made for all the devices that need them, and the shortage has the potential to disrupt our modern lives. Here is an interesting article about how it is affecting the economy by ABC.

It started during the pandemic as production fell while demand went up. Other events since have made it worse, including extreme weather, the Ukraine war, and a factory fire. Increasing chip production isn’t easy. It can take years to build a new factory due to the unique production demands. Of course, we may think that all of this is someone else’s problem. But could it affect your business? In a word – yes. So what does this actually mean for your business? It means you need to plan ahead more.

Some of the technology you need to run your business may be in short supply and not available quickly. For example, getting large numbers of the same laptop might be difficult, compared to getting just 2 or 3. And some of the essential devices you rarely think about as they are more “behind the scenes”, such as network switches, are currently much harder to obtain because of the Global Chip Shortage.

Industry experts expect the shortage to last into next year or even longer. In order to drive your business toward increased growth, it’s necessary to plan ahead more than ever before. So start planning ahead by talking with an expert technology partner like Merit Technologies. We can help by checking your growth plans and advising what you might need to order and when. The earlier you start discussing it, the better. Let’s Talk.

Published with permission from Your Tech Updates.

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