Chicago, Illinois – The Reshoring Initiative, an organization dedicated to bringing manufacturing jobs back to the United States, has launched an economic development solution that can be used by regional, state, and local agencies to identify opportunities to attract production facilities and promote sourcing from existing businesses in their areas.
The solution offers a combination of U.S. trade data from Datamyne to research offshore supply chains and Total Cost of Ownership Estimator software from the Reshoring Initiative to evaluate the competitiveness of local sourcing alternatives.
Economic development programs in Mississippi, Pennsylvania, and Central New York state are currently implementing the Reshoring Initiative solution.
Harry Moser, founder and president of the Reshoring Initiative, says the new solution for economic development “is aimed at shifting collective thinking among manufacturers from ‘offshoring is cheaper’ to ‘local reduces the total cost of ownership’.”
“U.S. manufacturers’ products are 30% to 40% more price competitive in domestic markets than in offshore export markets,” he continues. “With this solution, companies, government, and economic developers can collect the data and do the analysis they need to identify and benefit from this advantage.”
The Datamyne trade data provides descriptions of the products being shipped in volumes, the values of shipments as well as the names and addresses of the companies shipping and receiving the imports. Datamyne U.S. import trade data can be filtered by port of entry, customs district, importer’s state, city, or zip code.
“Datamyne offers clear visibility into the operation of cross-border supply chains,” says Mark Condon of Datamyne. “Most important, our data covers the essential details of the businesses that make up these chains, including executive contact information.”
With the data-driven research on the offshore supply chains that feed their locales, economic development agencies can identify businesses that might profit from closer sources of supply. Using the Reshoring Initiative’s Total Cost of Ownership Estimator software, they can work with businesses to evaluate whether local alternatives are competitively priced or offer savings over offshore suppliers.
“We are eager to share our solution with economic development agencies, chambers of commerce, and local governments,” adds Moser, who invites developers and manufacturers to review the details of the solution at http://reshorenow.blogspot.com/2014/08/the-reshoring-initiatives-economic.html#more and use the Total Cost of Ownership Estimator for free.
Source: Reshoring Initiative