The Reshoring Initiative celebrated its first year of incorporation on September 17. Noting that the number of companies and organizations that support its mission has more than doubled in the past 18 months, the Initiative says it has attracted significant national attention to its efforts to bring manufacturing jobs back to the United States.
At the heart of the Initiative is the Total Cost of Ownership Estimator Tool, which helps users determine the total cost of offshoring by accounting for and understanding costs such as inventory-carrying, shipping, intellectual property risks and more. According to the Initiative, data gathered from more than 400 users of this tool show that 25 percent more work could come back to the United States if companies used TCO for source decisions rather than price; that approximately 50,000 manufacturing jobs are already being reshored; and that universal use of TCO would bring back 500,000 total manufacturing jobs. “While we have spread the word, from meeting with President Obama to providing tools for hundreds of users, the biggest challenge remains: to encourage more large companies to use TCO instead of price for sourcing decisions,” says founder Harry Moser.
The organization’s newest tool is the Reshoring Case Study template, which is designed to make it easy for manufacturers, technology suppliers and distributors to report cases of reshoring. These cases are then posted on multiple sites to accelerate the visibility of the reshoring trend.
For more information, visit reshorenow.org.