Supply chains need to change to meet today’s challenges. This was the view of over 80% of the 300 consumer products and retail (CPR) organizations we surveyed during our research. Organizations are currently re-examining supply chain strategy to increase both resilience and efficiency. DIVERSIFICATION OF SUPPLIER BASE IS A STRONG TREND.Almost 79% of organizations we surveyed told us they are actively diversifying their supplier base. They are no longer willing to keep all their eggs in one basket. “NEARSHORING” AND “FRIEND-SHORING” ARE ON THE INCREASE. Offshore procurement is expected to decline by 7% in dollar value over the next two years as nearshoring grows in popularity. Currently, 83% of the organizations we surveyed are actively investing in friend-shoring (the trade practice where supply chain networks are focused on countries regarded as political and economic allies). North America is leading this trend, as stronger trade ties emerge between the US, Canada, and Mexico in line with the US–Mexico–Canada Agreement (USMCA). The US is also beginning to talk about friend-shoring with countries such as India. COST EFFICIENCIES MATTER AGAIN.As well as boosting resilience through strategic sourcing, organizations are looking into cost efficiencies again. Cost optimization was the priority pre-pandemic but took a back seat as competing priorities emerged in 2020. It is back on the agenda in response to today’s turbulent macro-economic conditions and consequent market and supply chain volatility. As economic recovery begins, organizations are prioritizing both volume and value growth in two ways: new customer acquisition and increasing realization per consumer