When a major supply chain disruption happens-either a long-term event like that unleashed by the COVID-19 pandemic, or a short-term incident like the recent blockage of the Suez Canal by a 1,300-foot-long container ship-it's a stark reminder that supply chain resiliency is essential for companies to survive and grow. Supply chain havoc can drive companies to generate revenue through short-term pivots, new product development or new business partnerships.

Remaining competitive, let alone surviving, requires midsize companies to closely consider key strategies product rationalization, product mix, nearshoring and costing insights to help transform their businesses to sustain and grow.