What is the global chip shortage? How can your business manage during this crisis? When is the chip shortage predicted to end? These questions and more are answered in this cheat sheet.

Image: Shutterstock/Titolino

Nearly every digital electronic device today is powered by semiconductors, which contain silicon and are critical for creating integrated circuits, also referred to as microchips. Cars use ICs for things like digital displays, entertainment systems and more complex features like assisted parking.

Semiconductor chips are also used in everyday appliances; they enable advances in computing, communications and applications used by nearly every industry.

Previously, computers were made of tubes and dials, which were not only fragile but required a lot of electricity. Tubes were eventually replaced by semiconductor chips, which are faster, cheaper and more efficient.

What is the global chip shortage?

Since anything that needs to compute or process information contains a chip, they are extremely important in our lives. And because demand for ICs is greater than the supply, there is a global shortage of them.

The rapid acceleration of the Internet of Things was one of the culprits even before the COVID-19 pandemic and “forever moves semiconductors ahead of oil as the world’s key commodity input for…

Read more…