With the help of advent technologies and lean manufacturing processes combined with a strengthening economy, the manufacturing sector is overcoming the challenges.
FREMONT, CA: The manufacturing sector is an essential sector to both current and emerging markets. The industry is facing several challenges and still expected to grow in the next few years. Companies are adopting modern technologies because avoiding technology is not an excellent move to face and overcome challenges.
Here are the biggest challenges faced by the manufacturing sector today:
• Staff Shortages
As per a new study, around 4.6 million manufacturing jobs will become available over the next decade in the United States, while nearly 2.4 million of these are expected to go unfilled. In this way, over 50 percent of jobs will become vacant. Approximately only 50 percent of manufacturers had implemented better automation as a way of handling this crisis in human skills availability. Others had invested in better ways to recruit and retain staff and boost the effectiveness of onboarding to ensure retention.
The need for businesses to increase the value of the products they produce and add further automation to drive down costs is being highlighted. A recent Forbes survey suggested that a large majority (90 percent) of businesses recognize the importance of equipping workers with the best technologies to fulfill their roles, and only36 percent of executives believe they are meeting these obligations. With 43 percent of respondents, the potential automation of workforce tasks is highlighted as a positive opportunity. It is the highest segment believing it empowers workers and allows them to focus on ‘higher-value activities. Almost all the manufacturing companies are facing similar challenges like spiraling costs, increasing infrastructural complexity and difficulty in changing or updating vital processes, agile applications that automate complex, manual processes and span your current IT systems to improve efficiency across the organization can give you the competitive edge you need.
• Global Competition
Nowadays, the number of outlets for manufacturers has increased, which they can use to take their products to market, and it is due to the rise of the internet as a way to do business. It also allows competitors to offer their products in a country without the need for any setup costs or logistics aside from a delivery mechanism. In some cases, the global competitiveness of manufacturing companies in much of Europe is expected to be static at best may, and I some it may fall this year. If something not done to reverse that trend, then European manufacturers will continue to lose out to the increasingly aggressive economies of China and the U.S.