As one gets wound up for the future of manufacturing, they need to slow down and look at the challenges coming their way. By understanding the business and monetary factors that impact companies can help them prepare better.
FREMONT, CA: Every year brings a stage of manifestation, where one can reflect on the path that the previous year took them on. Reflection offers an opportunity to learn and enhance and broadens beyond just an individual—to industries and firms.
The manufacturing industry is entering the new decade in a different state than when it entered the last. The sector is no longer shaking off the consequences of the recession, but it is still grappling with the financial uncertainty that comes with novel trade deals and tariffs.
Additionally, there is also the need to keep speed with the ever-increasing pace of technological change. Industry 4.0 and its implementation have begun to pick up steam, and the deployment of digitization will only see a rise. On the contrary, advanced 3D printing, artificial intelligence, advanced robotics, and smart factories are becoming commonplace in the manufacturing industry, underlining a deepening need for robust cybersecurity.
As one gets wound up for the future of manufacturing, they need to slow down and look at the challenges coming their way. By understanding the business and monetary factors that impact companies can help them prepare better. The prioritization of challenges has made the industry reconcile the adoption of technological advancements and workforce shortages. Some of the issues like continuous improvement have been consistent, while others have become ever more important over time.
The most notable changes focus on the matter of employee recruitment and retention. Over the past decade, the share of firms reporting this as a difficulty has more than doubled and is now the second most regularly reported hurdle firms are facing.
A few other shifts have also occurred, including:
· Ongoing continuous enhancement and the cost reduction issues.
· Recognizing growth opportunities.
· Technology demands, along with managing partners and suppliers.
· Sustainability and financing.