Manufacturers are natural adapters. When anything goes wrong, they discover workarounds or devise new solutions. However, Covid-19 provided the ideal setting for this inventiveness to shine. Let’s take the example of soup. Soup demand increased when the Coronavirus struck, as did most other canned food products. In response to consumer demand, a large soup manufacturer reduced the amount of soup in each can by nearly half. This allowed them to deliver 10% to 15% more cases at a time when grocery retailers required more merchandise.
Other manufacturers that saw a drop in demand had to respond with various innovations to stay in business. However, while the manufacturing industry displayed creativity, it is also clear that this sector has altered permanently due to the experience. With that in mind, here’s what the future of the manufacturing industry looks like.
Manufactures Will Find Meaning in Big Data
Big Data is more significant than ever, thanks to continued interest in IIoT, a rising emphasis on predictive resolution, and an industry-wide trend toward Product as a Service. Manufacturers can now gather and analyze data in ways that offer them a holistic picture of their business, thanks to the capacity to collect data from an ever-increasing number of sources.
The manufacturing industry can use these insights to make better data-driven decisions about sourcing, production, delivery, cost reduction, etc. As a result, they can better support their company’s growth rate goal and drive outcomes. Furthermore, they can better understand what went wrong and modify their strategies accordingly if they fail. In this regard, 2023 will be about getting beyond Big Data visibility and instead understanding the purpose and advantages of Big Data.
IoT Will Still Be a Big Thing
Because of new and developing use cases, industrial IoT (IIoT), which relates to the expansion of IoT to industrial applications, is still a prominent manufacturing industry trend for 2023.
The Internet of Things (IoT), which involves the interconnection of unique devices within an existing internet infrastructure, has enabled the manufacturing industry to make informed, strategic decisions based on real-time data and achieve a wide range of goals such as product innovation, improved safety, increased efficiency, cost reduction, and more.
The Remote Workforce Will Continue to Stay at Home
The manufacturing industry realized that lowering costs was critical during the peak of Covid-19. Those who had to reduce output used cost minimization to guarantee viability during the shutdowns. For those that saw increasing demand, cost-cutting enabled additional resources to be directed toward meeting production demands. And one cost-cutting strategy employed by manufacturers? By utilizing remote work wherever possible!
With many employees enjoying the work-from-home lifestyle, businesses anticipate a hybrid model, with some days in the office and others at home. This trend also parallels developments in non-manufacturing occupations, as many industries have migrated to more remote positions for professions that do not require an office to be successful.
While the card might be stacked against the manufacturing industry, we believe 2023 will continue bringing creativity and innovation. Manufacturing companies will drive optimal business outcomes, pursue ambitious growth plans, and will continue to defy the odds to maintain their position in the market!