Mfg Trends in 2022 – Part 1 of 4
This year has proven to be both dynamic and disruptive for the manufacturing industry and 2022 shows no sign of slowing down. Manufacturing companies are needed in the U.S. economy. Successful manufacturing companies have many challenges to meet our increasing demand for goods. Part 1 of Mfg. trends in 2022 will show that precision, efficiency and labor is crucial. And, when it comes to delivering these transformational shifts, leveraging the potential of analytics and AI is critical.
Labor Statistics
According to the U.S. Bureau of Labor Statistics, manufacturing is projected to shed over half a million jobs between 2012-2022. This 0.5% decline is still slower than the 2.4% rate of the previous decade.
Continuing into 2022, we may continue to see manufacturing companies shed jobs. At the same time, consumer expectations remain as high as ever. So, manufacturers will have to develop workarounds to satisfy those consumer demands.
Distribution and Transport Costs
Manufacturing companies are dealing with distribution delays, particularly for international supply chain networks. According to Bloomberg, the cost of transporting a container from Asia to Europe has risen tenfold since 2020.
Lean Strategies
Lean manufacturing strategies is nothing new and remains at the center of manufacturing companies’ priorities. It is important to further reduce machine downtime, streamline processes, reduce waste, and optimize inventory management. This will help to reduce operating expenses and will have a higher efficiency. Automation and AI-driven is also playing a growing role for optimization in manufacturing. More and more, these methods are developed in combination with Industry 4.0 practices.
Supply Chain
Supply chain constraints from the global pandemic has been a major headwind to the manufacturing sector’s recovery. In fact, shipping bottlenecks and labor shortages have caused increased procurement delays or outright supply shortages. This, in turn, translates into factory disruptions and higher inflation across many product categories such as household goods, electronics, automobiles, etc.
Sustainability and ESG – PART 2
We will learn more about:
- What exactly is ESG and what it means to manufacturing
- Reducing overall energy consumption
- Stricter emissions and targets
- Employee retention; even in a labor shortage
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