Manufacturing Trends 2023
Manufacturing trends 2023 will show despite supply chain challenges, labor shortages and an uncertain economic environment, the manufacturing industry continues to surpass the expectations of previous years. But to maintain this growth, they will need to use digital technologies, adopt strategies, and drive supply chain resiliency.
The manufacturing industry has demonstrated continued strength in 2022. They are building on the momentum from the pandemic and surpassing expectations from the past two years. Even though overall demand and production capacity have hit recent highs, the outlook may not be as bright. The manufacturing industry is experiencing concerns related to inflation and economic uncertainty.
Supply Chain Challenges
Supply chain challenges, to include sourcing bottlenecks, global logistics backlogs, cost pressures, and cyberattacks will likely remain critical challenges in 2023. Manufacturers will need to look beyond the leading disruptions and may need to revamp their approach for 2023.
Product as a Service, also known as Servitization (PaaS). It is a business model where manufacturers lease (not sell) equipment to customers and offer a list of subscription based value-added services. The benefit is only paying for what you need. Gaining additional support from OEMs and accessing a new array of value-added services, helping to optimize operations.
Predictive maintenance uses data analysis to identify anomalies in equipment performance and determines their root cause. Increasing the chance that an issue is addressed and corrected on the first try. As a result, this enables manufacturers to enhance equipment efficiency, reduce costs, and improve their first-time fix rate.
Supply Chain Challenges
With the difficulty in rising inflation, freight costs, driver and labor shortages, the outlook is not encouraging. Some manufacturers are eliminating the middleman and acquiring logistics companies or even developing their own in-house logistics operations. This gives greater supply chain visibility and higher quality control, as well as reductions in shipping costs and time due to more streamlined logistics networks.
Manufactures have always found ways to innovate. And 2023 will be no different and they will defy the odds. Aggressively pursuing their growth strategies to reach company goals.
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