With ESG and cybersecurity at the top of company agendas, the manufacturing industry is tackling a handful of new challenges.
Despite facing challenges around labor shortages and supply chain stability in the last few years, firms in the manufacturing industry are bouncing back, transforming potential risks into reward and revenue. And while COVID-19 created layers of complexities for organizations in the space, disrupting production, transportation and demand, amongst other things, it’s also accelerated the adoption of numerous trends that are likely to revolutionize the industry. This includes digitalization, data monetization, Internet of Things (IoT) enabled models such as Equipment as a Service (EaaS), ESG partnerships, and the movement towards and beyond Industry 4.0.
Despite these transitions satisfying a range of demands, behaviors and wants for both customers and suppliers, organizations must also be careful to not move too quickly. As we continue to emerge from the pandemic, further turbulence and disruption poses risks to the industry. Firms must stay reactive, responsive and agile if they want to remain competitive and ahead of the game. Our team of experts can help you get there. Get in touch to find out more.