While some manufacturers are forced to temporarily change their strategies, others need to focus on the things they do best. Industrial companies can better serve their customers and ensure their workers’ safety.
You can be a thoughtful manager of your people and resources.It is crucial to use data to make extraordinary decisions. Overall, a strategy that properly leverages data to aid in decision-making is key.
It is certain that current economic conditions will have an impact on a few areas of manufacturing. It’s now more important than ever toProfit from the power of datato be able to accurately inform ourselves about what’s going on and, more importantly, to make decisions that will help shape and rebuild an industry that is more resilient and sustainable for the future.
These are the key points to remember:
- Current production and capacity are back toStrength pre-COVID. The most important changes are to budgets, staffing, and contingency planning: it is more critical than ever to manage cash flow.
- Risk assessment is essential to ensure you are able to manage and survive a disruption this size. This includes looking for failure points, as well as implementing a continuous improvement plan. As long as everyone is aware of the risks, this crisis will help speed up the reorganization.
- Automation, Industry 4.0 and virtual manufacturing.During this extraordinary time, they are paying off. Shops are now able to see the true potential of their machines and how they can make people more productive with what they have. Any manufacturer can use this crisis to reflect on their data collection and analysis. It is also a great opportunity to reflect on your work without feeling rushed when shops are back in full production.
- Manufacturers must upskill their workforce and increase their skills. Profit margin is determined by the revenue per employee.What is the maximum amount of production a manufacturer can get from each employee?How can I get the best out of my employees and organize my business? Implementing a continuous improvement program is one example.
Despite the lack of digitization, manufacturing is still the largest industry worldwide. However, it is still estimated to be the largest industry in the world.60% of global manufacturing companies plan to use connected device data as part of their analysisIn the next year, this is evidence that IoT has already caused unprecedented disruption in an industry known for its slow adoption of technology.
This is the access toData can transform traditional manufacturing operationstransform supply chains into more resilient, sustainable and dynamic interconnected systems. Data-driven technology is of vital importance in this era. Manufacturers are looking for any advantage they can to stay competitive in an increasingly globalized manufacturing environment.
Progress is made when people from all walks and backgrounds come together to work for the common good.Positive change.