As the manufacturing industry continues to face challenges due to the emergence of new supply chain models, such as direct-to-consumer and in-sourcing, it’s becoming more critical that organizations rethink their software ecosystem. This blog contains the various trends affecting the manufacturing industry in 2023.
Demand for Better Work Conditions
Due to the current state of the economy, many people are looking for better work conditions in manufacturing. This is why many companies are implementing new programs and policies to improve their employee experience. These include higher pay, flexible work hours, and wellness programs. Besides attracting new talent, these programs aim to retain the existing workforce and improve employees’ work-life balance.
Industrial IoT Visibility
The Industrial Internet of Things (IIoT) will be a leading technology trend for the next few years. Due to the emergence and evolution of new use cases, IoT is expected to continue to be a significant factor in the manufacturing industry.
Through the IIoT, manufacturers can make informed decisions and improve efficiency by monitoring and controlling their devices. This technology has allowed them to achieve various goals, such as reducing costs and enhancing safety.
The Arrival of Predictive Resolution
In the early stages, manufacturers are starting to adopt predictive resolution, which is a process that involves analyzing and resolving issues related to equipment performance. This concept goes beyond traditional predictive maintenance and provides technicians with a deeper understanding of the root cause of their problems.
Predictive resolution can improve the efficiency of a manufacturing facility by allowing technicians to identify and resolve issues on the first try. It can also help reduce costs and improve the first-time fix rate.
Supply Chain Solutions
Due to the increasing number of companies choosing to outsource their fulfillment needs, some manufacturers are also choosing to acquire logistics firms instead of relying on third-party providers. This eliminates the need for them to spend a lot of money on maintaining and improving their supply chain.
The traditional multi-channel sales model is also starting to shift. Instead of having a multi-level distribution channel, manufacturers are now focusing on a direct-to-consumer model. This eliminates the middleman and allows them to control their pricing and brand image.