Top 3 Challenges in the Manufacturing Industry
What do your peers think about Manufacturing Industry?
Even if the manufacturing industry is extremely wide and the variety of manufactured products can touch many other industries, there are some challenges in common. Manufacturing professionals attest that cost pressure can be a big issue to resolve, along with labor shortage and a raising number of precautions to take in order to avoid security risks.
Manufacturing Top 3 peer Challenges
The constantly increase of material prices in recent years has turned the analysis and prediction into a very complicated assignment.
With insufficient qualified employees to fill the market-place demands, it becomes difficult to assure an internal efficiency. In some particular countries, the lack of engineers and technicians can be the major problem.
Manufacturing process requires a high level of precautions that can be difficult to handle, mostly in an industry that is strictly regulated by governments.
- Reducing production times
Research-based trends and short-term forecast
According to the Global Manufacturing Outlook published by KPMG, looking for efficiency in innovation, research and development will be one of the main concerns for the next years. To succeed, a manufacturing company will have to look forward the product innovation, and start thinking in a whole business model renovation (KPMG).
In economic terms, the challenge will be even more difficult. Global manufacturing growth continued to decelerate in the first months of 2016 and the manufacturing industry will have to affront a difficult period of uncertainty. The last NAM manufacturers’ Outlook Survey has shown that this decline has had negative impacts in on company’s export sales (NAM).
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