We hear from our partners what their customers deem to be challenges in manufacturing and now Manufacturing Business Technology (MBT), a digital magazine providing the latest news, and products relating to manufacturing and supply chain management, shares what they are hearing about manufacturing challenges and their numerous industry resources.
To give some perspective on the manufacturing landscape, this industry is set to reach $944.6 billion by 2030. “Such an ever-evolving industry demands manufacturing businesses to maintain efficiency, productivity, and profitability while delivering high-quality products.”
Challenge #1- Inventory Control
Inventory control issues arise from a multitude of areas: inefficient raw materials management, work-in-progress and finished goods. These issues can lead to out-of-stocks, overstock, and impact production efficiency.
The solution for this is to implement technology integration for inventory control enabling the business to monitor inventory and reduce operating costs. From barcode scanning to inventory management software, companies can ensure the right mix of inventory is available at the right time and at the right levels.
Challenge #2- Stalled Industry 4.0 Efforts
The need for skilled labor and other technological factors contributes to the difficulty of many manufacturers to evolve to Industry 4.0 which is the significant transformation in the way we produce products due to the digitalization of manufacturing. What does this mean? It means that manufacturers may need more support and may spend more money to implement cutting-edge technology. “A Deloitte survey had 72% of executives expressing the continuous scarcity of essential resources and the sustained interruptions in supply chains as a great unpredictability factor.”
The solution is to push forward with innovation. In the end, technological advances will help maximize your investment returns.
Challenge #3- Supply Chains
Technology or the lack thereof, creeps into issues in the supply chain as well. Weak standard operating procedures and a clear plan of action can affect suppliers, producers, distributors, and consumers. Manufacturers that don’t adopt a technology-based approach can be sure to experience limited visibility, inefficient processes, and difficulty adapting to disruptions.
The solution is tech-enabled solutions like AI and machine learning. With the amount of data that is generated in the manufacturing industry and on the production floor, manufacturers can overcome many of the supply chain issues they face and optimize operations.
Pragmatyxs has worked closely with many manufacturers to hone their labeling solution which plays into their overall operations and we can ensure the solution is one that works for your business and product.