Key Factors Influencing Manufacturing Industry
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Key Factors Influencing Manufacturing Industry

By Manufacturing Technology Insights | Tuesday, February 05, 2019

factors influencing manufacturing industryToday’s manufacturing industry has been using sophisticated technologies to become highly connected, intelligent and productive industry. The swarms of hardworking human workers are now tech-savvy workforce aided with intelligent robots and technology, creating products and services of the future.

In 2019, businesses might face pressure to meet changing customer demands and provide faster fulfillment and greater transparency to survive. To do this, manufacturers will have to integrate their IT and OT systems.

Some key factors which are going to affect manufacturing industries are

Increasing interest rates

Many manufacturers are facing challenges such as severe backorders, over-utilized equipment, and outdated IT infrastructure. Recent interest rate hikes have hampered industries from procuring loans to finance capital expenditures, putting their ability to maintain growth at risk.

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Decreasing workforce

Growing low unemployment rate, increasing minimum wages, and dislike to manufacturing jobs among younger generations are just a few factors that have resulted in a severe shortage of qualified workforce. Manufacturing firms are unable to retain productive employees as manufacturing is not considered as a long-term career. Manufacturing firms are now investing to enhance employee experience, flex benefits, and workplace culture.

Technology

The manufacturing industry is becoming smarter with Technologies like with IoT, AI, machine learning and data analytics. With improved sensors and rollout of 5G connectivity, industries are able to manage voluminous data, generating insights and solutions that provide manufacturers responsiveness and improve efficiency.

Direct university recruitment

Previously recruitment from the university was limited. In 2019, the relationship between industry and universities will continue to strengthen as both sides dependent on each to increase of the other to enhance their own offerings and understanding of the theoretical and practical applications of new technologies.

Cybersecurity

With the adoption of advanced technology for real-time solutions, companies have become more digital, and they will be ever more exposed to cybercriminals. Companies should balance the need for security with the need to be able to innovate.

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