2020 Manufacturing Update
With the continued risk for disruption from the COVID-19 pandemic, looking at the top trends for the industrial market in 2020 can help prepare manufacturers. The following are three of the top trends.
As the global supply chain becomes more complicated and uncertain, the growth in working with local, small-scale manufacturing suppliers will continue. The benefits of assembling and packaging products near the final destination include minimizing delivery costs and reducing lead times. Additionally, OEMs may see an improvement in responsiveness.
Flexible & Responsive Suppliers
With volatile conditions in the industrial world means suppliers need to be flexible enough to respond to new demands. The ability to lower lead times and production cycles will reduce stock and inbound and outbound delivery times.
More Tech for Suppliers
Complex market conditions and higher customer demands are more and more forcing manufacturers to depend on digitization and new technology. Technology like AI and machine learning will grow in importance in the supply chain. These technologies offer real-time data streams that could help reduce waste and improve data collection leading to better margins and improved analytics.