Challenges Facing Manufacturers
Even beyond the challenges of COVD-19, the manufacturing industry has witnessed some major shifts that brought some perplexing challenges. In 2019, the global trade war caused the manufacturing growth to slow down to a level that had not been seen in decades. In addition to recovering from COVID-19 shutdowns and restrictions, manufacturers need to be proactive to battle other issues. Let’s start by understanding these challenges.
The Effects of the Trade War
The trade wars caused the profit margins to become narrower. The competition has taken a global face and so, manufacturers need to focus on the use of advanced technologies and creative talent to stay on top of the competition. Also, this year is an election year, which further adds to the uncertainty. Manufacturers should consider avoiding capital expenditures and hiring new talent until they know what these impacts will have on the manufacturing industry.
The skills gap continues to grow in the manufacturing industry. The gap between available positions and the number of skilled workers is growing, calling for manufacturers to conduct skills training for existing workers and use creative strategies to attract new talent.
From cloud computing to robotics, new technology is taking over the manufacturing world. Manufacturers are finding it challenging to keep up with the rapid growth of technology and provide the best tools for bottom-line success. The focus should be on choosing useful technologies to simplify business processes and promote overall growth.