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Now is the best time to Improve, Accelerate Profits in 2023

  • By faber
  • November 30, 2022

Amidst the current challenges, are you the one that is looking for good times to approach?

The manufacturing sector continues to outperform forecasts from previous years despite supply constraints, labour shortage, and unstable economic climate. Leaders must take advantage of digital technologies, incorporate efforts for future-oriented strategies, and promote supply chain resilience in order to sustain this growth. 

A robust strategy is necessary to compete in the current marketplace; therefore, the best time to start your improvement journey is by planning. Despite recent highs in both overall demand and production capacity, there are signs that they might not be as favourable in the near future. 

Concerns about inflation and the state of the economy are currently present in the manufacturing sector. Manufacturers are also still struggling with the issue of finding qualified staffs, which could slow the industry’s expansion. In addition, in 2023, it is likely that problems with the supply chain, such as bottlenecks in sourcing, backlogs in global logistics, increases in costs, and security concerns, will continue to be significant barriers. Significant trends for the industry leaders to consider in increasing the potential of manufacturing in the upcoming year with their approach are:

1. Making your operations efficient – waste free for paving way for Industry 4.0:

Over the past few years, manufacturers have enhanced their digital transformation investment and set in motion the deployment of futuristic work practices/ technologies. However, considering the situation of white swan events like the pandemic, global conflicts, broken supply chains and others, organizations need to demonstrate greater operational resilience and agility. The required agility can be developed with continued efforts in robust Manufacturing Excellence Systems & Methods.  

2. Using a variety of skill building & talent management techniques to cut down on discretionary shakeups:

In 2023, most manufacturers anticipate that acknowledging the high unemployment rate and workforce attrition amid changing technical abilities or approaches will continue to be a key priority. Jobs available in the sector are still close to all-time highs despite a record number of new hires. Operational effectiveness, higher productivity and quick skill building tools can reduce the ongoing labour shortage, which is being made worse by supply chain constraints. Manufacturers are pursuing several strategies to improve their strategy for talent retention and upskilling. The classic tool of TWI is what the doctors prescribe in the current state.  

 

3. Adapting to proven mitigation techniques with improved strategies for achieving supply assurance:

 According to the study, the industry faces the greatest uncertainty even in the upcoming year due to the ongoing supply chain disruptions and the enduring scarcity of essential materials. Manufacturers are reducing these risks by utilizing digital technology more frequently as well as established methods and enhanced supply chain models to strengthen the supply chains. 

NOW is the BEST time to accomplish these key pointers! Industry leaders were rebuilding in 2022, while planning strategies to combat the shortcomings and aiming for growth. To leverage the current possibilities, optimize the available resources. Manufacturing leaders must put their best efforts to capitalize on their strengths and supercharge productivity. 

Reach out to team Faber Infinite to put your business on Infinite Road in 2023. Use cases on the above 3 points available on request.  

 

Written by Faber Aleena Thomas