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The future of work in this growing industry is appealing but comes with challenges. The manufacturing industry requires reflection, forethought, and intentional pivoting to navigate the tides of change in the upcoming years.
Read through this list of trends and insights and gain some perspective for your moves in the industry.
The ebb and flow of the labor market influence the expectations of a company’s growth and production.
The shortage of skilled workers has plagued many industries since the pandemic in 2020. The skills gap in U.S. manufacturing “could result in 2.1 million unfilled jobs by 2030,” according to Deloitte and NAM’s study. Companies are working to tackle this issue and remain competitive in today’s global market.
Three ways to simultaneously combat this problem are
Tech advancements and their implementation have a hand in developing innovative strategies. Reducing costs, enabling more efficient processes and planning, and increasing production while vacant roles go unfilled are the advantages of digitizing systems in the manufacturing industry.
Digitizing the industry in itself comes with an added challenge of tech-related threats. Cyberattacks have become a major concern for the manufacturing industry, as they can cause significant disruption to business operations.
Cybercriminals increasingly target manufacturing companies with malicious attacks that can result in data loss, financial losses, and reputational damage. Josh Nadeau, a writer for Security Intelligence, lays out a roadmap of security threats from 2022 that manufacturers have been recovering from and highlights business leaders’ focus on making cybersecurity a priority for upcoming years.
The major problem areas among Nadeau’s list include
Manufacturing companies must proactively protect themselves from these threats by implementing strong security measures and regularly monitoring their networks for any suspicious activity. Additionally, they should ensure that their employees are educated on the risks associated with cyberattacks and how to prevent them.
In the manufacturing industry, maintenance and performance are critical factors in ensuring the smooth running of operations. New policies and directives affect how companies organize and improve their processes.
With the right strategies in place, manufacturing organizations can leverage their operation assessments to improve their management and footing in the industry.
The manufacturing industry is a complex network of production and distribution that affects the global economy. It’s driven by market demand, which determines the number of goods produced and sold. The supply chain is responsible for the efficient flow of raw materials, components, and finished products from the supplier to the customer.
Both play an important role in ensuring that manufacturers can meet customer needs while minimizing costs. Grant Thorton reports that “out of the 19 sectors in manufacturing, the five fastest-growing sectors made up 40% of manufacturing output in 2022 — and that share is expected to expand to 44% by 2027.”
These five are:
This exponential output is due to pent-up market demand and supply chain disruption due to recent tribulations between Russia and Ukraine. Limiting the rise in unfilled orders and supporting manufacturing suppliers helps strengthen the supply chain and allows for a healthy flow of resources to needed parties in the industry.
Today, the manufacturing industry’s growth and resilience rely on understanding the dynamics of long-lasting career paths alongside the emergence of evolving digitalized systems and processes. As companies foster competitive work environments and incentives for new hires, invest in advanced technologies, and reprioritize their position in the global market, positive developments are foreseeable results.
So, yes. The future of the industry is digital, but also human-oriented. By preparing future generations of the workforce for changes that’ll help manufacturing organizations remain competitive, the industry can provide meaningful experiences for their current and potential employees.
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