Keeping Up With The Manufacturing Industry In 2023?
Manufacturing continues to exceed expectations despite supply headwinds, labour shortages, and uncertainty in the economy. Digital technologies, future-ready work strategies, and supply chain resilience are all essential for maintaining this growth.
Keeping up with today’s market demands requires an innovative approach
After emerging from the pandemic, manufacturing showed continued strength in 2022, exceeding expectations from the previous two years. It is evident that the near-term outlook does not appear as bright as the long-term one, even though overall demand and production capacity have reached recent highs.
As a result of inflation and economic uncertainty, the industry is experiencing concerns. The manufacturing industry is also faced with talent challenges that may limit its growth. The challenges of supply chain management will also likely persist in 2023, including sourcing bottlenecks, global logistics backlogs, cost pressures, and cyberattacks. The manufacturing industry outlook for 2023 examines five important trends manufacturers need to consider when creating their playbooks for the coming year as they look beyond leading amid disruption.
Main trends to watch in the manufacturing industry!
Mitigating risk through the use of advanced technologies:
The adoption of emerging technologies has accelerated over the past few years among manufacturers. During the pandemic, companies that had higher digital maturity and accelerated their digitalization showed greater resilience. The development of agility can be achieved through continued investment in advanced manufacturing technologies.
Increasing talent management strategies to prevent voluntary departures
Manufacturers are expected to remain focused on improving the labor market and reducing workforce churn in 2023. The number of job openings in the industry is still at an all-time high despite a record level of new hires. There is also a substantial churn in the workforce, with voluntary separations outnumbering layoffs and discharges. As a result of this prevailing workforce shortage, which is exacerbated by supply chain constraints, operational efficiency and margins are being reduced. As part of their talent retention strategy, manufacturers are pursuing a number of approaches.
Utilizing proven strategies as well as enhanced techniques in order to ensure supply
Even in coming years, 72% of executives believe the ongoing supply chain disruptions and shortages of critical materials pose the biggest uncertainty for the industry. In addition to leveraging digital technology, manufacturers are creating redundancy in their supply chains by building local capacity and reducing just-in-time sourcing.
Innovative approaches to smart factory initiatives
As smart factory transformations drive future competitiveness, manufacturers are likely to continue pursuing them. Smart factories are being built by many manufacturers through investments in technology. More than one-half of manufacturers have already started experimenting with underlying solutions or are actively developing their own metaverse platforms.
Corporate social responsibility (CSR)
In 2023, manufacturers may need to closely monitor the rapidly changing environmental, social, and governance (ESG) landscape. Reporting regulations, ratings, and disclosure frameworks are complex networks that many organizations voluntarily adhere to. Nonfinancial metrics are also being required to be disclosed by regulators globally.
So that’s a pretty good picture we see for the manufacturing industry for 2023, right? We therefore can’t wait to ask….
Are You Looking For A Manufacturing Job/ A Talented Candidate?
With Dawn Staffing Solution, we are able to meet the demands of an ever-evolving staffing landscape with power and finesse. The speed and quality of staffing are two constants that are paramount. Our innate ability to select the right people is the key to consistently achieving exceptional results. As for candidates, as the best manufacturing staffing agency in USA and Canada, we ensure that you land for the perfect manufacturing job that suits your needs! Therefore, why hesitateto reach out to us?