2023 Manufacturing Trends to Watch
Despite all odds, the manufacturing industry continues to surpass the expectations of previous years. It is no secret that industry has been faced with supply chain disruptions, labor shortages, and an uncertain economic environment. To maintain growth, technology adoption is going to be a crucial piece of the puzzle, especially for the following rising manufacturing trends.
Here are some manufacturing trends to watch out for next year:
- Investing in advanced technologies: Organizations that adopt emerging technologies show greater resiliency. Continued investments in advanced manufacturing technologies can help develop the required agility to be successful.
- Multi-faceted hiring practices: It is no secret the manufacturing industry is facing a labor shortage. Pair that with elevated supply chain limitations and companies are facing reduced operational efficiency and margins. A key to success in 2023 is businesses pursuing several approaches to strengthen their talent retention strategy. It is a competitive market and attracting and retaining key personnel is going to be tough. The best approach to this problem is to come at it from all angles.
- Achieving supply chain assurance: There has been a persistent shortage of critical materials and ongoing supply chain disruptions. To help offset this issue, a manufacturer needs to increase utilization of digital technology and planned sourcing.
- Smart factory initiatives: Smart factory transformations drives competitiveness. However, manufacturers need to be laying the technology foundation for their smart factories now or they will fall behind.
- Focusing on corporate social responsibility: Compliance regulation is just one piece of the puzzle. Many organizations voluntarily comply with a complex network of reporting regulations, ratings, and disclosure frameworks. But regulators are also moving toward requiring more disclosures for nonfinancial metrics. This means manufacturers must make operational changes across their value chains.
The goal of 2023 for manufacturers is not just about keep their head above water, it is about putting themselves in a situation to thrive for years to come. Adopting modern technologies is going to be the quickest path in doing so.
Need help evaluating your technology solutions stack? Let us help. 2W Tech is a technology solutions provider specializing in solutions for the manufacturing industry. Let our team of expert IT Consultants help your manufacturing business choose the technology tools necessary to grow your business.