A new era has begun. Businesses in the manufacturing industry need to start taking bold steps to set themselves up for success in a world that is driven by technology.
The question is, how nimble is your business to adapting and transforming to meet consumer demand and to thrive in a changed market? Businesses that prioritise modernising their equipment, bringing together the human and machine interface and implementing some of the steps we’ve outlined below can compete in a challenging market.
Become a factory of the future
Disruptive technologies such as the sharing economy, big data, automation, Internet of Things (IoT) and on-demand logistics are helping manufacturing businesses to optimise their performance and supply chain. By digitally transforming supply chains and customer experiences, manufacturers are able to improve their customer responsiveness and efficiencies, and reduce costs.
Until this day, manufacturers and transport businesses have been conservative about their acceptance of new technologies and innovations, however as demand and systems evolve, so too must manufacturers.
Transport businesses and industrial manufacturers will need to embrace systems like the cloud for data security and storage, new business models will come into being as a result of collective innovations, and smart, IoT enabled machines with real-time monitoring will improve production planning, flexibility and performance.
Customers are more informed than ever before
In the modern world, the consumer is king. Customers today want more information about the products they buy, so your business needs to be able to keep up with that demand. Barcodes on products will provide more information at point of sale, such as use by dates and batch numbers, and there will be more self-service checkouts or scan to go technology used.
Fast delivery to consumers
Another big movement is consumer expectations around delivery and shipping of packages. Same day deliveries have forced manufacturers and transport businesses to reconsider their warehouse design and location to cater to increased demands. Businesses are investing in automated distribution centres that are focused on speedy delivery to consumers to meet the culture of ‘now’.
Collaborative thinking across big and small businesses
With the disruption of technology and the global marketplace, the playing field between large, medium and small businesses will level out and manufacturing businesses will be open to collaborating to better their own business. Small businesses will find new ways to thrive by focusing on specialising in niche products and services, and providing customised experiences to their customers.
A more intense focus on data analytics
The industrial manufacturing industry and transport industry have been relatively slow to adapt to analytics; however, data analytics can be a critical tool for business improvements across a wide range of areas, from finance and sales/marketing to supply chains and product development. Industrial manufacturing and transport businesses equipped with analytical skillsets will be able to examine, analyse and interpret data related to risks, costs and ROI to make more informed and better decisions.
Brands invested in sustainability will thrive
The conscious consumer today is taking the values of the businesses they partner with into consideration when making an investment. Businesses that incorporate sustainable practices in areas such as packaging or supply chain processes will become more attractive to consumers and impact where they spend their money.
For over 16 years, ovesco has serviced the industrial and transport hardware and fastener needs of clients involved in the manufacture and repair of vehicles through to mining companies maintaining plant and equipment. For more information on our products and to find out how we can help your business succeed in the evolving market, click here.