Globally, the manufacturing industry accounts for approximately 16% of the GDP and 14% of the employment.
The machine tools market is expected to witness considerable growth due to the advent of new technologies and the development of machine tools with robot-based automation features. Machine tools are used to cut and shape metals and other materials based on product specifications. However, in this industry, the growing concern for versatility and productivity is compelling businesses to rely on innovations to improve their production capabilities. The growth of the machine tools manufacturing space can be attributed to factors such as the integration of 3D printing technology and rising demand for fabricated metals from the construction and machinery industry.
However, factors such as the rising demand for faster, intelligent, and more versatile machinery are posing a challenge for manufacturing companies and are bringing to light the dire need for implementing automation into their service architecture. A couple of additional factors that pose a challenge for companies in the machine tools market are:
- Relentless technological advances: Over the last decade, companies in this industry have had to witness the mechanization of small and medium scale industries. With the rising preference for automation, various small and medium enterprises have started to face the need to re-invent their technological capabilities to meet the demand among the end-user segments.
- The slowdown in the Chinese economy: The recent slow down in the Chinese economy hurt the growth of the manufacturing companies across the globe. With China registering 34% of the overall growth in the machine tools manufacturing space, the slowdown has dramatically affected their production capabilities.
[spacer height=”20px”]Competitive intelligence solutions help businesses monitor the competitive scenario in the market and accordingly predict the next possible move to stay ahead of the competition. Moreover, the such solutions also focus on gathering, analyzing, and managing market information to make strategic and informed business decisions.
The Business Challenge
- The client– A renowned machine tools manufacturer
The client, a renowned machine tools manufacturer, wanted to identify and profile their key competitors and enhance competitiveness in the market. The client wanted to gain strategic insights into the business environment and understand the marketing strategies of the key players in the machine tools manufacturing space. With the help of this competitive intelligence solution, the manufacturer wanted to formulate effective business strategies to stay one step ahead of the competition.
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To analyze the strengths and weaknesses of the key manufacturers, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the machine tools manufacturing space. Additionally, the experts also compiled information from a wide array of reliable sources such as trade shows, paid industry databases, and company presentations in the manufacturing industry.
The Solution Benefits and the Business Impact
The competitive intelligence solution offered by Infiniti assisted the machine tools manufacturer in compiling data on the competitors in terms of their products and service features, pricing models, and marketing strategies. The engagement offered granular insights to the machine tools manufacturer to help them identify the unique selling propositions and competitive pricing. Infiniti’s solution also helped the client refine their existing business models to lower risk tremendously and convert threats into opportunities.
The machine tools manufacturing space will witness the growing demand for versatile and flexible products from the end-user segments such as the construction. With the rising preference for 3-D printing and automation, the industry players will have to streamline their production capabilities to improve accuracy of business processes and boost productivity.