Overview of the Manufacturing Industry in Europe
The manufacturing industry in Europe is presently undergoing a transformational phase. Leading players in the manufacturing industry in Europe are facing challenges such as evolving regulations, staff shortage issues, data protection threats, and falling demand. Owing to such challenges, European manufacturers are in need to develop new strategies and invest in technology to gain a stronger foothold.
The hyper-competitive and dynamic nature of the European manufacturing market also demands companies to stay updated on the changing trends and consumer behavior. Additionally, keeping a constant watch on competitors’ key strategies and business processes is becoming quintessential to survival.
The client is a heavy equipment manufacturing company in Europe. The company has 2 manufacturing facilities, 11 warehouses, and over 33 distributors in Europe.
Our client, a manufacturing company, faced immense competition from local players in Europe. Also, the company lacked skilled labor and investment in cybersecurity. In addition, evolving regulations in the manufacturing industry in Europe further made it difficult for the client to comply with manufacturing standards. Due to these challenges, they were losing their market share to their competitors.
To understand how they could improve their market position and perform better than their rivals, they approached the experts at Infiniti Research to leverage their expertise in offering competitive intelligence solution.
Major challenges faced by the client were:
Manufacturing industry in Europe challenge #1: Skill shortages
With the baby boomer generation reaching retirement age, companies in the manufacturing industry in Europe faced labor shortage challenges. The client also struggled to find and retain top talent. However, they noted that their competitors were implementing automation to handle the labor shortage challenge. By leveraging our competitive intelligence solution, the client wanted to study in-detail the approach undertaken by their competitors to tackle this challenge.
Manufacturing industry in Europe challenge #2: Security threats
As cyber threats were increasing in the manufacturing industry in Europe, the client realized that the company’s lack of investment in cybersecurity could turn out to be a major challenge. As such, they wanted to identify all the security threats facing companies in the manufacturing industry in Europe. Also, they wanted to understand risk management measures adopted by the top manufacturing companies in Europe.
Manufacturing industry in Europe challenge #3: Global competition
The client faced challenges in sustaining a leading edge in the market because new products from emerging markets such as the US and Canada were increasingly being imported to Europe. The client, therefore, wanted to identify areas where they lacked compared to their competitors.
Manufacturing industry in Europe challenge #4: Automation and Innovation
Although automation and new technological innovations opened up new opportunities for companies in the manufacturing industry in Europe, they also brought along new sets of challenges. The challenges involved the cost of initial set-up and recruiting skilled workforce to manage the implementation of robots and AI platforms. The client, with our competitive intelligence solution, wanted to understand how other companies in the manufacturing industry in Europe handled such challenges and gained a leading edge in the marketplace.
As a part of the competitive intelligence engagement, the experts at Infiniti Research gathered comprehensive insights about the client’s key competitors. The factors such as competitors’ service offerings, risk mitigation approaches, and business strategies were taken into consideration during the analysis.
By leveraging Infiniti’s expertise in offering market scanning and monitoring analysis, the experts helped the client to review macro and micro-economic environment, identify security threats, and understand evolving regulations in the manufacturing industry in Europe.
By conducting a detailed market opportunity analysis engagement, we helped the client to assess markets’ readiness for new offerings, including new technologies and automation processes. With our help, the client was able to understand how automation will transform the industry landscape in the years to come and identify competitors who were leveraging similar technologies and processes.
The experts also conducted a risk assessment study to analyze the security threats facing companies in the manufacturing industry in Europe. The identification of the risks in advance helped the client to take cybersecurity measures to protect data and information.
Lastly, by conducting a competitive benchmarking study, our experts helped the client to understand the strengths and weaknesses of their major competitors. Also, this phase of the engagement helped the client to enhance efficiency in areas where they lacked compared to their competitors.
Based on our insights, the client gained comprehensive insights into their competitors and developed a detailed understanding of the attractiveness of market opportunities for their product and service offerings. Moreover, they were able to understand strategies undertaken by their key competitors to manage labor shortage challenges, data protection threats, and global competition.
This further helped them to improve business efficiency and deal with the challenges in the manufacturing industry in Europe. They were also able to strengthen their position in the manufacturing industry in Europe and enhance market share by 19%.