Tag: industrial manufacturing

manufacturing sector

How the US Manufacturing sector Compares to Other Nations

After several years of falling output and diminishing labor force, the industrial manufacturing sector in the United States has been enjoying resurgence over the past couple of years. According to manufacturing industry experts at Infiniti Research, factors including the strengthening economy, better workforce quality, favorable tax policies and regulatory environment, and reduced transportation and energy costs are catalysts for this revival. In order to move forward, it is essential to understand how the manufacturing industries across the world are performing in comparison to that of the U.S. manufacturing industry. In this blog, experts at Infiniti Research provide insights on the manufacturing trends and some of the manufacturing challenges faced by different nations. They also highlight how the US manufacturing sector compares to these nations.

China has one of the strongest manufacturing industries in the world in terms of manufacturing output and the percentage of its national output that is generated. Meanwhile, Poland has the highest percentage of its workforce employed in manufacturing.

United Kingdom

The drop in the value of the British pound against the U.S. dollar and the euro has strengthened the U.K.’s manufacturing sector, thereby facilitating an increased demand overseas for goods from the country. Furthermore, the manufacturing sector holds a strong presence in the country due to its significant role in the export economy. In fact, the manufacturing sector contributes to a good majority of the U.K.’s overall exports. One of the key manufacturing trends in the U.K. is the rising efforts made to capture a significant share of the overseas market. However, the weak pound can impose manufacturing challenges as it may increase the import cost of certain supplies. Furthermore, as Brexit negotiations unfold, the future of manufacturing in the U.K. will experience significant turbulence.

Most companies in the manufacturing industry often cite congestion, logistical issues, or connectivity problems as major barriers to overcome. Are you facing similar issues in your business operations? RFP to learn how our solutions can help you overcome to these predicaments.

Switzerland

The effective governance policy in Switzerland has played a favorable role in shaping its strong manufacturing g sector. As a result of their long-held international neutrality, the country has transparent and fair processes, strong judicial effectiveness, and good economic and political stability. Moreover, Switzerland prioritizes being a strong trading country. The country has also got a top-notch manufacturing talent pool with a large number of highly-skilled workers. The key manufacturing challenges faced by companies in Switzerland include the cost of production and the strong franc value that could hamper exports.

Brazil

The rising corruption in Brazil is one of the primary factors that has plagued the country, resulting in a flailing manufacturing sector. Corruption makes investors reluctant to pour money into business operations due to chances of long-term uncertainty. Consequently, this dampens the chances of long-term investment and business growth. This can have adverse effects on the country’s manufacturing sector. A healthy manufacturing sector is contingent upon transparency in financial transactions, relative certainty in a country’s political environment, and individuals being held accountable for illegal action.

Indonesia

Although a decade ago Indonesia’s manufacturing sector contributed a significant amount of their GDP, Over the years the industry’s contribution has considerably dipped. Indonesia is largely hampered by anemic labor productivity. The sizeable proportion of small and unproductive firms in Indonesia are dragging down the entire sector. To improve their global competitiveness, Indonesia needs to develop its workforce and advance its manufacturing sector. They must focus on incentivizing manufacturing companies with low productivity to either exit the industry or improve their productivity through technology and skilled labor.

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Manufacturing sector in the US

Skilled workforce, advanced technology, and pro-business policies have propelled the growth of the manufacturing sector in the U.S. Manufacturing contributes to over $2 trillion to the United States economy. The labor costs in the United States are significantly higher than in other countries. However, the levels of productivity found in the United States make up for this difference, making the country an attractive location for manufacturing investment. Furthermore, disruptive technologies including additive manufacturing, 3D-printing, robotics, and the utilization of the IoT and Big Data are revolutionizing the U.S. manufacturing sector. This has not only increased levels of productivity but has also made the United States one of the most attractive locations for high-technology manufacturing firms. The United States has, benefited from open trade policies, and in order to attain continued manufacturing growth, the country should avoid tariff wars or overly restricted trade policies.

The gap in labor costs in the United States in comparison to other countries has started to drop and is expected to continue as the cost of industrial robots falls.

Learn more about how manufacturing sector challenges vary from region to region and how our market intelligence solutions can help overcome them.

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Competitive Intelligence Assessment : Helping an Industrial Robots Manufacturer to Understand the Competitive Landscape

Industrial robots manufacturers face several challenges such as competitive pressure, B2B marketing issues, changing regulations, and technological advances among others.

Several geographies are witnessing the growth of the manufacturing sector, despite the rhetorical suggestions that the industrial manufacturing sector is on the decline.  Though this industrial segment is currently witnessing a resurgence, it is expected to face several challenges in the coming years.

Moreover, as we shift toward the Industry 4.0 era, factors such as artificial intelligence, advancements in industrial automation, machine learning, and cloud computing will play an increasingly important role in the way the industrial manufacturing sector functions.

The Business Challenge

  • The Client: An industrial robots manufacturing company

To understand the industry landscape and the maturity level of sustainable technology in the global market, a leading player in the industrial robots manufacturing segment approached Infiniti to help them conduct a detailed market assessment.

Also, with the help of competitive intelligence solutions the industrial robots manufacturing client wanted to devise effective strategies to make informed business decisions, that would help them develop and implement sustainable technical solutions to support customer needs. Moreover, they were looking at gathering critical data from their competitors in the industry to strengthen their technology solutions.

How Can Competitive Intelligence Help Players in the Industrial Manufacturing Sector?

“Competitive intelligence helps organizations to focus on their competitor’s strategies by keeping a track of their current activities, plans, capabilities, and intentions. Thereby, enabling companies to adjust their pricing strategies and take important business decisions based on the activities of their competitors.”

Players in the industrial manufacturing sector are increasingly focusing on enhancing business growth and profit margins, and this is expected to increase exponentially in the coming years. However, improving business functions to drive growth requires prioritization of key drivers such as capital investment, operating costs, and most importantly competitive intelligence. In today’s market scenario internal challenges are manageable but assimilated, acquired intelligence such as competitive intelligence helps organizations to focus on driving growth while ensuring their market validity.

Summary of Our Competitive Intelligence Engagement

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Client’s Journey

With the help of Infiniti’s competitive intelligence solutions, the industrial robots manufacturing client gained a detailed overview of the technological advances in the market, which included the scope for sustainable technological offerings. The competitive intelligence solution offered included a detailed description of the competitor’s activities and a real-time understanding of the size and scope of the market landscape.

The market experts at Infiniti conducted a detailed market research to help the industrial robots client gain a better understanding of their competitors’ strategies. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the industrial manufacturing sector.

Solution Benefits and the Business Impact

The industry experts at Infiniti offered detailed market insights that helped the client to streamline their manufacturing processes and develop and implement sustainable technical solutions to support customer needs. Conducting a competitive intelligence assessment also enabled them to introduce breakthrough innovations in the industrial manufacturing processes by implementing sustainable solutions.

The Future

Industrial robots are increasingly turning more sophisticated and proficient at performing complex tasks. The number of industrial robots being deployed in the industrial manufacturing segment is on the rise with technology being a main reason behind the resurgence. Therefore, players in the industrial segment are looking at implementing effective strategies and effective solutions to stay ahead of the market competition.

 However, the high upfront costs related to the adoption of technology and the difficulty to compete with market players with advanced skillsets have necessitated the need to maintain competitiveness amidst the growing domestic and global challenges.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the industrial manufacturing sector.

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5 Manufacturing Challenges Affecting CIOs of Manufacturing Companies in 2018

MANUFACTURING CHALLENGESToday, chief information officers (CIOs) of manufacturing companies are facing numerous changes that will affect the future growth prospects of manufacturing companies. Driving this change are a number of opportunities to grow and boost manufacturing processes. Though research shows that manufacturing companies will have ample opportunities to grow, CIOs will witness the advent of new manufacturing challenges that will compel them to change the way they look at strategies to improve the scale, speed, and simplicity of manufacturing processes.

At Infiniti, we are constantly in touch with manufacturers and hear first-hand about the issues they face. Since the manufacturing challenges are real, we thought we’d list out a few so that CIOs of manufacturing companies can devise effective business strategies to address them head-on.Get more info

Top manufacturing challenges of 2018

Boosting revenues

One of the biggest manufacturing challenges that CIOs face today is boosting their revenue growth with the technology systems that they already have in place. Manufacturing companies will have to re-strategize their production workflows to meet the demands of short production runs for existing products and streamline new product introductions.

Shortage of skilled workforce

With Baby Boomers exiting the workforce and taking their valuable manufacturing skills with them, new reports claim that more than three million manufacturing jobs will become available over the next 10 years. Manufacturing companies are already feeling the heat when it comes to filling the vacant positions and the impending exodus of Baby Boomers will only add to their growing tally of manufacturing challenges for this year.Get more info

 

Advanced technologies

Though new technologies are aimed at making life easier for all of us, that’s not always the case for manufacturing companies. Technologies such as IoT, industrial automation, cloud and edge computing, and robotics are advancing at a break-neck speed. And by the time IT teams of manufacturing companies adjust and get approvals for new technology installations, a better solution emerges. This rapid development and availability of new technologies will be one of the biggest manufacturing challenges of 2018.

Data security

One of the major manufacturing challenges faced by CIOs this year is ensuring cybersecurity. With advances in technology and advent of new platforms, the risk of data leaks has also increased. Today, hackers aren’t just happy stealing data, they want to extort money by holding the confidential data hostage. In the past year, Ransomware attacks have almost doubled, and manufacturing companies can expect more frequent attempts as they integrate more technologies into their manufacturing processes.Get more info

Regulatory changes

Risk mitigation and avoiding uncertainties are a crucial part of any business process. When manufacturing regulations change, the costs associated with the manufacturing process also ebbs and flows. Tax regulations and trade agreements keep changing with every news cycle and amendments to government regulations can wreak havoc for manufacturing companies. Manufacturing challenges in the form of regulatory changes is one of the major factors influencing the profitability of manufacturers. As a result, CIOs need to be on top of their game at all times and predict changes before time to remain profitable.


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Why Should You Be Using AR in the Manufacturing Industry?

When you hear the word augmented reality, the first thing that comes to your mind is AR gaming. The application of augmented reality is not just limited to gaming. Its ability to turn the surrounding into an interactive virtual world can augment the experience and performance of any task. Manufacturing industry, in particular, is blessed by such advances in technology, as it increases the process efficiency and helps cut down on production downtime. So what Request Free Proposalare the benefits of using AR technology in the manufacturing industry?

Increase speed of work

It usually takes a lot of time for people to learn assembly and manufacturing skills. This is particularly true in the case of fighter jet engineers who go through years of training to assemble an aircraft. AR technology can hasten the process as it can overlay images in the real world using sensors and cameras. Such information helps engineers to see renderings of bolts, part numbers, and cables with specific instructions on assembling a specific component.

Solving problems

Whenever a problem arises on the shop floor, every team requires real-time access to solve the problem at hand. However, it cannot be possible for all teams to access the problem due to their location. Manufacturing operations employees can directly show all the issues at hand and explain it to the maintenance teams and engineers with the help of AR. Additionally, they can also keep track of the progress of diagnostics processes remotely.

Easy data access

Apart from projecting vital information within a user’s field of view, AR technology also allows service engineers and manufacturers to access data regarding the product or the manufacturing process easily. This includes information on the object’s location in the inventory, lead times to procure them, and their detailed specifications. Also, it is entirely possible to scan QR codes to view live videos, graphics, and images that can assist the engineers in the manufacturing process.

Decreased maintenance time

Augmented reality can project graphics and video in such details that the users would be able to carry out maintenance tasks just by following the instructions. The automotive company Bosch has collaborated with AR firm Reflekt to develop common augmented reality platform (CAP) that can help users with maintenance.

Reduction of production downtime

Production downtime can cause thousands of dollars in losses and incur an opportunity cost in a manufacturing firm. Augmented reality can help maintenance teams and engineers to identify the flaws and prevent downtime from occurring quickly. Teams in the manufacturing setup can use mobile apps to identify the problem on the shop floor and resolve it immediately.

Training uses

AR is one of the most preferred tools when it comes to training and simulation. VR is already extensively used for simulation training for aircraft pilots, military operations, and advanced surgeries. AR can be used in training to facilitate the learning process.

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Consumer Survey to Evaluate the Sales Performance and Improve Customer Experience for a Power Tools Manufacturer

The global power tools market is expected to garner revenues of over USD 35 billion by 2023         

Over the past few years, the rising demand for automation has revolutionized the adoption of power tools technology. Moreover, the use of power tools simplifies human work, reduces the burden of repetitive tasks, and decreases the chances of human errors and injury. The development of low-cost and energy-efficient appliances and the growth of smart technologies will boost the growth of the market. Rapid industrialization has further bolstered opportunities for power tools sales across developing nations including India, China, and Brazil.

However, our analysis of the industrial manufacturing space shows that power tools manufacturers across the globe are facing predicaments in terms of:

  • Product development and innovation: Today, it is essential for power tools manufacturers to keep up with the latest technology to stay relevant in this competitive market. Moreover, as companies vie to be the first with a new concept, the temptation to compromise on quality can be However, manufacturers need to be stern and avoid cutting corners.
  • Balancing maintenance with throughput: Keeping every equipment functioning is an essential part of running a manufacturing facility for power tools players. Regular preventive maintenance can help increase performance and ensure customer satisfaction with delivery lead times.

Several such factors are compelling power tools manufactures to leverage the use of robust consumer survey solutions.  Consumer survey solutions not only help companies to find ways to leverage the use of online and offline platforms to provide a holistic view of the brand to the customers, but also helps them to meet customer expectations. IR_RFPThese solutions also offer companies with a detailed overview of consumers in terms of their preferences and decisions.

The Business Challenge

  • The client: A power tools manufacturer

The client, a prominent manufacturer of power tools, was facing growth constraints in terms of sales and gaining maximum ROI. Consequently, they wanted to understand the customer journey, their purchasing behavior, and deliver promising sales. The client also wanted to evaluate the information on the consumer behavior and conduct a robust consumer survey to target the relevant customers. This would help them to establish their presence in the industrial manufacturing market.

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The Journey

Infiniti’s consumer survey experts carried out a blended approach comprising of interviews and discussion with leading stakeholders in the industrial manufacturing industry to help the client gain actionable customer insights. The experts also compiled information from a wide array of sources such as paid industry databases, company presentations, and industry forums to help the client devise a robust business model to analyze and evaluate the competitive firms in the power tools manufacturing space.

The Solution and the Business Impact

With the help of Infiniti’s consumer survey solution, the power tools manufacturer was able to evaluate their sales performance and improve customer experience. The client also understood customer preferences and drove marketing ROI. Furthermore, the manufacturer identified, tracked, and retained the best customers to stay competitive in the market.

The Future

With heavier duty power tools jumping on the cordless wagon, battery powered power tools are expected to witness high demand in the coming years. Additionally, the jump from NiCad batteries to Lithium-Ion technology is expected to revolutionize the way manufacturers build and market their tools.


A must-read case study for strategy specialists and decision makers looking to develop a better understanding of the latest industrial manufacturing trends

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The World is Embracing Smart Factories – And Why You Should Too!

There have been rapid changes in the manufacturing technologies in recent times. The emergence of automation systems, Industry 4.0, and machine learning have resulted in the convergence of digital and physical worlds. Today, manufacturing is less about producing volumes and more about the intelligent and dynamic creation of value. Advancements in digital technologies have led to the preference for smart factories, where the machinery and equipment can improve processes through self-optimization and automation. The benefits of a smart factory extends Request Free Proposalbeyond manufacturing into functions such as supply chain logistics, planning, and product development.

Advantages of a smart factory

Asset efficiency

Advancements in sensor technology have enabled manufacturing industry to generate huge volumes of data that can be continuously analyzed to reveal asset performance issues, which need corrective optimization. A unique advantage of a smart factory is that human operators aren’t required to analyze such data and implement a corrective course of action. It is entirely possible for such factories to take corrective measures by itself through predictive analytics and machine learning. An increase in asset efficiency translates to lower downtime, optimized capacity, and reduced changeover time.

Lower cost

A smart factory enables manufacturing facilities to operate with lower inventory levels, which further lowers costs related to sourcing and supply networks. Additionally, the material handling costs also drastically decrease alongside wastages and downtime, which directly translates to cost-savings. Also, lower energy usage and quality processes will further reduce the warranty and maintenance costs.

Quality improvements

As discussed, smart factories are capable of implementing a corrective course of action on their own. Such principles can also be used to predict and detect quality defect trends sooner along with their cause. It will inevitably lower scrap rates and lead times; thereby, increasing fill rates and yield. As a result, optimized quality process will ensure quality improvements.

Maximum flexibility

Smart factory logistics systems are equipped to handle a host of different manufacturing environments and production setups. As a result, it can handle the differing nature of operational tasks, ensuring maximum flexibility. Additionally, advanced sensors technology can automatically recognize manufacturing demand fluctuations, which, in turn, allows a company’s supply chain to respond with better agility.

For more information on advantages of the smart factory within the manufacturing industry, Industry 4.0, IoT, and data analytics:

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Harness the Power of Rapid Prototyping in Your Product Design

Imagine a scenario where you manufacture a device in bulk only to find out that some parts don’t work in conjunction with others, deeming the product completely useless. That’s a nightmare for any firm in the manufacturing industry. Manufacturing firms are using rapid prototyping in their product design phase to avoid similar problems. Manufacturers create a 3D model of a part or a product to test its efficiency before manufacturing in large quantities. Rapid prototyping allows product designers to demonstrate the look and feel of the product to clients or in-house management. The manufacturing industry is increasingly adopting rapid prototyping, 3D printing, and additive manufacturing in the product design process to transform the concept into reality effectively.Request Free Proposal So how exactly can design teams and manufacturing companies benefit from rapid prototyping?

Design accuracy and precision

Conventional industrial prototyping was a very iterative process and inefficient, resulting in lower quality manufacturing standards. For instance, design firms used cardboards, empty cans, and deo roll-ons to create the first prototype of a computer mouse. The problem with such prototyping is that it is a distance apart from the final product and fails to acknowledge real-world working conditions. Rapid prototyping allows for flawless product design and flexibility with the help of rigorous testing, evaluation, and quick remodeling capabilities. Rapid prototyping and 3D modeling rely on software such as CAD, which facilitate virtual product trials and error elimination.

Incorporating instant changes

One way of gaining competitive advantage is being the first to introduce innovative products to the market. Being the first-mover in the manufacturing industry requires companies to have a very short time-to-market. Iterative product revisions slow down the product development process and the time-to-market as well. Rapid prototyping allows product designers to instantly incorporate client or management feedback and move the product through multiple changes quickly. This way, the final product meets the market demand and increases the acceptance rates and competitiveness of the company.

Communication of idea

Before a product hits the market, it gets approved by various internal and external stakeholders including management, product designers, marketers, clients, collaborators, and regulatory bodies. If the prototype is weak and doesn’t communicate the idea clearly, companies will face hindrances in getting quick approvals; thereby, delaying the product launch. Rapid prototyping allows companies to build sophisticated designs and present the design idea in a detailed and clear way due to their CAD capabilities. Easy communication of design ideas thereby translates to rapid innovation.

Customizing designs

There’s a high probability of incorporating customized changes along the design process. Rapid prototyping allows for the development of personalized products as per individual requirement without the need for special tools or process. All that is required is a small change in the CAD model, and they can deliver the design as per the requirement of the customer.

Minimizing design flaws

Since rapid prototyping allows for changes to be incorporated swiftly, all design flaws can be addressed instantaneously. With the help of additive manufacturing, the company can identify flaws prior to mass production. Since the prototype material closely resembles the properties and strength of the actual product, it allows for physical tests to be performed effortlessly. Consequently, product faults and usability issues can be identified earlier to prevent hiccups in the manufacturing process later.

Cost and time savings

Additive manufacturing can eliminate the need for developing molds, patterns, and special tools – resulting in massive time-savings. Unlike conventional prototyping methods like CNC machining, rapid prototyping produces minimal wastages as it only prints the materials that are actually required to build the object. As a result, it offers enormous cost and time savings to the manufacturers.

For more information on rapid prototyping in the manufacturing industry, product design, additive manufacturing, and 3D printing:

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Industrial Equipment Manufacturer Identifies Market Trends Through Market Segmentation Analysis

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest market segmentation analysis for a leading industrial equipment client. To meet the rising demands and expectations of customers, it has become essential for leading companies to develop technology platforms that can help sustain their business in this competitive space.  The industrial equipment manufacturing companies also face challenges in the form of increasing regulations and compliance measures, which they have to abide by for the smooth functioning of their business.

“The market segmentation solution offered by Infiniti aims at understanding customers and segmenting product portfolios to suit their needs. It also helps industrial equipment manufacturers to segment markets based on the average prices and subsequently enhances profits,” says an expert at Infiniti.

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The solution offered helped the industrial equipment manufacturer to determine the market trends and segment the market based on variables such as geography, demography, and psychographics. The industrial equipment manufacturer was also able to profile the potential customer segments and efficiently allocate their time, money, and other resources in a cost-effective manner.

Additional benefits of the market segmentation solution

 

  • Eliminated service bottlenecks and generated better returns on their marketing campaigns
  • Identified the priorities of end-user segments and accordingly refined their marketing models to meet the growing demands.
  • To know more,  request a free proposal

 

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Market Segmentation Solution – How an Industrial Equipment Manufacturer Streamlined Marketing Efforts and Targeted New Consumers

Infiniti PR Infographic Case Studies 2 (3)

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest  market segmentation analysis for an industrial equipment manufacturer. The rise of new technologies has brought about a new wave of transformation in the manufacturing industry.  They are also witnessing unprecedented demand from niche and emerging market segments. Also, the recovery of the automobile and heavy-machinery sectors is also a critical factor fueling the growth of industrial equipment.

“Although the industrial equipment manufacturing sector is witnessing promising growth, several factors such as the need to invest heavily in technology development and the training requirements of the workforce are expected to influence the growth in the coming years,” says an expert at Infiniti Research.

 

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The market segmentation solution offered helped the industrial equipment manufacturer to identify potential market segments and target specific customer groups. Furthermore, they were also able to increase their focus on devising a marketing mix that can match the expectations of the customers using the market segmentation solution provided.

Additional benefits of the market segmentation solution

  • Personalized marketing campaigns to target the right customers while being cost-effective and minimizing the risk of ineffective campaigns.
  • Better allocated resources to meet customer requirements across the market space.
  • To know more,  request a free proposal

 


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Innovation in the Making: Latest Trends in Industrial Manufacturing

The global economic expansion during the period of 2001-2008 compelled several industrial manufacturing companies to bet on the wrong horse. Many companies invested heavily in new technologies and equipment designed to improve factory performance. But all their efforts took a huge hit when the market unexpectedly crashed during this period.

Although currently, the economic growth in the industry looks positive, it is not particularly robust. These patterns are making industrial manufacturers more aggressive and deliberate in their investments. Undoubtedly, there is a remarkable opportunity for manufacturing companies; and even so, the sector remains risk-averse. Below are a few trends that are gaining popularity in the industrial manufacturing scenario despite the significant challenges in the industry:IR_Brochure

Data and data analytics into business model

With the increasing inclination of the world towards technology, the players in the industrial manufacturing space are left with no other option but to follow the herd. Industrial manufacturers can bundle a variety of services enabled by connectivity and data by upgrading their technical capabilities. The services can include collaboration with customers on a daily basis to customize asset optimization, real-time monitoring of equipment to determine the maintenance needs, predictive performance management, etc. By adopting data analytics techniques and new technological innovations, players in this sector can enhance their customer retention and gain more lucrative commercial engagements.

Innovative pricing strategies

As technology is gradually altering manufacturer-customer relationships, the companies in this industry are slowly thinking of changing their pricing models from pay-for-product to pay-for-performance. Instead of setting the equipment prices based on products and fixed maintenance or warranty costs, industrial manufacturers are basing fee structures based on the outcome. For example,  in case the industrial downtime is reduced, or if an upgrade in equipment improves productivity, industrial manufacturers may be paid more.

Paving the way for talent development and retention

Industrial manufacturers often find themselves in a bad position when trying to retain and attract talent. While many of the job candidates are attracted by the lucrative opportunities at Silicon Valley, what industrial manufacturing companies need to do is to chart out a plan for themselves to attract more candidates. Companies are becoming more focused on hiring staffers that display diverse expertise and skill sets. This will help shorten the learning curve of the organization in the long run. Even the companies who currently are not in need of tech-savvy staffers need to prepare themselves for the future requirements as the growing economic scenario will demand skilled workforce in the long run. 

Develop strategic partnerships

To develop data analysis, equipment connectivity, and software that are beyond the current capabilities industrial manufacturers must seek expertise outside the industry. Major industrial manufacturing companies are increasingly partnering with technology firms to leverage technology such as cloud-based platforms and Internet of Things that can run the industrial workspace. But these alliances can be risky. Companies need to strike a balance between partner selection, close collaboration with strategic partners, and at the same time maintaining their hold in the market.

Mine operational data

With advances in technology, the manufacturing industry is soon going to have to manage an avalanche of data coming from various sources. Therefore, players in the industrial manufacturing space are hiring people who can effectively mine these bits and bytes of information and work closely with the customers and open new revenue streams for the business. By being proactive in implementing technology and utilizing the data for the right purposes, manufacturing companies can earn better gains from the business.

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