manufacturing companies Archives - Business Intelligence

Tag: manufacturing companies

manufacturing industry

Curated Insights on the Manufacturing Industry from Infiniti’s Industry Experts

The past decade has been tumultuous for the global manufacturing sector. Large developing economies made their way into the first tier of manufacturing nations, a severe recession choked off demand, and there was a steep fall in the manufacturing employment in advanced economies. Despite this, manufacturing remains critically important to both the developing and the advanced world. The changing nature of the manufacturing sector means that old responses are no longer sufficient to sustain. While manufacturing remains crucial to support economic stability in both developing and advanced economies, business leaders and policy makers must keep track of the pulse of the sector to identify opportunities and challenges coming their way. We have curated some articles from Infiniti’s thought leaders about how the manufacturing environment is changing and what business leaders must do to adapt.

Key forces that will drive growth in the future of manufacturing in Europe

Europe’s manufacturing industry will play a significant role in building a sustained and competitive economy. The manufacturing sector currently accounts for nearly 15% of Europe’s GDP and will play a significant role in their long-term economic development. According to industry experts at Infiniti, factors including nearshoring in eastern Europe, carbon neutral manufacturing processes, and the rise of industry 4.0 will play a pivotal role in driving the future of manufacturing. Read the article for more insights.

A guide to effectively tackle your manufacturing overhead costs

The current scenario in the US manufacturing sector is much different from what it has been for over the past two decades. As output growth in the US manufacturing industry has been largely concentrated on a few industries such as electronics, pharmaceuticals, and aerospace, there has been a considerable fall in labor share of US GDP. The US manufacturing industry must now focus on positioning themselves to leverage existing opportunities and prepare to compete in the future rather than making attempts to recreate the past or maintain status quo. Gain expert opinion on how companies in the US manufacturing industry can tackle their excessive overhead costs on this blog.

Top manufacturing industry trends

Manufacturing companies around the globe are increasingly exploring radically new ways of creating and capturing value. Furthermore, with the changing demand of consumers, manufacturing will no longer be limited to producing physical products alone, it will largely revolve around personalization and customization. The new age industrial revolution also termed as industry 4.0 is powered by innovative technologies such as smart manufacturing, robotics, artificial intelligence and the Internet of Things (IoT). These technologies are expected to be major driving forces in the future of manufacturing. In this blog, industry experts at Infiniti provide comprehensive insights on the top manufacturing industry trends that you must watch out for.

FAQs on smart manufacturing

Smart manufacturing is one of the most trending topics among manufacturing experts right now. Smart manufacturing is a powerful force with the potential to restructure the existing competitive landscape and produce a new set of market leaders. In this blog, experts at Infiniti answer four key questions relating to smart manufacturing and how it is transforming the manufacturing landscape as we know it.

manufacturing overhead costs

Cost Reduction Strategies in Manufacturing: A Guide to Effectively Tackle Your Manufacturing Overhead costs

manufacturing overhead costs

If the production method is inefficient businesses are less likely to profit from it, irrespective of how impressive their products are. Rather than increasing the price of the product in such situations, it is advisable for manufacturing companies to lower the production costs and the manufacturing overhead costs.

What are manufacturing overhead costs?

Manufacturing overhead is concerned with a company’s manufacturing operations and includes the costs incurred in the manufacturing facilities other than the costs of direct materials and direct labor. Manufacturing overhead costs include all the indirect costs incurred during the production process. Our most successful clients focus on ways to improve costs, profits, and flexibility by reducing manufacturing costs. Manufacturing cost reduction efforts can result in significant product cost savings, manufacturing cost-saving, and life cycle cost saving especially when companies implement the right strategies for the reduction of manufacturing overhead costs.

It is vital for manufacturers to reduce their manufacturing overhead costs without having to compromise on the quality and quantity of the products. Not sure how to achieve this? Request a free proposal from our industry experts to find out.

Cost reduction strategies in manufacturing

Cut down material costs

One of the simplest ways to reduce manufacturing overhead costs in by cutting down the material costs. This can be achieved by tweaking product designs and effectively utilizing all the resources available at hand. It is always beneficial to opt for simpler designs and cost-saving raw materials. The leftover materials including cardboard, metal, and paper can be sent for recycling.

Optimize employee performance

Employees in manufacturing companies must be trained to keep pace with the changing consumer expectations. Training and development activities must be carried out to enhance the skills and productivity of employees in manufacturing facilities. Qualified and skilled employees can help businesses minimize their manufacturing overhead costs that occur due to production inefficiencies.

Get in touch with our experts to know how our advanced solutions for the manufacturing industry can help your business to trim down expenses while improving business efficiency.

Negotiate with suppliers

 Another way of significantly reducing the manufacturing overhead costs is to negotiate with the suppliers to reduce prices. To gain a reasonable price reduction from the suppliers, manufacturers can try offering larger deposits and ensuring that all the bills are settled on time.

Control inventory storage and purchases

The longer stocks are held, the more is the warehousing costs incurred by manufacturers. To avoid this and reduce the resulting manufacturing overhead costs, manufacturers must have a fair idea of when to resupply so that they do not get stuck with excess or obsolete inventory. Furthermore, adequate care must also be given to avoid inventory shortages. Inventory shortages lead to backorders which require manufacturers to add extra shipping costs and even worse, they can lead to unsatisfied consumers.

Learn more about Infiniti’s solutions for the manufacturing industry

market expansion strategy

Strategies to Enhance Market Share in Asia for Industrial and Manufacturing Firms: In Conversation with an Infiniti Research Thought Leader

Ajay Biswari, AVP – Custom Research (Market and Competitive Intelligence) at Infiniti Research has over 10 years of experience in delivering solutions for global giants in the industrial and heavy equipment sector. His core expertise includes market entry, market expansion, merger and acquisition identification, and customer needs assessment.

Industrial and manufacturing firms often face dilemma in understanding market dynamics and developing an effective market entry or market expansion strategy. Also, the rising competitive pressure, increasing need for differentiation in the market, and need to comply with the stringent regulatory environment have adversely impacted companies in the industrial and manufacturing industry. Consequently, industrial and manufacturing firms are under the pressure to expand their base of operations to developed markets. This necessitates stakeholders to develop an effective market expansion strategy, understand the competitor landscape, and gain a comprehensive view of the current market scenario.

Our market expansion strategy engagement can help industrial and manufacturing firms to gain in-depth market and consumer insights, collaborate with local businesses, garner government support, and devise an efficient market expansion strategy. Request a FREE proposal!

Do industrial and manufacturing companies need to expand their business to new markets?

Amal: Absolutely! Today, several market dynamics affect the business operations of companies operating in the industrial and manufacturing industry. The rising market uncertainties such as increasing competitive pressure, uncertain political scenarios, and rising operational costs are some of the major factors impacting the business operations of companies in the industrial and manufacturing sector. Let me explain in detail impacts of these challenges on companies in the manufacturing industry. The growing competitive pressure often leads to price wars between companies and negatively impacts a manufacturing company’s bottom line. Furthermore, increasing political instability in the recent times including events such as BREXIT and NASTA are even making it more difficult for companies in the industrial and manufacturing industry to sustain a leading edge in the market. To remain ahead in the market and expand market share, it is vital for industrial and manufacturing firms to expand their base of operations to new markets.

market dynamics

Can you shed some light on the strategies that must be adopted by manufacturing firms to survive in today’s competitive market scenario?

Amal: Let me list out three major strategies, which according to me help companies stay ahead of the game. Some companies use technologies to overcome challenges. For instance, recently a major tool manufacturing company achieved 24% productivity improvement and 10% workforce efficiency improvement by investing in new technologies such as IoT and AI.

Also, companies are investing in new product innovations. Introduction of new products in the market can help companies to stay competitive. But, I would highly recommend manufacturing companies to employ a market expansion strategy, as this is sure to provide an above-average growth rate and can save millions of dollars in savings.

With over 15 years of expertise in providing custom market intelligence solution, we have helped various global companies to devise efficient market expansion strategy. CONTACT US to know how our solutions can help your company.

But, why do you think entering the Asian market can be an ideal growth strategy for manufacturing firms?

Amal: Well, recent studies show that over forty per cent of global economic activity is now occurring in Asia, and world growth is expected to continue being led by Asia over the next decade. Also, India and China are two of the major economies which are growing at the fastest rate globally and provide vast opportunities for manufacturing companies. And even these countries heavily depend on exports as one of the revenue streams. So, new manufacturing companies can easily set up manufacturing bases relatively with a low cost of labor and raw materials. So, I think choosing the Asian market can be an ideal growth strategy for companies in the manufacturing industry.

Can you provide more insights on why Asia is a promising market for industrial and manufacturing companies?

Amal: Definitely! To start off with, Asia offers an attractive manufacturing environment that is favourable for manufacturing companies. Also, if we look at the share of global manufacturing output, it has almost doubled in the last decade. Moreover, the low operating cost and diverse demography are some of the other attractive factors in the Asian Market.

I would also like to add another significant geographical advantage within the Asian market in terms of access to market. With companies in the Asian manufacturing industry already competing with each other to be on top of the manufacturing pyramid, this market is trying to garner interest among global firms by offering smooth entry into their market. Also, considering the production cost, Asia offers lower operational costs compared to other developed countries.

What are the major market expansion approaches that some of the top manufacturing companies in the world adopt to stay ahead of the game?

In my view, most manufacturing companies look at setting their individual manufacturing bases or enhance their sales through various approaches. For setting their own manufacturing bases, companies generally leverage greenfield and brownfield expansion approaches. Let me explain these approaches in detail. Generally, greenfield expansion approaches involve huge investment in terms of resources, time, and capability. Although this approach provides complete control over the manufacturing and supply chain processes, this involves huge risks and takes a longer period for results to be shown. However, the brownfield expansion approach provides a kick-start immediately. Also, the brownfield expansion approach requires relatively lower capital investment compared to greenfield approach.

In the case of sales expansion strategies, manufacturing companies mostly look at own sales network or channel partners. Own sales network approach is mostly similar to the greenfield approach, which requires huge capital investment. However, channel partner approach helps companies gain in-depth knowledge about the market through channel partners who are already present in the market.

Request for more info to gain detailed insights into our services portfolio and to learn other benefits of leveraging our market intelligence solutions.

Competitive Landscape Analysis

Infiniti’s Competitive Landscape Analysis Accelerates Process Agility and Efficiency for a European Manufacturing Firm

Competitive landscape analysis for the manufacturing industry

The European manufacturing industry is witnessing a phase of tremendous disruption due to the increasing need to embrace automation, become more sustainable, and address the skill shortages. To keep up with the industry transformations, major companies in the manufacturing industry are capitalizing on new opportunities, employing risk mitigation strategies, and mitigating challenges along the supply chain. However, before making huge investments into new market opportunities and investing in technologies, it is vital for manufacturing companies to assess the competitive landscape in the market and make changes in their strategies accordingly.

Business Challenges Faced

The client is a manufacturing company based out of Europe. With leading players in the manufacturing industry taking initiatives in confronting uncertainties in the market and meeting the market demands, the client was losing their market share to their competitors. Also, the client’s inability to address the skill shortages and employ risk mitigation strategies further impacted the company’s overall sales rate. Consequently, the company witnessed a dip in their profit margins by 17%. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering competitive landscape analysis.

With Infiniti’s competitive landscape analysis, the client wanted to tackle challenges such as:

Supply chain issues

The inability of an efficient inventory management process resulted in a huge mismatch in the supply and demand. As a result, the company failed to meet their customers’ demands, and this subsequently resulted in lower sales. With Infiniti’s competitive landscape analysis, the client wanted to closely analyze their direct and indirect competitors’ inventory management processes and make changes in their plans accordingly to efficiently meet the market demand.

Need for sustainability

The increasing pressure from government and public for greener operations put the company under the pressure to become more sustainable. Therefore, with Infiniti’s competitive landscape analysis, the client wanted to understand the strategies adopted by top industry players to tackle this challenge.

Need to address skill shortages

Although automation and robotics are filling the labor gap in the manufacturing industry, there are still requirements of human capabilities in manufacturing companies. The client, therefore, wanted to overcome the workforce management challenges.

Data protection

With cyberthreats increasing in the manufacturing industry, investment in data security is becoming imperative for manufacturing companies. Hence, with Infiniti’s competitive landscape analysis, the client wanted to analyze the risk mitigation strategies leveraged by their key competitors.

Investing in new technologies

With the advent of technologies such automation, Industrial Internet of Things (IIoT), cloud computing, and robotics in the manufacturing industry, major companies have started embracing these technologies and delivering the best quality product at a faster pace. As such, with Infiniti’s competitive landscape analysis, the client wanted to monitor their competitors’ investment in new technologies and processes.

Solutions Offered

To help the client tackle the industry challenges and analyze their direct and indirect competitors, the experts at Infiniti Research employed competitive landscape research.

The initial stage of the competitive landscape analysis engagement involved conducting competitive benchmarking analysis. This phase of the competitive landscape analysis engagement helped the client to gain an independent perspective of how well their company performed compared to their competitors. Also, the client was able to drill down into their performance gaps to identify areas of improvement. The client was also able to identify the sustainable manufacturing practices adopted by their key competitors to minimize negative environmental impact. Furthermore, this phase of the competitive landscape analysis engagement also enabled the client to monitor their competitors’ initiatives in employing new technologies and processes.

As a part of the competitive landscape analysis engagement, the experts also conducted demand management and risk assessment process. This phase of the competitive landscape analysis engagement helped the client to efficiently forecast the demand for their products in advance and minimize supply and demand mismatch. This further helped the client in managing their production process and enhancing efficiency.

Also, the risk assessment process conducted as a part of the competitive landscape analysis engagement helped the client to identify cyber risks in the manufacturing industry and employ cybersecurity initiatives to mitigate them before they impact their business operations. Furthermore, with Infiniti’s competitive landscape analysis, the client was able to estimate the viability of their new products and evaluate the effectiveness of their marketing strategy compared to their competitors.

Results Obtained

The insights obtained from Infiniti’s competitive landscape analysis engagement helped the client to identify gaps in their product and service offerings compared to their competitors. Also, with Infiniti’s competitive landscape analysis engagement, the client was able to keep pace with their competitors’ business strategies and make changes in their business plans when required. Within one year, the client was able to achieve a huge increase in their sales. This subsequently helped the client to enhance process agility and reduce operating cost by 33%.

Recent Posts

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.

Request a free brochure to gain insights into how our solutions are tailor-made to solve different business challenges.

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.

Laptop with pen and spiral notebook on desk.

Top 3 Challenges Facing the Manufacturing Industry and Ways to Tackle Them

Leading players in the manufacturing industry are confronting uncertainties in the face of digitization and new customer expectations. The manufacturing industry is one of the important wealth-generating sectors of the global economy and accounts for a significant share of the global workforce to develop materials needed by organizations across various industries. Moreover, as the drumbeat for innovation and digitization grows louder, companies in the manufacturing industry are facing the need to plan new strategies and invest more in technology to gain a stronger foothold. Consequently, the advent of technology is posing a new set of challenges before the industry, which need to be addressed in order to maintain the growth momentum. In this article, we have discussed some of those challenges and have suggested a few measures to tackle them effectively.

Challenges in the Manufacturing Industry

Challenge #1: Shortage of skilled labor

With the baby boomer generation entering the phase of retirement, the manufacturing industry is facing an acute shortage of labor. Today, employers in the manufacturing industry need employees with a different set of skills. There are certain tasks that have become automated and machine sensors have become more commonplace. This has created the need for manufacturers to collect large amounts of data and is opening up new avenues for employment.

Solution: To tackle this challenge, manufacturers need to plan their strategic workforce smartly. Also, they should focus more on recruiting millennials who have technical skills and ‘know-how’. Additionally, there must be an emphasis on STEM (science, technology, engineering, and math) skills to streamline recruitment initiatives.

banner IR

Challenge #2: Management of project

In the manufacturing industry, projects are typically cost, time, and quality sensitive and, as a result, tend to be rigid and tightly controlled. Such rigidity and tight control mean less ability to make adjustments or update scope as the project progresses.  Many of these projects need a design commitment, with little flexibility to alter as requirements change or new information pops up.  This becomes quite frustrating for a team that wants to produce the best product but is handcuffed by deadline constraints.

Solution: To deal with such manufacturing industry challenges, the team leader needs to ask for dedicated resources. Also, utilizing the project service automation software that includes universal resource scheduling can help the manufacturers to quicGet More Infokly find resources that are available and adjust the schedule based on the predicted completion date of the project.

Challenge #3: Analyzing the data

With the increasing use of the Internet of Things (IoT), the manufacturing industry is facing difficulties in aggregating and analyzing the data. While many organizations may have smart machines already on their shop floor, they lack the systems to extract and analyze the data being captured by these systems. This forces manufacturers to miss out on quality.  Therefore, manufacturers are facing the dire need to improve their data mining capacities to improve real-time decisions.

Solution: Implementing an IoT solution designed to help maintenance of predictive analytics, as well as remote monitoring, can help companies in the manufacturing industry to analyze their data in real-time. Also, this can help in predicting the time when maintenance of an asset is required.  Consequently, manufacturers can shift from replace or repair maintenance model to a fix and predict model.


Want to know which marketing tactics may work for your manufacturing business? Take the assistance of our inbound marketing experts who understand your pain points and are laser-focused on the manufacturing industry challenges. To learn more, 

Contact US

Financial risk analysis

5 Smart Manufacturing Opportunities that Manufacturers Must Grab

Manufacturing is and will continue to be a critical force in both advanced and developing economies. However, the global manufacturing sector has undergone a tumultuous decade. From large developing economies leaping into the first tier of manufacturing nations, a severe recession choking off demand, to manufacturing employment falling at an accelerated rate in advanced economies. The good news here is that the manufacturing industry is all ready to be re-imagined, reinvented, and reborn. Here are five incredibly potent opportunities in manufacturing that manufacturers have to pounce upon if they wish to stay competitive through smarter manufacturing:

Smart manufacturing opportunities in manufacturing

Manufacturing intelligence

Intelligence in the manufacturing industry must be carefully planned, implemented, managed and invested in. This generally requires a completely new view and perspective regarding what is traditionally looked Get More Infoat as strictly a mechanical or procedural challenge. This includes advanced data collection from sensors and actuators, immediate knowledge of inventory, assets, production condition; and increased process, productivity, and cost granularity.

Predictive analytics

Manufacturing intelligence must be used by companies in the manufacturing industry in such a way that it will predict the future so that decisions and actions are taken before problems emerge, before the occurrence of risk, and before opportunities are wasted. This includes enabling predictive technologies, embedded analytics, and rapid response capabilities.

banner IR

Quality management

Quality management is the way ahead for how players in the manufacturing industry can achieve nearly zero waste, zero incidents, and zero emissions. The new improvements in quality will develop from factors including information visibility, connectivity, and analytics.

Manufacturing network monitoring

The ability to see and act on your entire network enables companies in the manufacturing industry to predict problems, quickly deploy corrective actions (such as repairs), and keep the entire network humming. This results in improved operational decisions; enhanced remote visibility; and the lowest cost of production possible.

Visibility and visualization

Unless information helps businesses to understand and act, it becomes practically meaningless. It is necessary to have a holistic, dynamic view of the company’s operations in real-time, and visualize people, systems, assets, and inventories as they make their way through a complex supply chain. Manufacturers can see multiple factories in a single view, utilize advanced manufacturing dashboards; and optimize their capacity across the entire enterprise using new instrumentation, networks, and control rooms.


Know more about Infiniti Research’s solutions for the manufacturing industry

Contact US

supplement market

Exploring the frontiers of manufacturing with Market Research

Market research involves systematically gathering comprehensive data about a market. The results of market research, which are usually summarized in a report, are then used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base. It also plays a critical role in analyzing industry shifts, changing consumer needs and preferences, and legislative trends, among other things, can shape where a business chooses to focus its efforts and resources. That’s the value of market research. Market research is cardinal to all industries, but it is particularly vital and indispensable for manufacturing companies. This is primarily because for manufacturing companies the costs and consequences of making misinformed decisions can prove to be fatal. Moreover, any wrong decisions can be catastrophic especially in cases such as new product launches, entering new markets, and acquiring businesses. In this blog, manufacturing industry experts from Infiniti Research have discussed some of the key factors that make market research pivotal for manufacturing companies:

banner IR

Gain a high spot during B2B sales cycles

In the case of manufacturing companies, the duration of a B2B cycle can range from a few months to a year. Using an effective market research study, players in the manufacturing industry can identify and analyze methods and content including eBooks, videos, and demos that will engage prospects, and keep them top-of-mind across the buyer’s journey.

Identify buyer personas

A buyer persona is a hypothetical representation of your ideal customer based on market research and real data about the company’s existing customers. Market research facilitates manufacturing companies to identify each of the buyer personas that they are likely to encounter. This encompasses the procurement managers, heads of production and engineGet More Infoering, production line workers, quality managers, health and safety managers, technicians, and field engineers. Manufacturing companies can then build strategies that engage and impress each of them accordingly.

Discover unavailable information

Although secondary sources of collecting data often prove to be quite useful, there are several cases where a market research report that is customized to provide the required insights for manufacturing companies prove to be more valid. These reports provide manufacturing companies with the insights required to make informed business decisions regarding aspects like differentiation, customer experience, new products, product evolution, segmentation, channels, market opportunities, and market sizing.

Reduce risks

Risk mitigation is one of the primary factors that decided the success or failure of manufacturing companies. Companies that replace more unknowns with knowns when compared to their competitors, put themselves in a position to reap substantial and sustainable gain. Market research replaces speculation and assumptions with hard data and reliable evidence — which, in both the short run and long term, can make all the difference between thriving and struggling.


Get in touch with our market research experts for more insights into the manufacturing industry

Contact US

market segmentation

4 Reasons Why You Should Improve Operational Risk Management in Manufacturing

Basically, risks are of different types and many of them are braided together like reputational risks, financial risks, operational risks, third-party or supply chain risks, legal or compliance risks, and several others. Operational risks, generally, are viewed through the lens of safety management in an organization but for manufacturers, it is important to see the link between safety and operational risk management. The rationale for improving the operational risk management process is not only limited to safety but goes beyond it. There are many compelling tested and verified reasons to improve operational risk management in the manufacturing sector.

In this article, we have discussed a few of those reasons that establish the fact that it is highly essential to improve operational risk managemContact USent process to improve productivity and growth of an organization.

Reasons to improve operational risk management process

Reason 1: Attain financial goals

There are many manufacturers who see the relationship between enhancing productivity and mitigating operational risks. But for better operational risk management, it is essential to move one step further and also see the relation in terms of financial performance. It is important to minimize the impact of operational risks on financial goals. Additionally, manufacturing companies must align operational data with financial data to analyze the financial impact of adverse events.

Reason 2: Improve and increase collaboration

If the financial goals are achieved, it has hard and quantifiable benefits. But implementing an operational risk management process also fetches soft benefits like improved cooperation and collaboration. This can furthermore help in the joint management of risks. The implementation of an operational risk management framework provides the catalyst as well as an incentive for organizations to also boost cross-functional collaboration.Request Proposal

Request a FREE proposal to know how our solutions will help your business.

Reason 3:  Standardize risk assessment

Manufacturing organizations, globally, understand that if they successfully mitigate operational risks, it improves the likelihood that corporate goals will be met. To mitigate operational risks successfully, the same procedures, policies, and risk management process must be applied across all the verticals of the company. Best-in-class manufacturers have standardized risk quantification processes across the enterprise.

Reason 4:  Build a risk awareness culture

To manage operational risks, it is very important to build a culture of risk awareness. This culture helps manufacturers to establish better visibility into control measures of operational risks. This can further help them to integrate a risk mindset, which further minimizes operational risks and their impact on financial and corporate objectives.

To know more about operational risk management, request more info.

Get More Info

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice