Tag: manufacturing sectors

competitive pricing

Manufacturing Industry Trends: What’s New in 2019?

Despite the rising challenges, top companies are keen on orchestrating the latest manufacturing industry trends into their business strategy. As a result of leveraging advanced manufacturing capabilities, manufacturers are benefiting from increased visibility into operations, substantial cost savings, increased speed in production times and improved customer support. The future of manufacturing will continue to revolve around digitization and technological innovations. Based on our manufacturing industry trends analysis, here’s our take on the top trends expected to dominate the market in 2019 and how the recent trends in manufacturing technology are all set to revamp this sector.

Emerging manufacturing industry trends, market expansions, and technological innovations will underpin the growth of the manufacturing sector in 2019. Request a free brochure to learn how our solutions can help businesses adapt to the dynamic market.

Manufacturing industry trends 2019

manufacturing industry trendsPredictive maintenance

A manufacturing equipment breakdown could prove to be a costly affair for manufacturers – both in terms of repairs as well as the loss of productivity due to the downtime. In fact, a single hour of downtime could cost manufacturing companies thousands of dollars. Therefore, several companies in the manufacturing sector are turning towards the latest manufacturing industry trends like predictive maintenance to ensure proper functioning of all their equipment. In predictive maintenance, a number of performance metrics are used to monitor various equipment. Automating the data collection process using IoT technology helps manufacturers gain a better understanding of how systems work and when they are likely to fail. The ability to predict the maintenance cycle and requirements saves manufacturers valuable time, money, and resources.

Blockchain boom

The blockchain technology is now gradually taking the manufacturing industry by storm. In 2019, we can expect blockchain to be one of the most notable manufacturing industry trends that can have a direct impact on several sections of the manufacturing industry including- increasing speed, cost-effectiveness, and security. This technology is also likely to play a major role in enhancing the management, tracking, and transaction reporting in the supply chain.

Request a free proposal to learn how our solutions can help you overcome challenges in identifying the latest manufacturing industry trends and transform your business to gain a competitive edge in the market.

Reshoring

Reshoring or bringing back production operations into the United States is one of the key manufacturing industry trends to watch out for in 2019. There are several factors contributing to reshoring. Firstly, the increase in the standard of living of go-to offshoring countries is resulting in increased wages. Secondly, the countries that offer cheap labor do not have the infrastructure capabilities that are necessary to support the complex manufacturing processes. Today, one of the most notable manufacturing industry trends include automation for basic and repetitive processes, which is also a major contributor to the resurgence in reshoring.

Simplifying supply chain management

Delivering more value to customers when compared to the counterparts in the market plays an integral role in remaining competitive in the market. This is no longer accomplished through pricing strategies as savvy manufacturers are fast moving away from price wars and leveraging ways to gain competitive benefits. This includes simplifying supply chain management to gain operational efficiency, increased visibility and control, improved customer satisfaction, and lower operational costs. Some of the key supply chain technology solutions that can be used to address the challenges in manufacturing include- manufacturing optimization, sales and operations planning, business intelligence, and product lifecycle management.

ERP systems

New manufacturing industry trends such as enterprise resource planning (ERP) are playing a critical role in creating a lean and competitive advantage for manufacturers. ERP systems help manufacturers to streamline processes by automating business process and provide real-time and accurate information which helps reduce the administrative and operational costs. As a result, manufacturers can proactively prevent disruptions, manage operations, and facilitate quicker decision-making.

Why Infiniti?

Leading players in the manufacturing industry are confronting uncertainties in the face of digitization and new customer expectations. Moreover, with the rapidly changing manufacturing industry trends, industrial and manufacturing sector companies are facing the need to develop new strategies and invest in technology to gain a stronger foothold. Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.

Get in touch with us to learn how our solutions can help your business

CPG Industry

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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5 Principles of Lean Manufacturing – Simplified

Lean manufacturing is the most trending buzzword in the manufacturing industry which is aimed at efficient use of resources to generate high-quality products. Lean manufacturing is a continuous improvement philosophy which was conceptualized by Kaizen or Toyota Production System. It is the same concept that helped Toyota to compete with the US car industry post-WWII period. The concept seeks to implement business processes that deliver high-quality results while maintaining worker safety and morale and also lowering cost and shortening lead times. Lean manufacturing can significantly improve the efficiency of the manufacturing industry and thereby reduce the production cost. Here are five principles of lean manufacturing that will help the manufacturing industry implementRequest Free Proposal lean techniques.

Identify value

Value of the product always refers to customer’s need for a specific product. For a long time, companies have been producing goods on the basis of what they think is the best, losing vision of customers being the end-user. As a result, if you want to design the best product, it should always start with finding ways to determine what customers actually want in the first place. They need to understand the customer needs in terms of product functionality, ease of use, and pricing. Players in the manufacturing industry can use tools and techniques such as brainstorming, market gaps identification, consumer research, and quality function deployment to identify various needs of the customers. Subsequently, companies should only engage in activities that improve the value of their product to the customers.

Map the value stream

After assessing what value the customers’ want, the next step is to map the value stream. Companies will have to map all the steps and processes involved in converting raw material into the finished product. In order to abide by the principles of lean management, companies should find the most suitable raw material and engage in adding value to each step and dissolve processes that don’t add value. To simplify things, managers can start out by drawing each step on a page as a map depicting the flow of materials and products through the process.

Create inventory flow

After identifying and removing waste from the value stream, it is important to ensure smooth flow of operations without any delays, interruptions, or bottlenecks. These value-creating steps should occur in tight sequences to ensure a smooth flow till the final product delivery to the customers. Employees must get rid of silo thinking and put in cross-functional efforts across all departments. Cross-functional efforts ensure smooth flow of operations even when employees are reshuffled across departments.

Establish value pull

With improved inventory flow, time to market can be drastically improved. This lean manufacturing principle requires players in the manufacturing industry to set out ways which make customers demand the product rather than pushing the product to them. Simply put, if the product was not designed to suit the customer’s needs, then companies will have a hard time persuading the customer to purchase the products. This saves company time and money as products doesn’t need to be created in advance or material stockpiled.

Seek perfection

Achieving perfection is the ultimate goal of the lean manufacturing principle. Manufacturers should always focus on perfecting their products by attaining perfection in each value creation steps and removing waste. Businesses should strive to deliver the product within the designated time and employ continuous improvement tools like Kaizen to achieve perfection.

For more information on principles of lean manufacturing in the manufacturing industry:

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Industrial and Manufacturing Opportunities in Emerging Markets: A Market Expansion Strategy

The industrial and manufacturing industries are the focal point around which other industries function, and it is growing exponentially owing to increasing competition and technological advancements. Moreover, companies in the industrial and manufacturing sector are tapping the opportunities in emerging markets as these economies provide a wide scope for development, expansion, and overalla2 growth. Manufacturing remains a key driver across both economies, but the latter offers profitable expansion opportunities to global industrial and manufacturing firms. The growth opportunities in emerging markets like Asia can be attributed to factors such as the increase in infrastructural spend, surge in customer demands, and development of agriculture and mining sectors among others. By leveraging market intelligence, manufacturing firms can gain in-depth market and customer insights, collaborate with local businesses, garner government support and devise effective market entry strategies for new markets.

For successfully entering niche markets, stakeholders must develop effective market expansion strategies, understand the competitor landscape, and gain a comprehensive view of the current market scenario. The business development executives can leverage market intelligence and business analytics to gain detailed insights and identify growth opportunities. However, organizations undermine the potential of emerging markets and overlook the development opportunities it offers.  Why is it essential to expand in emerging markets, you ask? Here’s why.

Why is New Market Expansion Essential?

Industrial and manufacturing firms often face several challenges in existing and domestic markets. The markets where companies currently operate in are troubled with uncertainties such as increasing competitive pressure, uncertain political scenarios, and risingRequest free proposal operational costs. The growing competitive pressure often leads to price wars between companies, increased investment to create product differentiation in the market and comply with the stringent regulatory environment, ultimately leading to reduced operating profits and negatively impacting the organization’s bottom line. The increasing political instability such as the recent BREXIT resulted in a high-risk environment for investment opportunities across the globe. Thus, to remain ahead in the market and expand their share of wallet, industrial and manufacturing firms have been compelled to devise new market entry strategies and create profitable expansion strategies to increase their global footprint.

Key Emerging Markets in Asia – China and India

The shift in market dynamics has created a new phase of value creation in terms of demographics, geography, regulatory compliance, and technology. These shifts have coerced companies to embrace change, leverage the growth opportunities in niche markets through new offerings and modern business operating models to achieve sustained value creation. Emerging markets such as China and India hold vast growth opportunities for industrial and manufacturing companies. Why are China and India the promising markets, you ask? Here’s why.

  • China has one of the largest domestic market, both in terms of production and consumption. The production and manufacturing bases in China enjoy high productivity at a significantly lower cost, a resultant of its superior manufacturing capacity, large supplier base, increase in adoption of automation technology, and a robust supply chain infrastructure

China

  • Emerging as the new manufacturing hub in Southeast Asia region, India, with its large consumer base, is an untapped market for producers. The country has a large pool of skilled workers and several schemes to develop a multi-modal infrastructure. The government initiatives such as Make in India encourages the country’s manufacturing sector to develop and presents new growth opportunities for manufacturers and industrialists

IndiaApart from these, countries like Singapore, Thailand, Malaysia, Indonesia, Philippines, and Vietnam are among others emerging as a low-cost manufacturing hub in Southeast Asia. The key industries that are expected to grow by leaps and bounds are apparel, footwear, electronics, automobile, machinery, aerospace, pharma, petroleum, textile, agribusiness, and food and beverages among others. In the year 2015, a leading automobile manufacturer announced an investment of more than US $ 150 million to increase its production capacity to cater to the growth in demand.

Market Expansion Strategies for Industrial and Manufacturing Firms

Industrial and manufacturing firms often face a dilemma while understanding the market dynamics and developing an effective strategy for market expansion or market entry. Companies often venture into the unknown without the necessary market intelligence, i.e. without Request free proposalgaining an in-depth knowledge of the market dynamics and the customer demands and needs. For industrial and manufacturing firms, to enter or expand in a new market, they can either grow by developing their manufacturing capacity or by building a robust sales force or distribution network in the region. The various approaches for market entry can either be a greenfield or brownfield expansion, which can be based on market intelligence obtained through a thorough market research of the target region or market.

Market expansion strategies

Industrial and manufacturing firms rely on their internal sources for market insights and industry trends. The organizations internal sources mainly comprise of sales or marketing teams, CI teams, industry bodies and associations, desk research, and other internal sources. However, there are several drawbacks of data obtained through internal sources as they might be incomplete or inaccurate, the assumptions can be difficult to validate, and the unstructured data can lead to vague or incorrect results. Similarly, organizations also rely on external syndicated sources that use generic models and conduct limited primary research that lack industry focused insights and often dwell on limited first-hand information.

The Infiniti Advantage

Our team of senior analysts believe that the current market is inundated with uncertainties across the globe, therefore making it crucial for industrial and manufacturing firms to adopt a market expansion or entry strategy. In doing so, the firms will require market intelligence and customer insights along with significant time and resources to ensure complete success. Infiniti Research provides expert advisory and strategic research services to organizations that help them make informed business decisions. The custom market research solutions by Infiniti Research follow a four-step process to ensure quality actionable insights to support strategic decision making, which are as follows:

Infiniti AdvantageOur team of expert analysts provide actionable insights to industrial and manufacturing firms, which enable them to leverage our unrivaled expertise in research and business intelligence services to drive growth opportunities and successfully improve the return on investment (ROI) in various emerging markets such as APAC and MENA among several others.

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What You Should Look Forward to in the Manufacturing Industry through 2017?

Manufacturing industry is the pivot around which all the other industries function. Basically, it involves the manufacturing of goods and processing of raw materials in order to create new commodities or adding value to existing ones. This value-added product or rather intermediate goods can either be used as an input in some other industry or serves as a finished product for the ultimate target- the consumer. With the increase in consumer demands and changing preferences, the manufacturing industry is expected to be nimble and light-footed to be able to respond to these changing trends.

This robust and dynamic industry is growing at a much faster pace owing to the technological advancements and rising global competition. Manufacturing companies are evolving not only in terms of process efficiencies but also shifting to software driven production systems, which is a far cry from the traditional approach and practices. As a result of this, the manufacturing processes have undergone major changes right from identifying the customer needs to new product development, innovation and design, and research and development. But what else can we look forward to in the future?

Here are a few trends that will bring a wave of change in the manufacturing world, read on.

The Virtual to Real Manufacturing Era – 3D is the Way to Go!

Speaking of transitions, modern day industrial employees no longer carry a drill or hammer to work, instead they prefer tagging along their personal digital assistants (PDAs). This enables them to create, design and manufacture goods that are tailor-made and that fit the wants and needs of the consumer through various techniques such as 3D printing, which is an additive manufacturing process that creates a physical object from a digital design by adding material layer-by-layer. So far, its application was limited to developing prototypes, but now manufacturing companies are looking forward to its full-fledged application in the industrial process. This will add to the productivity, efficiency and innovation and thereby creating value and resulting in growth of the industrial market.

Market Intelligence and Manufacturing Sector

Forecasting demand and then determining and planning the level of production and supply is the best way for the production department to avoid over-stocking and stock-out issues. It also helps in identifying demand-supply patterns in order to streamline the process and thereby making it efficient. Utilizing market insights and predictive analytics will not only enhance their decision-making skills but also help the organizations to identify newer avenues and potential markets for expansion. In their constant urge to become market disruptors, organizations are increasingly turning to analytics and big data to create sustainable competitive advantage.

Manufacturing the Infiniti Advantage

Innovation and technological advancements go hand-in-hand when it comes to the manufacturing industry. It is obvious that whether or not these organizations acclimatize themselves to these changes, they just cannot ignore its multifarious benefits and the gradual shift in the industry’s best practices. Hence, the future looks bright for the manufacturing sector driven by expert insights and data, worldwide. Infiniti helps solve strategy related challenges by providing real-time insights through time-tested technologies. With a team of 500 plus experienced analysts who are expert at deriving insights that will have a direct effect on your bottom-line.

Infiniti Research is the right place for all the market and customer insight needs. Talk to Us.
IR13

Building Stronger Cities with Fiberglass and Actionable Market Insights

As cities are getting bigger, an ever-incrementing number of skyscrapers and aesthetically appointed buildings are adding to the urban skyline. Underneath the facade, and directly contributing to their durability, is a new composite material that has already ingrained itself in the automotive and manufacturing sectors. Fiberglass is explained as a ‘reinforced plastic material composed of glass fibers embedded in a resin matrix’- and, the popularity of this versatile construction material is on an upcurve.

As a manufacturer of fiberglass materials, the forthcoming time slab between 2017-2021 will be an exhilarating and equally exhausting experience for your business. While the unchecked speed of urbanization and massive investments on infrastructure projects across the world will spell opportunities, the ever-incrementing cost of construction, cut-throat competition and the emergence of carbon fiber technology as a legitimate threat will keep you grounded. The road ahead seems lithe and profitable, yet what are the guarantees?

How Market Insights help the Construction Industry Brave the Challenges?

Actionable Insights will serve as the wind beneath your wings. With a booming industry and a profit making personal enterprise, many businesses have the tendency to switch onto the auto-piolet mode and breeze through challenges that are either severely localized or are just internal conflicts. Larger concerns that amount to emerging competition, later day technologies, compatibility with set rules and regulations and questions over quality, production capacity and fluctuating prices aren’t given their due attention. Actionable insights, as presented by a competent market intelligence partner, helps your business deal with the following inevitable questions.

As a manufacturer, can you afford to let your competitor make the next move? Is innovation and R&D truly the way out? What are the next set of waves to impact the global fiberglass building products market? And, are you ready to ride these waves onto sustained profitability?

The Infiniti Advantage – Expert Approach to an Evolving Problem

Photo of 3d printed pieces in an Advanced Manufacture Laboratory.

According to an internal market research paper penned by Infiniti Research, the global fiberglass market is worth an imposing USD 12.8 billion in 2016, and the fiberglass building products market constitutes 28.99% of this global behemoth. Not surprisingly, the latter is expected to reel in USD 4,883.6 million by 2021 at a commendable CAGR of 5.65%. By all estimates, fiberglass will play an important role in the fortunes of our expanding megacities- imbibed in roofs and walls, which as a result will be more shock absorbent, corrosion resistant, will demand less maintenance, be fire-resistant, lightweight and have superior strength when compared to conventional construction materials.

With its research expertise stretching to markets in 100+ countries, Infiniti Research can help your business discern between realistic possibilities and financial liabilities. An expert team of 500+ analysts are proficient at reaching out to the luminaries in your area of specialty, and gain from them qualitative and quantitative insights that can then be superimposed over your marketing roadmap. With these deep insights, your business can make the adequate adjustments, investments or excise away the unnecessary obligations, thereby streamlining your business for sustained and assured profitability.

Dealing in Fiberglass Building Products?

Infiniti Research is the market insights partner you’re looking for