US manufacturing industry trends Archives - Business Intelligence

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manufacturing industry

Taming Sales Complexity in the Manufacturing Industry

As the growth of the manufacturing industry continues to soar, it is natural that the buying processes involved have consequently become more complicated, lengthier, and involving more stakeholders in the sales cycle. While growing manufacturing companies make supplier collaboration and diligence on the manufacturing floor a top priority, eliminating complexity from customer-facing processes often takes a backseat. Furthermore, as product portfolios grow broader, multi-year service contracts are becoming the new normal and shorter product lifecycles are bound to make the sales manager’s job in the manufacturing industry even more challenging. Based on our expertise in helping manufacturing sector clients to overcome similar challenges, we have listed out some ways by which sales managers in the manufacturing industry can overcome complexities.

Want to learn more on how sellers in the manufacturing sector can better keep up with the rapid changes in buyer behavior? Request a free proposal for comprehensive insights on our solutions for companies in the manufacturing industry.

Communicate with decision-makers

Generally, most B2B purchases in the manufacturing sector involve at least five or more people. Each of these stakeholders will also be in charge of different teams that could influence their key decision-making. It is vital for the sales team in the manufacturing sector to be able to gain a comprehensive understanding on the company including its culture, goals, and what support their primary contact needs in order to get others onboard. A best practice here is to think through the mind of the buyer and how they would convince their team about your products. If the key questions of the key stakeholders can be effectively taken care of, then it becomes for easier for sales managers to close the deal.

Customize based on the requirement

Different internal stakeholders in a buying organization will have different requirements. As such, the one-size-fits-all approach here could prove to be ineffective. Therefore, it becomes essential for manufacturers to tailor experiences for different stakeholders. A good majority of B2B buyers will be willing to pay more for a great experience while making a purchase, making this a crucial factor for companies in the manufacturing industry to consider.

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Leverage consumer insights

Sales managers in the manufacturing industry must leverage appropriate customer relationship management tools. This will help them prevent losing valuable customers to competitors. Modern CRM systems have the ability to track which content has been sent to a contact, and when coupled with a sales Enablement platform, can track which parts of this content have been read and which works best for certain sectors. When used together, CRM and sales Enablement can help marketers and the sales team to analyze and understand how best to influence prospects.

How can you accelerate your company towards more strategic initiatives in the manufacturing industry? Get in touch with an expert to find out.

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Exploring Critical Challenges Facing the Swiss Manufacturing Industry

Manufacturing industry

As the center of gravity of manufacturing has gradually migrated to Asia over the past decade, it has become acceptable in more developed nations to assume that manufacturing industry can no longer play a substantial role in the expansion and continued sustainability of their economies. Switzerland is known for setting itself apart internationally by being a highly competitive and attractive market to do business. The Swiss manufacturing industry has come under increased pressure over the past couple of years. The global financial crisis and the subsequent strength of the Swiss franc posed several manufacturing industries challenges. In the view of these manufacturing industry challenges, the questions to find answers to here is how long Swiss manufacturing companies can remain competitive and how they are going to do so.

It is important for companies in the manufacturing industry to build on existing strengths in order to flourish and stay competitive in the long run. Request a free proposal to find out how our solutions can help companies in the manufacturing industry achieve this.

Manufacturing industry challenges in Switzerland

Economic volatility

The Swiss economy is characterized by rising volatility and increased uncertainty since the global financial crisis almost a decade ago. Subsequently, there was an increased pressure on margins of companies in the manufacturing industry due to the strengthening of the Swiss franc. This situation was stabilized to a considerable degree when the swiss national bank implemented the EUR/CHR exchange rate floor. However, the increasing pressure has resulted in several companies in the Swiss manufacturing sector to make additional operational adjustments. Manufacturing companies exporting primarily to Europe are most likely to shift their focus outside traditional markets to growth regions.

New growth markets

During recent years, strong economic growth has occurred in emerging markets rather than developed markets. In this scenario, the key challenges for Swiss manufacturing industry companies will be to expand their operation further into new growth markets and at the same time compete effectively with existing players in these markets.

Get in touch with our experts to gain insights on how we can help manufacturing industry players to increase efficiency and productivity.

Rising global competition

Amidst rising global competition, innovation, the need to introduce new and innovative products are becoming paramount for companies in the manufacturing industry. While targeting new growth markets, manufacturers must ensure that their products are tailored to suit local needs. Product innovations are essential in developed markets to survive despite the rising competitive pressure. The challenge here for companies in the Swiss manufacturing industry will be to reinvent themselves amid these tensions, especially because new products from emerging markets are increasingly being imported to developed countries and has become a source of competition for manufacturers in domestic markets.

Shortage of resources

Another critical challenge for Swiss manufacturing companies involves issues such as shortage of resources, which is prominent in case of talent and energy. Firstly, the Swiss manufacturing industry has long experienced shortage of labor and this needs to be addressed immediately in order to remain globally competitive. Secondly, Switzerland’s energy policy provides for phase-out of nuclear power and promotes renewable energy sources. This entails both risks and opportunities for the Swiss manufacturing industry. The challenges here would be to restructure the energy industry as an opportunity while staying prepared for contingencies such as electricity prices or uncertainties in terms of supply securities.

Learn more about Infiniti’s solutions for the manufacturing industry

manufacturing industry

US Manufacturing Industry: How to Improve Scalability and Compete in Future

The US manufacturing industry is quite different from what it was probably a decade or two ago. The erosion of American manufacturing companies has contributed to approximately two-thirds of the fall in labor share of US GDP. This is primarily due to the fact that the output growth in the US manufacturing industry has been largely concentrated on a few industries such as electronics, pharmaceuticals, and aerospace. Despite the headwinds in the sector, some of the largest US manufacturers have managed to thrive, but several small and mid-size manufacturing companies are facing the heat. The United States must now focus on positioning its manufacturing sector to leverage existing opportunities and prepare to compete in the future rather than making attempts to recreate the past or maintain status quo.

Small and midsize companies in the US manufacturing industry need more mentorship and strategic guidance to understand the market opportunities at stake. Request a free proposal for more insights from our experts.

US manufacturing industryStrengthen supplier base

Keeping suppliers at arms-length often has an impact on the bottom-line of large manufacturers. For instance, take the case of automobile manufacturing. The inefficiencies in interactions between OEM and suppliers can add up to development, tooling, and product costs. These costs are generally seen to be higher for US manufacturing companies when compared to their Asian counterparts. Similar inefficiencies can also impact other industries and are more likely to increase as the need to expand product portfolios and reduce turnaround times increases. Seeking lower bids from suppliers can result in diminishing returns over time. Procurement should be viewed as a source of value rather than simply a means to cut costs. Companies in the manufacturing industry can also benefit from identifying the suppliers that provide critical, high-value components and these may not be the largest suppliers. Rather than restricting themselves to only monitoring suppliers, US manufacturing industry companies must make efforts to solicit their ideas, invest in their capabilities, and build trust to enhance supplier relationships.

Many manufacturers, particularly in advanced industries, often report difficulties in identifying and capitalizing on opportunities before their counterparts in the market. Get in touch with our experts to know how our solutions can help companies grab opportunities and gain a better foothold.

Deeper global engagement

Emerging markets open up new opportunities for companies in the US manufacturing industry to win customer loyalty and build their customer base. However, the number of US companies that sell abroad are much lesser when compared to other developed economies. Small and mid-size companies in the US manufacturing industry must gain a deeper and strategic understanding of the opportunities that their counterparts enjoy in advanced economies and turn it to their advantage.

Improve adoption of digital technology

The US manufacturing industry has been relatively slow in the adoption of digital technologies. This has caused a significant impact on the industry’s productivity performance. When compared to nations such as Germany, Japan, and South Korea the adoption of advanced technologies and robotics in the manufacturing industry has been comparatively lower in the United States. In order to capitalize on modern technology, manufacturers have to capture, analyze, and integrate data flows across operations. Also, consider upgrading and replacing some outdated machinery with the latest ones.

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US manufacturing industry

Market Intelligence Solution Helped a Canadian Manufacturing Firm to Devise a Go-to-Market Strategy to Enter the US Manufacturing Industry

US Manufacturing Industry Outlook

While the revenue for companies in the US manufacturing industry fell during the 2008 recession, the industry’s overall performance was not seriously marred during that period. After years of sluggish growth, the US manufacturing industry is expected to proliferate over the coming years. However, challenges such as labor shortages, inability to keep up with new technologies, and cybersecurity issues continue to exist. As such, manufacturing companies are under the pressure to tackle challenges coming their way and innovate processes to gain a leading edge in today’s competitive marketplace.

US manufacturing Industry Overview

Our market intelligence solution can help you tackle all the manufacturing challenges and turn them into opportunities to grow your business. Request a FREE proposal!

Business Challenge

A manufacturing firm based out of Canada was eager to understand the prevailing market dynamics in the US manufacturing sector to create an informed market expansion plan to enter the US. Also, the client wanted to explore new market opportunities in the US manufacturing industry and understand the challenges affecting manufacturing firms in the US.

To do so, they needed a research partner to provide them with effective market data and guide their way forward. They approached the experts at Infiniti Research to leverage their expertise in offering custom market intelligence solution.

With Infiniti’s market intelligence solution, the client wanted to tackle other industry challenges such as:

US manufacturing industry challenge #1 – Labor shortages

Recent US manufacturing industry study shows that there could be around 1 million unfilled manufacturing jobs by 2025. Although automation and robotics may help manufacturing companies fill major labor gaps, skilled workers will still be needed to operate complex machinery and manage production. Therefore, with Infiniti’s market intelligence engagement, the client wanted to evaluate the capital requirement for recruiting skilled labors in the US and understand how their competitors managed labor shortage issues.

US manufacturing industry challenge #2 – Keeping up with new technologies

With automation, the Industrial Internet of Things (IIoT), robotics, and cloud computing growing in popularity in the US manufacturing industry, the client wanted to keep a constant watch on all the US manufacturing industry trends and developments.

US manufacturing industry challenge #3 – Cybersecurity challenges

With cybersecurity threats rising in the manufacturing sector, the client wanted to identify all the threats and risks facing companies in the US manufacturing industry.

By providing custom market intelligence solutions, we help our client meet their business goals and address market challenges. Contact us to leverage our market intelligence solution.

Solutions Offered

As a part of the market intelligence engagement, the experts at Infiniti Research conducted a US manufacturing industry analysis. During the US manufacturing industry analysis, the experts at Infiniti Research analyzed certain factors such as market potential, investment environment, market developments, trends, supply-demand requirements, and US manufacturing industry growth rate.

The market intelligence engagement also involved market size analysis. This phase of the engagement helped the client to understand the US manufacturing market size.  Also, the experts conducted a competitive intelligence study, which helped the client to analyze business strategies of the top manufacturing companies in the US.

The last phase of the market intelligence engagement involved risk assessment engagement. This phase of the engagement helped the client to identify all financial and security risks affecting business operations of companies in the US manufacturing industry. Furthermore, the experts helped the client to evaluate the capital requirements for recruiting skilled labors, implementing new technologies, and making a smooth market expansion.

Results Obtained

The client was able to gain insights on critical success factors to devise its go-to-market strategy and route to entry in the market. Our experts also supported the client in identifying the right business partners to support their operations in the United States. They also developed a detailed understanding of the attractiveness of market opportunities for their product offerings.

Within two years of entering the US manufacturing industry, they were able to exceed their sales expectation and achieve savings of over 25%.

Request for more information to know how our market intelligence solution can help you devise a sound market entry or expansion strategy.

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