THOUGHTS

4 Critical Challenges Facing Industrial Equipment Manufacturers

Dec 19, 2019

Modern manufacturers cannot afford to ignore the challenges coming their way, considering the cut-throat competition and the rapidly rising market demands. According to experts at Infiniti Research, some of the key challenges faced by industrial equipment manufacturers include industrial equipment manufacturers can come across include an incomplete view of their profitability, lack of insight into the supply chain, and the means to collaborate productively across the various stakeholders. Although several industrial equipment manufacturing companies respond to these challenges by installing ERP systems, it may not be a complete solution to overcome these roadblocks.

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Errors in quotation

The quotation is one of the foremost areas of focus for any business. An inaccurate quote or costing prevents businesses from making adequate profits as either all the elements are included or even the client can be lost due to high costing. Sales personnel need access to details so they can provide the right estimate and quote to their customers.

Portfolio management

Portfolio management for industrial equipment manufacturers include creating premium support offerings, connecting service offers to business value, and launching new service offers. Making this challenge a priority will facilitate industrial equipment companies to take more responsibility for improving customer outcomes with offers and that would be required to prove their value in order to sell these offers.

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Service flow

In most cases, the scope of work for manufacturing companies may not end with the project assembly or manufacture. It could further involve the transfer of project results to the base, which offers service opportunities like maintenance, repair, and overhaul services. This can cause several service integration issues for industrial manufacturers.

Logistics inconsistencies

Industrial equipment manufacturers have a considerable amount of equipment and materials that need to move from the factory floor to production operations. Without the right support, this could lead to severe logistics inconsistency and confusion for industrial equipment companies. The companies in the manufacturing sector need to implement a solution that would help them plan the capacity of the machine so that the person in charge can assign resources to the machines based on the requirement.

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