The manufacturing industry is being reshaped by a number of major trends that will impact the way midsize businesses operate.
For example, due to recent widespread disruption, global growth projections for the industry are being scaled back to pre-financial crisis levels, and issues such as tariff increases, fluctuating trade policies that impact supply chains rising manufacturing costs, and rapidly shrinking talent pool are creating a difficult operating landscape for even the largest, most resilient of industrial manufacturers.
On top of that, midsize organizations across all industries face their own challenges. Their relative size, while in some cases affording them more agility than larger rivals, can leave them vulnerable. Limited cash reserves mean there is little margin for error. Relying on inputs from other manufacturers in complex supply chains can leave them without the materials they need to maintain operations. There are little to no redundant resources while employees work to full capacity and often fulfill different roles.
Attracting top talent is a perennial problem. This made the events of 2020 particularly trying for midsize manufacturers. Firms scrambled to set up IT infrastructure to support remote working; demand for goods collapsed or supply dried up; logistics across borders became radically more complex, and millions of businesses were shuttered worldwide.
Yet, many midsize businesses have successfully weathered this storm. The most successful organizations were those that valued collaboration, cross-business insights, data-driven decision making, and agility, both in terms of processes and employees.
By marrying these traits, they became “interconnected businesses.”
In doing so, they are able to offer outstanding customer and employee experiences, build resilience, and navigate rapid market fluctuations – capabilities that are essential for the future. Interconnected businesses are also in a stronger position to seize new opportunities and pursue growth when the economy stabilizes.
This e-book is designed to help you become an interconnected business using best practices in four key areas: Customers, Employees, Insights, and Processes.