Thursday, April 25th, 2024
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Business 2 Business Times

Topmost Challenges in the Manufacturing Industry in future

Photo by Kateryna Babaieva from Pexels

It is true, that the manufacturing industry is about to bloom better in the coming time. With the invention of newer technologies like automation, virtual reality and Internet of Things it has become easier to increase production and maintain them. However, in spite of all that, there is no denying of the challenges that are present in the manufacturing industry and which could be the reasons for major setbacks as well. It is always better to keep an eye on the challenges because that gives time to think about the solutions. So here are the topmost challenges that the manufacturing industry is facing-

  • Shortage of Manpower:

With the huge chain of retirements facing the industry, almost 4.6 million posts are going to get vacant in the coming years. According to the statistics, many of these posts are going to remain vacant and create a huge labor shortage worldwide in the manufacturing industry. The statistics show already more than sixty percent posts are lacking the necessary skills altogether. With this approaching crisis of skilled laborers this problem is going to get severe and affect the rate of production. Apart from this, the way of connecting and attracting the workers are getting difficult in this age because with the rise of technology the old school methods are no more valid.

  • Newer hard to grasp technologies:

When it comes to implementing new technologies in the manufacturing industry, there is no ending the list. Automation, robotics, IIoT etc. have become immensely popular and hard to keep up with at the same time. Ignoring them would impact the growth and installing them needs proper knowledge about them. This is placing the manufacturers in a severe crisis. However, in order to adapt these technologies properly, the manufacturer could take help of a firm dealing with these technologies.

  • Cyber threats:

With the growing dependence on the online technology, the cyber threat as become more and more common in the manufacturing industry. According to different studies, the manufacturing industry depends mainly on outdated cyber safety systems. This costs them huge with the breach of security of the valuable data of the company. This problem is the prevailing one and in order to deal with this the manufacturers need to stay updated in their cybersecurity systems and keep the hackers away.

  • Tougher competition around the Globe:

One of the main issue facing the manufacturing industry is the huge global competition. Already, countries like U.S.A and China are at war regarding manufacturing. This competition is going to get tougher with time. That is why; in order to stay in the race the manufacturers around the world need to do their best to increase both the quantity and the quality of the products.

  • Crisis in old school marketing:

With the rise of the popularity of social media and online networks the old school marketing strategies like trade shows, trade ads are not working anymore. The age is digital and that is why; the manufacturers need to go work more on their websites to reach out to consumers.

These challenges in the manufacturing industry are going to impact hugely.

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