Staying ahead of your competition is what keeps a business innovative and prospering in an economic world that is ever-changing and evolving. It’s important to recognize and be proactive about upcoming trends and learn how to use them to your advantage. With the current state of uncertainty in the manufacturing industry, it’s important that companies gain their competitive advantage in areas that they can control.
Three of the top manufacturing trends to be aware of in 2020 include:
Machine Learning and AI
Like most industries, manufacturing trends can take some time to implement, especially since changes can be so widespread across various departments. The increased use of machine learning and AI is no exception. However, while the process of implementing change may be slow, it’s clear that these practices are only increasing and becoming more widely used. Machine learning, AI, and other automation trends offer higher efficiency outcomes and increase profit margins which is something that cannot be ignored.
Machine learning and AI are not limited to only one area of business; they can translate to all aspects of the workflow process from the administrative office to the shop floor and from customer experience to machining. Taking advantage of newer technologies sooner will benefit a company in the long run. Implementing technology ahead of your competition is key to keeping and growing your customer base.
Technology has closed the gap between a company and their customers. It is now easier than ever for a customer to engage with a company and have their voice and opinion be heard. Customers now expect to be a part of a company’s operations, marketing, distribution, and other aspects of the business as never before experienced.
It is important that companies leverage the data that they collect in order to create more value for their customers and to continue to grow and nurture the relationship they have established with them. Companies who are transparent with their operations and who seek customer opinions often thrive more so than companies who are more closed off. With the upcoming Generation Z, data shows they engage more with a company who reflects their values and who listens to their opinions. Customer engagement will become increasingly important as businesses hope to sustain and grow in an evolving marketplace.
Technology is giving manufacturers more than just the ability to improve their performance and operations, but also giving them the ability to improve in responsiveness and agility. With the current uncertainties in manufacturing, it’s important that companies can adapt to any climate and minimize disruptions to daily operations.
As technologies like machine learning, AI, automation, and other technologically advanced trends become more commonplace in the workforce, it allows for a company to be able to predict things like demand and foresee any problems that may arise in the near, or distant, future. This allows a company to be able to better prepare for unforeseen circumstances and fluctuations in the marketplace. As a company becomes more flexible in their adaptation to change, they become stronger within the industry and among their competition.
With 2020 just around the corner, it’s important that companies focus on moving forward and staying relevant within their industries. Businesses should take the time to review what process are or are not working and implement strategies that will help prepare them for success in the future. With the ever-evolving state of the manufacturing industry, adapting to change is what will help a company thrive and keep them ahead of the game. Improvement and evolving in all areas of business is a continual cycle but is crucial to maintaining a healthy business.