Manufacturers who want to tackle industry challenges and stay competitive in 2024 should embrace digital transformation and focus on how to address obstacles like labor shortages and supply chain complexities.
In 2024, the manufacturing industry is expected to face economic uncertainty, the ongoing shortage of skilled labor, and serious supply chain disruptions. On top of that, new challenges are present as the need for product innovation continues to grow in order to meet new challenges of meeting company net-zero emission goals.
Technology and innovation will continue to play a significant role to support manufacturers who are addressing these complex challenges. The continued search for efficiency and building resiliency across the organization are leading manufacturers to pursue immediate digital transformation objectives. That trend is leading companies to embrace a smart factory approach to add value to their operations.
Top Manufacturing Trends to Look For in 2024
Let’s explore some of the top trends that are affecting manufacturers in 2024.
- Improve Talent Attraction and Retention. To address labor and talent shortages, manufacturers are employing new digital tools while also tapping into the knowledge of the aging workforce and retirees. Companies will establish external partnerships and mentorship opportunities to build and upskill the talent pipeline.
- Leverage Digital Technologies. In 2024, embracing a smart factory approach is essential. Manufacturers can improve agility, resilience, and efficiency by leveraging digital solutions and by exploring the 4th Industrial Revolution. Companies are also investing in digital technologies that create new and enhanced aftermarket offerings that could lead to revenue-generating opportunities.
- Reimagine Supply Chain Solutions. The complexities of managing supply chains continue to persist. Manufacturers are pivoting toward digital solutions like ShelfAware to introduce automation in an inexpensive yet robust way. The past few years have proven that the companies who have invested in supply chain automation have gained a competitive edge.
- Embrace Federal Funds and Incentives. A general drive toward a net-zero future has generated increased investments in product electrification and decarbonization. Manufacturers will look for ways to leverage federal incentives to implement a variety of strategies.
- Tackle Economic Pressures and Market Shifts. Globalization is not dead, but the trend is shifting as businesses are diversifying where they source and make their goods. The impact is profound. To address the margin pressures in a higher-cost environment, manufacturers will focus on optimizing operations.
- Understand the Rise of Artificial Intelligence. Manufacturers are among the earliest adopters of artificial intelligence and exploring the potential of revolutionizing processes. Increased productivity, enhanced decision making, and improved cost savings will drive further adoption.
- Explore Predictive Maintenance. The cost of downtime is staggering. Predictive maintenance is not new in manufacturing, but companies continue to look for strategic ways to identify possible equipment failures that cost them millions in production downtime. The most efficient forms of predictive maintenance are obtained through the use of innovation and technology.
- Utilize Data-Driven Decision Making. Sensors, remote monitoring, the Internet of Things, connected devices, and RFID-powered technologies are providing essential data that lead to critical and improved decision making. These kinds of data-driven opportunities lead to improved efficiency and more productive operations.
Trends That Will Shape the Future of Manufacturing
It requires visionary leadership and a proactive mindset to embrace these trends. Recognizing the potential of smart factories and harnessing advanced technologies will help manufacturers optimize operations and gain a competitive edge.
With improved data mining, manufacturers can unlock new levels of efficiency and make informed decisions about all processes. When manufacturers adopt these trends and embrace a forward-thinking approach, they position themselves as industry leaders and find ways to forge ahead of the competition.
Enter 2024 With a Strategic Supply Chain Strategy
Effectively managing complex manufacturing supply chains requires visibility, accuracy, and strategic decision making. Digitizing inventory doesn’t have to be an expensive or overwhelming task. In fact, with a platform like ShelfAware, suppliers and consumers can make more money with less worries and eliminate stockouts with an easy-to-manage, cloud-based digital vender management inventory system.
Embracing automation is an important first step. To get your first taste of automation, try a digital VMI platform like ShelfAware. It’s an easy entry for companies looking to flex their first digital muscle.
Here are the top 10 supply chain management tips that will help manufacturers prepare for 2024.
Try a digital VMI platform like ShelfAware for a sustainable solution to supply chain management.
Want to learn more about an affordable way to automate your supply chain? Request your free ShelfAware demo.
Too good to be true? ShelfAware is redefining the vendor-managed inventory industry. For this reason, we’re happy to talk to you about how our intelligent inventory platform can benefit your business. Contact us today for more information.
