Future Planning in Manufacturing

Taking a Look at Top Priorities in Strategic Planning

Future planning in manufacturing increases the likelihood of enhanced profitability and sustained growth. Future planning becomes more challenging with the current level of uncertainty. To help you as you plan for 2022, StratMg took a look at manufacturers’ priorities for the near future.

Priorities for Manufacturing Planning

As 2021 progresses, trends continue to dominate the manufacturing industry.

• Employee Safety: Enforcement of safety precautions post-pandemic.
• IoT (Internet of Things): Adaptability and innovation through the Internet of Things.
• Predictive Maintenance: Optimizing critical manufacturing equipment to keep production on track.
• COVID-19 Exit Strategy: RESPOND, RECOVER, RENEW–organizations must develop a strategic plan post-pandemic.
• Big Data: Ability to collect and analyze powerful data as a valuable resource.
• Shoring & Sourcing: Reshoring and near-sourcing restore U.S. jobs as well as reduce transportation costs and increase supply chain predictability.
• Job Market: Evaluate based on demand to best serve consumers.

Why These Priorities?

These factors are trending due to the current state of the economy. The post-pandemic era has left manufacturers evaluating current processes. Each element contributes to efficiency and effectiveness, boosting profitability. Two key data points illustrate the importance of prioritizing planning:

• 98% of organizations report that a single hour of downtime costs them over $100,000
• 63% of manufacturers believe that applying the IoT to products will increase profitability over the next 5 years

Plan for Your Company’s Future

Emerging automation technology increases the visibility of the supply chain. It also reduces risk mitigation while driving profitability. Efficiency through automation is key.

Build a brighter future by planning ahead. Especially with the current economic uncertainty, future planning in manufacturing enables industrial manufacturers to work toward your goals. Here at StratMg, we enjoy partnering with you to plan for the future. If it’s time to update your plan, get in touch!

–parin

Managing Partner