5 Strategies for Optimizing Stability and Growth in 2022
We recently looked at the positive 2022 projections for the manufacturing sector. Today, I’m sharing manufacturing business strategies for 2022.
B2B and manufacturing companies faced many intense challenges in 2020 and 2021. And for many companies, profit margins and operational efficiency continue to be impacted.
Labor and supply chain problems and cybersecurity threats appear likely to be ongoing problems. Regardless of your current business status, you may find these research-based strategies useful.
How to Best Position Your Business in 2022
These 5 strategies support long term business stability, resilience, strength, and growth.
1. Remake supply chains.
- Accept that systemwide complications—high demand, rising costs, and slow deliveries—are features of the modern supply chain, not bugs.
- Respond by enhancing digital supply network management and data analytics.
2. Accelerate digitalization and advanced manufacturing
- Improve agility and strategic intelligence through digitalization.
- Generate greater operational efficiency by scaling up investment in industrial Internet of Things (IIoT) to automate processes through connected machines.
- Consider adopting artificial intelligence technologies for quality management and automated preventative maintenance.
3. Take action on cybersecurity
- Elevate attention to cybersecurity in response to rising threats to the manufacturing and B2B sectors.
- Join the 83% of manufacturing executives planning to invest more in cybersecurity in 2022.
- Make cybersecurity a company-wide responsibility.
- Prepare your business to be resilient in the event of an attack—allocate resources to cyberattack response preparation.
4. Redefine and elevate sustainability
- Monitor and respond to a rapidly changing environmental, social, and governance (ESG) landscape in 2022.
- Protect financial health and competitiveness by ensuring strong ESG ratings.
5. Prepare for the future of work
- Set up a reskilling program
- Work with marketing to remake your employer brand
- Take a strategic look at attracting and retaining workers
We know these bullet points barely touch these critical topics. But hopefully they get you thinking about where to focus for your manufacturing business strategies for 2022.
Watch for upcoming posts that dig deeper into the workforce management strategies. And, as always, get in touch with us on LinkedIn or Tweet us. We’re always happy to talk!