Manufacturing as an industry has taken some hits over the years, but it’s always proven to be very resilient. Even with the pandemic, the threat of a recession, a retiring (and limited) workforce, as well as supply chain issues, manufacturing came out stronger on the other side of it all. In fact, Deloitte forecasted a 2.5% growth in GDP for 2023. How about that for resilience?
Listed below are four ways manufacturing will stay strong and come out ahead in 2023… and beyond.
5G networks, cyber security, cloud adoption, IOT (the Internet of Things), AI (Artificial Intelligence), AR (Augmented Reality), and VR (Virtual Reality) are all investments that manufacturers are finding value in. The implementation of this technology enhances efficiency and effectiveness across the production floor.
Supply Chain Review:
The pandemic really brought out flaws in supply chain management as it relates to manufacturers. As a result, companies are reassessing their supply chain and looking toward ways to become more supply chain resilient. By diversifying vendors and vendor locations, manufacturers will still experience disruptions but not at the levels witnessed in 2020.
Manufacturers are seeing that implementing smart technology in their production process reduces operating costs while also improving efficiency. And rather than implement it piece-by-piece, manufacturers are adopting the technology system-wide, wherever possible.
Data & Analytics:
Manufacturers are focused on collecting data. Data, when combined with analytics and technology, provides manufacturers with an opportunity to understand their operations more accurately than ever before. This allows them to see actionable insights in real time without high costs and long waits. In fact, this market is forecasted to grow by 16.5% CAGR (compound annual growth rate) between 2019 and 2026.
What It All Means:
So, what does this mean?
In short, it means that skilled trade work isn’t going away. It means skilled trades workers will still be needed because manufacturing will continue to prove its resiliency and, as a result, continue to grow.
Join the FlexTrades team today to experience top notch pay, the opportunity to travel, and the ability to work and learn new skills with some of the greatest manufacturers in the United States. If you’re new(er) to manufacturing, don’t worry – we have that covered too. Join our ReTool team for the opportunity to upskill and train for the dream job you desire. And if you’re a manufacturer yourself, consider FlexTrades as a labor solutions provider.