In the competitive world that manufacturers live in today, it’s even more crucial to make a profit, sustain consistent growth, and compensate their employees accordingly. Most well-meaning business owners believe this is all easy enough, but when faced with real challenges on a daily basis, the success of that business can turn quickly.
These five manufacturing industry challenges need to be met head-on…
Big data management:
Big data management: Manufacturers deal with an immense amount of data. In order for that data to mean something, they need to implement predictive analytics to help them make good business decisions. Being able to access and leverage the data is what gives manufacturers a competitive advantage.
High costs and low profits:
High costs and low profits: Costs such as worker compensation insurance, health insurance, and compliance reporting requirements with the new Affordable Care Act (ACA) are at an all-time high. Combine that with a lull in orders and manufacturers can experience a bottom line disaster.
Compliance requirements: From product safety to IT security, compliance regulations in the manufacturers’ workplace can’t be ignored. Meeting these regulations adds to the cost of production and if a company doesn’t meet these standards, the consequences can be harsh.
Inventory discrepancies: Inventory that doesn’t sell is taking up valuable space and losing valuable profits. Proper forecasting and planning is needed to account for sales trends and consumer needs.
Finding skilled and productive workers
Finding skilled and productive workers: The high turnover rate that manufacturers experience can cause major setbacks when valuable time and resources are spent on training and re-training new hires. Workers expect safe and technologically advanced work environments to help them complete their jobs, but meeting those demands is another challenge for manufacturers.
- Product traceability
- Sales forecasting and planning features
- Regulatory compliance
- Materials management
- Streamlined procurement
- Inventory insight and control
- Business intelligence to make critical decisions
- Automated operations
- Integrated Enterprise Resource Planning (ERP)
Are Manufacturing Challenges Weighing You Down?
Do you lack insight into inventory, leaving you with the wrong pieces to fulfill orders?
Do you struggle with providing proper health benefits and compensation to your employees?
Are your sales office and warehouse so out of sync that it results in major errors in orders, customer dissatisfaction, and wasted resources?
Do you struggle to meet customer demands and ensure quality of service because of little to no control over your supply chain?