These statistics would lead most people to think that production would decrease. However, productivity is expected to be 2.4% higher than ten years ago. Growth in productivity is attributed mainly to advances in technology and superior training.
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There will be a much more significant focus on adaptability.
Different segments of the manufacturing sector have faced varying levels of challenges. Some have held oligopolistic holds on the market, which means they didn’t have to respond to the same threats from competitors. However, other manufacturers face much fiercer competition and must react accordingly to changes in the industry.
Manufacturers that used to thrive on complacency can no longer do so. The manufacturing industry faces a perfect storm of challenges, especially as they gravitate towards a post-pandemic world. They must be more responsive than ever. Manufacturing business models will need to be modified to survive the fitness approach.
Manufacturers are preparing for the threat of ongoing supply chain shortages
The COVID-19 pandemic has played a huge role in the supply chain shortages the manufacturing sector has faced over the last two years. Moreover, most industry experts anticipate that the problem will last well into 2022.
Even after supply chain problems caused by the pandemic start to wane, memories of the frustrations will not evaporate anytime soon. Manufacturers will realize that they need to be more responsive than ever to future problems that could disrupt the global supply chain.
