Supply chain shortages have improved from their all-time high in Q1 2024. Yet, risks remain high, especially with the increased level of vulnerabilities.
What’s next for manufacturing equipment and technology? In this Supply Chain Byte, Lisa Anderson highlights three key trends that emerged from ProMat and shares how manufacturers can stay ahead by planning strategically for future advancements.
According to the WorldMetrics.org report, 89% of manufacturers believe automation is key to increasing productivity. More importantly to increasing profitable growth, the report also finds that automation reduces manufacturing lead time by 75%.
There are around 3 million industrial robots in use worldwide, and the market is expected to grow to $45 billion by 2028. At a minimum, robots can perform routine tasks with consistent quality. At a maximum, robots will be a strategic advantage to your business. It is no wonder clients are implementing them at a fast pace and investing widely.
Enterprise resource planning systems, CRMs and other tech such as RFID, barcoding, customer and supplier portals, blockchain, IoT, and GPS tracking all support this goal.
According to Polaris Market Research, the market size of artificial intelligence (AI) in manufacturing is predicted to grow more than 41% during the next decade. Although the latest Sikich Industry Pulse found that less than 20% manufacturers have started to implement AI [...]
Pay alone will not suffice. In our experience, the most important priority to retaining top talent is company culture and leadership.
The world has never experienced a labor shortage quite like the one we are experiencing. According to the Bureau of Labor Statistics, employment growth will average .3 over the next decade; however, labor participation will drop from 62.2% to 60.4%.
Automation is coming, whether or not we get on board. Most executives do not want to be the guinea pig for new technology as they cannot afford disruption and risk.
Medtech companies’ focus on supply chain resiliency and mitigating supply chain risk has increased over the last few years as the pandemic triggered extended lead times, delays, and rising costs.
