At the moment, Covid-19 is the dominant factor of influence of virtually every aspect of business. But what happens when that moment has passed? Will the changes for manufacturing be permanent and if so what will they be? We asked some manufacturing experts, and here are their thoughts:
Manufacturing and Supply Chain Expert, Lisa Anderson, MBA, CSCP, CLTD, president of LMA Consulting Group Inc, said “Manufacturing will definitely change as it emerges from the coronavirus pandemic. Weaker manufacturers that don’t innovate and proactively manage the demand and supply misalignment will go out of business whereas the stronger manufacturers (whether big or small) will thrive.”
“Manufacturing leaders were already questioning their supply chain because total cost is at parity with China, Amazon-like customer expectations are required for growth, technological advances made customer advancement rapidly achievable and labor costs less relevant, and the tariffs already pushed them over the edge. The coronavirus is adding fuel to the fire in reevaluating sourcing networks and supply chain risk. Manufacturers will in-source and near-source with increasing speed. It will be a unique opportunity for manufacturers to retool, redesign and redefine their future, and manufacturing careers will gain a significant boost as people see the value in essential businesses.”
Published in Washington Manufacturing Alert on May 4, 2020