Get ahead of the game: Key trends in manufacturing for the new financial year

The past three years have been tough for the manufacturing sector. There were multiple factors affecting the industry such as pandemic, geopolitical issues, ongoing war, inflation, and many other global issues. Due to these factors, issues like supply chain disruption, inflation, shrinking capital, recession, labour shortages, transportation challenges etc. are escalating day by day.?

Amidst all these issues, still, India’s manufacturing sector continued to grow at a fast pace. Recently, it’s all over the news that the S&P Global India Manufacturing Purchasing Managers Index continues to rise to 56.4%.? So with this exciting news let’s begin this new financial year.

Trends in the manufacturing industry for the financial year 2023

In 2023, the #manufacturingindustry is all set to grow and some of the trends impacting it are enumerated below.

Customers are becoming more selective nowadays

All are aware of the recession and inflation worldwide. As a result of these issues, customers are demanding higher levels of quality and transparency. This trend is going to continue for years.?

The issue here is the manufacturers have to very skillfully produce a high-quality product for a reasonable price (Cost of engineering, raw materials price, manufacturing costs etc.).

This efficiency can be achieved with automated systems and careful strategic planning. In addition, the manufacturing business must aim to sell its goods through cost-effective methods.

Attention on sustainability

Sustainability is the new trend of 2023. Consumers everywhere are demanding transparency and proof of where their products are coming from. So, manufacturers are adapting to more environment-friendly methods. For example, avoiding animal cruelty, reduction of carbon emissions, diesel-powered forklift trucks, using electric-powered vehicles etc.

This trend is a noble change as consumers demand more sustainable methods and manufacturers are ready to adapt to them.

Labour retention and workforce upskilling challenge ?

The pressure to follow compliances, regulations, and sustainable practices is high and costly. So companies should focus on giving training to the employees or hire diverse and smart employees who are innovative, creative and have excellent problem-solving capabilities. Plus, employees should have the capability and flexibility to adopt the current digital technology culture.?

Investing in the right digital infrastructure

The market keeps on fluctuating all the time. So, businesses have to make complex decisions most of the time. Investing in brilliant technology like ERP systems, AI, ML, Predictive analytics tools etc. will help businesses to understand any sort of fluctuations in the market. It will help businesses to take data-driven decisions to avoid risks.

Conclusion

All these trends are impacting the current manufacturing sector. In this financial year, set your goals and plans considering these trends. It will help in staying competitive and relevant in the market. Finally, invest in technology to automate your business processes and to stay present with the trends.