Manufacturers Should Adopt These Trends

Manufacturing companies should adopt new trends in order to overcome challenges that are posed by the ongoing epidemic
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Aug 09,2021
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  • 12 Mins Read

The ongoing global adversity has been impacting industries, especially the manufacturing sector in India. Manufacturing sector plays a crucial role in India's economy. The pandemic has affected functioning of the manufacturing process, thus, new developments have occurred therein. 

Manufacturing companies should adopt these trends and cope up with the current time. By embracing these developments into the business, companies would be able to overcome various obstacles such as financial instability and change in customer preferences etc. 

Enhancing Experience 

Customer engagement has dramatically reduced owing to the pandemic-led safety restrictions. This has affected the manufacturing process, in turn, changing customers’ expectations with the companies. 

Manufacturing companies have to go beyond the service of delivering goods at customers’ doorstep. They have to create a seamless experience for customers in order to keep the company-customer bond intact. Adoption of technology and digitisation can help restore customers’ fondness for the products; customers would not shift to other brands.   

Building Relationships 

Implementing technology or digitising the business is not enough. The manufacturing companies need to ensure if the business is aptly employing benefits of the tech. They have to guide companies and introduce the right platform where everyone in the manufacturing industry can connect with each other. 

The platform should not only bridge communication between customers and company professionals but also connect employees with one another. In this way, safety protocols will be followed as well as communication will follow in all channels. 

Joining Hands with Others 

In recent times, forming partnerships has become an essential business move. International firms are seeing partnership as a way to enter into mature global markets. Manufacturing firms can utilise this strategy and form associations, thus, start new initiatives. 

Through business partnerships, manufacturing companies can focus on other issues such as business sustainability, helping the manufacturing communities and improving manufacturing process, etc. 

Collecting the Data 

The Indian manufacturing companies produce hundreds and thousands of products on a daily basis. If companies begin recording this data, then collected information can be used for several purposes. The primary function of the data would be to form new services, noval assets and business models. 

These new product range and business models will help generate revenue in the long run. They also would not be affected by external problems. 

Using EaaS

The manufacturing companies in India have to slightly pivot to stay buoyant in the present scenario. They can start working for the Equipment as a Service (EaaS) model; in this, companies or clientele would be paying the manufacturing firms for operational assets via recurring expenses. Such companies do not pay for equipment; instead they take services of the manufacturers.

Manufacturing firms can utilise IoT technology, in turn, raise common designs to increase efficiency of assets and ascertain reasons of assets’ poor performance.

India’s manufacturing sector is underdeveloped. Digitisation and technology are still underway in the manufacturing process. Owing to this, the Indian manufacturing industry is lagging behind the race. To meet global standards, the sector has to adopt the above-mentioned trends into its practice. 

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