flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

8 Ways to Modernize Your Manufacturing Business This 2022

Editor's Note: Take a look at our featured best practice, Lean Manufacturing (167-slide PowerPoint presentation). In this Lean Manufacturing presentation, we explore the Lean philosophy, which is rooted in the Toyota Production System (TPS). Lean aims to enhance customer value by optimizing processes and eliminating waste, ultimately increasing productivity and value with fewer resources. A key [read more]

Also, if you are interested in becoming an expert on Supply Chain Management (SCM), take a look at Flevy's Supply Chain Management (SCM) Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

* * * *

Due to technological advancements, high consumer expectations, and other trending factors, the manufacturing industry faces constant change. 2022 has proved to be both dynamic and disruptive. Manufacturers haven’t yet recovered from the impact of the Covid pandemic.

They still have skilled-labour shortages and supply chain disruptions. Workers’ roles have changed due to the automation of some operations. It has posed a challenging time staying current, but it’s vital to be committed and satisfy your customers’ demands to stay competitive.

However, some manufacturers will inevitably thrive well, and some won’t. The reason behind bouncing back and hitting the market is how they adapt to the new trends of modernizing their business. Here are 8 ways to help modernize your manufacturing business this 2022:

1. Automate Operations

Our world today is experiencing a fast-growing technology. It has completely transformed how operations are done in the manufacturing industry. Automation of processes saves on running costs, increases efficiency, minimizes workload on staff, and reduces mistakes.

In addition, automation improves the quality of work done by doing away with human errors. For instance, using a procurement software system in supply chain management is a great advancement. Moreover, automation also helps make “feared” work by the employees easily done.

2. Upgrade Equipment

Modernization poses a significant challenge in the manufacturing industry, especially on the equipment. Operations need to be done within the time frame while meeting or even surpassing consumer demands. You should rely on a new and improved tool today for better process and production, because using a machine you bought 5 years ago will definitely hamper production time and can cause delay.

More so, it’ll be a brilliant idea to upgrade to a newer one to improve productivity and performance.

3. Internet of Things

It’s another type of technology that should be adapted to revolutionize your manufacturing industry. It has significantly helped improve communication, reducing time wastage. Data is also collected and stored in a cloud-based application for better inventory management.

Cloud-based applications have significantly improved how you can scale into new markets, get in touch with other businesses, and access products in line with your business.

4. Enhance Cybersecurity

Cybercrimes are becoming more prevalent in this century. Protecting the company data from unauthorized or malicious individuals is essential to run your company better. Adapting high-tech cybersecurity is best to save you from this problem. Make sure you minimize those in control of your company’s crucial data. Training your staff members on protecting the data will be a plus for you.

5. Embrace the Environment

Modernization in the manufacturing industry has been criticized for its adverse environmental effects. How do you go green as well as modernize your business? Some companies opt for alternative energy, such as solar energy, energy-efficient equipment, going paperless, and switching to eco-friendly suppliers.

While keeping the above in mind, you will realize a noticeable reduction in operating costs. It also builds a good reputation in your industry.

6. Train Your Staff

As you upgrade your equipment, the need to train your staff on how to run the machines is vital. Machine learning is critical for the modernization of your manufacturing business. Ensure your team has a vast knowledge of programming languages for programming Artificial Intelligent (AI) machines.

7. Embrace Artificial Intelligence

Artificial intelligence is taking the stage in transforming the manufacturing industry. Since the mid 20th century, artificial intelligence has drastically improved and modernized how operations are done, quality checks, maintenance, supply chain management, and business predictions.

Staying current means adapting technologies like predictive maintenance that help anticipate problems during the manufacturing process. It saves on downtime and improves cost-efficiency. Another essential technology to embrace is additive manufacturing that seeks to improve business model designs, produce quality products, boost higher productivity, and faster time to market, with less or no added cost.

8. Have an Exceptional Online Presence

Today, a business is known for its online presence. It’s one of the modern ways of marketing. Developing a high-quality website that is easy to use and relevant will paint a positive picture in attracting new customers. Apart from having a high-quality website, showing your expertise on various social media platforms, such as Facebook, Twitter, and Instagram, promotes excellent engagement and connection with your target market.

Conclusion

Adapting manufacturing industries into modernization is a challenging but rewarding process. It involves critical decisions on automating operations, building an online presence, mechanization, and embracing AI. Therefore, manufacturers should stay agile and continue meeting their customers’ demands in the coming years through advanced technology.

Excel workbook
Highly sophisticated and user-friendly Financial Model providing advanced financial & planning analysis for a Startup Manufacturing Company. Suitable for any type of industry, the model is a flexible tool for CEO/CFO's to control and improve daily operations and forecast financial and [read more]

Want to Achieve Excellence in Supply Chain Management (SCM)?

Gain the knowledge and develop the expertise to become an expert in Supply Chain Management (SCM). Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.

Supply Chain Management (SCM) is the design, planning, execution, control, and monitoring of Supply Chain activities. It also captures the management of the flow of goods and services.

In February of 2020, COVID-19 disrupted—and in many cases halted—global Supply Chains, revealing just how fragile they have become. By April, many countries experienced declines of over 40% in domestic and international trade.

COVID-19 has likewise changed how Supply Chain Executives approach and think about SCM. In the pre-COVID-19 era of globalization, the objective was to be Lean and Cost-effective. In the post-COVID-19 world, companies must now focus on making their Supply Chains Resilient, Agile, and Smart. Additional trends include Digitization, Sustainability, and Manufacturing Reshoring.

Learn about our Supply Chain Management (SCM) Best Practice Frameworks here.

Readers of This Article Are Interested in These Resources


Excel workbook
This is a financial model of Manufacturing firm called Nahar Spinning Mills. This document covers different perspectives of the valuation of manufacturing/operational companies. The financial model provides a comprehensive breakdown of operating income, power costs, and raw material expenses. [read more]


 
183-slide PowerPoint presentation
 
 
266-slide PowerPoint presentation

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.


Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  

The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.
  


OUR CORE OFFERINGS
Flevy Marketplace: Top 100
· Strategy & Transformation
· Digital Transformation
· Operational Excellence
· Organization & Change
· Financial Models
· Consulting Frameworks
· PowerPoint Templates
FlevyPro (Subscription Service)
KPI Library
Streams (Functional Bundles)
Flevy Executive Learning (FEL)
PowerPoint Services

FREE Resources

About Flevy
Management Topics
Marcus (AI-Powered Consultant)
Partner Program
LinkedIn Influencer Marketing
FAQ / Terms / Privacy / Blog
Contact Us: support@flevy.com



CONNECT WITH US!
       
TOP 100 TRENDING TOPICS
Acquisition Strategy
Agile
Analytics
Artificial Intelligence
Balanced Scorecard
Best Practices
Big Data
Breakout Strategy
Business Continuity Planning
Business Plan Financial Model
Business Transformation
CMMI
COBIT
Change Management
Cloud
Communications Strategy
Company Financial Model
Competitive Advantage
Competitive Analysis
Consulting Frameworks
Continuous Improvement
Core Competencies
Corporate Culture
Cost Reduction Assessment
Customer Experience

BROWSE BY FUNCTION
Strategy, Transformation, & Innovation
Digital Transformation
Operational Excellence and LSS
Organization, Change, & HR
Management Consulting

Customer Journey
Customer Service
Cyber Security
Data Privacy
Decision Making
Digital Marketing Strategy
Digital Transformation
Digital Transformation Strategy
Due Diligence
ESG
Employee Engagement
Employee Training
Enterprise Architecture
Growth Strategy
HR Strategy
Hiring
Hoshin Kanri
ISO 27001
ITIL
Information Technology
Innovation Management
Integrated Financial Model
Kaizen
Kanban
Key Performance Indicators

ADDITIONAL RESOURCES
Business Strategy Frameworks
Case Studies
Consulting Training Guides
COVID-19 Trend Data
Digital Transformation
Financial Advising Services (FAS)

Knowledge Management
Leadership
Lean
Lean Manufacturing
Logistics
M&A (Mergers & Acquisitions)
Manufacturing
Market Research
Marketing Plan Development
Maturity Model
McKinsey PowerPoint
McKinsey Templates
Operational Excellence
Organizational Change
Organizational Design
Performance Management
Post-merger Integration
Pricing Strategy
Process Improvement
Process Maps
Procurement Strategy
Product Launch Strategy
Product Strategy
Project Management
Quality Management


Free Resources
KPI Library
Lean Management
Lean Six Sigma Training Guides
Marcus Insights
Operational Excellence

Real Estate
Remote Work
Restructuring
Risk Management
Robotic Process Automation
SWOT
SaaS
Sales
Scrum
Service Design
Six Sigma Project
Social Media Strategy
Strategic Planning
Strategic Thinking
Strategy Development
Supply Chain Analysis
Sustainability
Target Operating Model
Team Management
Total Productive Maintenance
Value Chain Analysis
Value Creation
Value Stream Mapping
Visual Workplace
Workplace Safety


Product Strategy
Small Business Owner
Startup Resources
Strategic Planning
Strategic Planning Process
Value Innovation Strategy


© 2012-2024 Copyright. Flevy LLC. All Rights Reserved.