Top Covid-19 Impacts on Manufacturers and Their Business
Covid-19 has had tremendous impact on numerous industries around the world. For manufacturers, the sudden, unexpected changes in supply and demand are just some of the unprecedented effects caused by the pandemic. A whirlwind of abnormally high and low market demands revealed the need for more flexible and adaptable processes, as well as efficient technology solutions for many in the industry.
After surveying over 130 executives in the manufacturing industry at the end of 2020, the list of challenges presented because of the pandemic were made clear.
Here are the top Covid-19 Challenges That Have Impacted Manufacturers and Their Business
Q. In light of COVID-19, which of the following challenges most impact your business?
- Supply Chain Disruptions 50%
- Market Volatility 37%
- Regulatory Compliance 33%
- Balancing Inventory Levels 29%
- Effectively Utilizing Data 28%
- Too Many Disparate Systems 28%
- Trade Agreements/Tariffs 27%
- Price Reduction Pressures 25%
- Rising Material Costs 24%
- Increasing Labor Costs 18%
- Visibility Across Systems 16%
- System Obsolescence 14%
- Driving Speed to Market Innovations 14%
- Developing Repeatable Scalable Processes 8%
Unsurprisingly, given the events of 2020, continued supply chain disruption and market volatility are the top concerns of manufacturers, cited by 50% and 37% of respondents respectively. At 33%, regulatory compliance is a close third. Enterprise system issues – disparity among systems, visibility across systems, system obsolescence – also are significant challenges.
The unforeseen changes caused by Covid-19 have given many manufacturers a glimpse at what it means to be digitally transformed and why it’s important. Efficient, automated technology is necessary to overcome adversity when it hits. The right technology gives organizations the power to quickly pivot in times of unexpected change and with that remain resilient.
Click here to learn about business technology that can give your organization the power to evolve and transform when you need it to.
Dive deeper into which manufacturing trends are shaping 2021. Download now to get instant access to our full survey report and analysis: 2021 Manufacturing Trends: Survey Report and Analysis.