Manufacturing is constantly evolving
It’s an industry driven by customer demand and technology. And as manufacturing businesses grow to a certain size, globalization becomes a factor. Interacting with the world offers lucrative opportunities and creates a higher demand for products and sources of cheaper raw materials that often impact the entire supply chain.
But globalization also means complex challenges. A crowded global market means more competition and a rapidly accelerating rate of change. Challenges could include:
- Pressure to innovate, where keeping costs to a minimum and reducing the time to market is a competitive necessity.
- Sudden changes to trade agreements due to macro-economic or geo-political change; for example tariff changes, commodity availability or currency valuations.
- Environmental regulations which are necessary to address serious problems such as pollution and climate change.
- International standards controlling quality and traceability, which impacts the sourcing of raw materials.
