Manufacturing & Industrial Technology Industry Post Covid
Much like every industry in the world, the industrial equipment manufacturing industry has also been directly affected by COVID-19, and with massive changes and challenges no less.
Industrial Technology – Equipment
Industrial equipment companies are wrestling with the swift impact of the coronavirus as both their manufacturing and supply chain operations are being disturbed, and their customers’ own operations experience somewhat similar challenges. There is an exponential effect down the entire supplier network, affecting industrial equipment companies with a slight delay, but at full force nonetheless.
With cruel irony, COVID-19 struck the industry like a lightning bolt to a tree. At a time when the industrial equipment companies were already experiencing several economic hardships with crystalline signs of a recession in their main markets all over the world, this was truly an unlucky time for any industry to be affected by a global pandemic.
Industrial Technology – Manpower
For an industry with over 3 trillion USD in revenues representing about 25% of the manufacturing GDP with significant manpower, this is not looking good for the industrial equipment industry.
Whether it will be good or bad for the industry, everyone must accept that the industrial equipment industry will never be the same again.
There are a handful of critical business capabilities that manufacturers will have to adjust. These are ‘no regret’ moves that should be anticipated.
Industrial Technology – Digitalization
First, a more elastic workforce and digitally enabled workplace must be implemented. Second, supply chains must be differentiated and made resilient by the customer segment. Third, IT security with solid infrastructure and systems are to be distributed. Finally, digital channels and e commerce platforms are to be uploaded.
Companies who develop target-oriented action plans now to tackle these challenges and who execute them when indicators show the time is right will be revived, revitalised, and ready to reap the rewards in a post COVID-19 world.
Click below to read the magazine
Click here to download the magazine
