Manufacturing

The nature of manufacturing industry is experiencing immense changes subject to several key drivers including talent, supply chain disruption, smart factories, sustainability and digitalisation. Other factors such as traceability, Product as a Service and continued impact of IIoT (Industrial Internet of Things) are also playing a role in reshaping the sector well into 2030. Traceability is creating greater transparency by reclaiming internal equipment data from original equipment manufacturers (OEMs). While IIoT is offering major value to the sector through monitoring production, applied AI, diagnostic, predictive or enterprise resource planning (ERP) among other key features. This foundation aids manufacturers with offering Product as a Service, through collection of data from sold products. This data is used to understand customer engagement, needs and optimisation requirements, permitting the manufacturer to propose new solutions or optimisation based on customer needs.

As supply chain disruption continues subject to raw material availability, the sector has begun to increase investment to optimise and build new local storage capacities.  And to reduce over reliance on Just in Time (JIT), where risks of disruption remain high owing to supply challenges. This locally driven initiative also includes micro-factories, where the process is much more modular, allowing for both flexibility and immediate production to meet demand. Technological deployment is transforming the entire manufacturing landscape, with smart factories being built across all industries. Leverage IIoT to deploy hyper-automation processes to drive efficiency and productivity. However, increased technology has not translated into lowering needs for talent. Indeed, talent remains a key manufacturing priority subject to a very tight labour market, and despite the high levels of new hires within the industry; job openings remain exceptionally high.

            Wevents views sustainability through the environmental, social and governance (ESG) landscape. The governmental regulation and pressure groups are simply overwhelming for any given manufacturer. Most companies offer voluntary compliance data on a wide number of reporting requirements including regulation, ratings and disclosure programs. Yet, across the decade a wide range of initiatives will be deployed while manufacturers build a much more direct relation with potential customers. Sustainability will become an integrated part of the sector. Although the implementation of IIoT across industry has been somewhat slower then expected within the past half a decade. Manufacturers are increasingly seeing the positive impact of digital transformation on cost, wastage and revenue. And there is now also an internal call from within the sector to fully join and commit to the digitalisation incline by 2030.