Consumerism is on the rise, bringing with it an increased need for a variety of products. This means more clients, more work, and, more importantly, greater profits for the manufacturing industry. But is your manufacturing shop benefiting from these opportunities?
Capitalizing on Industry Growth
The Institute for Supply Management revealed economic activity in the manufacturing industry grew in October. Ten of the 18 manufacturing industries reported growth. These industries include furniture and related products, nonmetallic mineral products, paper products, and others. The remaining eight industries: fabricated metal, wood products, plastics and rubber products, primary metals, and four others reported reduced business.
Even with some industries seeing a decline in economic activity, the overall sentiment is upbeat. And manufacturing businesses are stepping up strategies to bolster growth, or at the very least, weather an unstable market.
Some businesses are investing in technology to improve processes and product quality. Trends in manufacturing indicate the application of robotics and 3D printing, among others. While technology can ramp up your production systems and quality, it’s not always economical.
Focusing on the Basics
A cost-effective approach may be to focus on the fundamentals of the manufacturing business. Instead of expensive technology, you can improve your production system by identifying weaknesses in your production system and implementing appropriate lean production.
Ensuring employee safety with proper equipment, such as wet dust collection systems, can also improve production. Dust collectors eliminate hazardous particles in your manufacturing shop, so employees safely perform tasks, and without interruption.
Your manufacturing shop can also bolster growth by knowing your competitor’s quoting strategy. Providing appropriate quotes for the right project can allow you to gain a competitive edge.
The manufacturing industry is growing, and your shop should grow along with it. By focusing on the basics of a manufacturing business — and applying them the best possible way, you can compete with the big shops.