US Manufacturing Industry Outlook
The US manufacturing industry is experiencing changes across business models, technology, customer expectations, and the ecosystem. Companies are in the constant pressure of transforming to prevent extinction. To thrive, they need to embrace trends that are impacting the US manufacturing industry. Industry 4.0 is not just providing opportunities for companies to utilize advanced manufacturing capabilities and information technology (IT) but also benefiting them by improving visibility into operations. It is resulting in significant cost savings, faster production times, and improving customer services. Companies, therefore, must leverage the Industry 4.0 technologies and adapt to the latest trends to grow and gain stay ahead of the curve.
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US Manufacturing Industry Trends in 2019 and Beyond
US manufacturing industry trends #1: Internet of things (IoT)
Companies in the US manufacturing industry are increasingly leveraging technologies such as the Internet of things, that allow direct integration of the physical world into computer systems. It enables companies to reduce costs, improve efficiency, increase safety, and meet compliance requirements. Manufacturers believe that applying IoT to products will increase profitability and empower them to make informed business decisions based on real-time information. They are finding ways to apply IoT technologies to improve business models and customer satisfaction.
US manufacturing industry trends #2: Shift in the business model
Businesses of today are shifting from B2B business models to B2B2C (business-to-business-to-consumer) model due to increased profit margins. Selling directly to consumers help manufacturers sell their products on suggested retail prices rather than wholesale prices. It allows manufacturers to minimize lengthy retail sales cycle times and gain a competitive edge. The business B2B2C model also helps manufacturers to collect data about consumers, build stronger relationships, and increase sales. However, companies must have a comprehensive insight into all B2B and B2C customer interactions and select a platform for e-commerce operations that can support both B2B and B2C sales platforms.
Inability to shift from shifting from B2B business models to B2B2C can impact the profit margins for companies in the US manufacturing industry. Stay a step ahead by requesting a free demo of our procurement platform and gain exclusive US manufacturing industry insights.
US manufacturing industry trends #3: Introduction of 3D printing
3D printing enables product designers to test and troubleshoot their products by rapid prototyping in a cost-effective manner. Manufacturers are benefiting from such faster and less expensive technologies as they don’t have to manufacture and warehouse items anymore. Manufacturing processes that earlier used to take months can now be completed in days in a cost-effective manner. Therefore, 3D printing is becoming an important part of automotive and aerospace manufacturing industries in the US.