An industry once isolated from technology is now experiencing fast-paced shifts, from advancements in 3D printing to the emergence of the Internet of Things (IoT). In fact, the next big trend looking to make waves in the manufacturing industry is the blending of analog and digital worlds with the incorporation of augmented reality via holography. Take a moment to imagine what becomes possible when a designer in California is collaborating with both a manufacturer in Ohio and a supplier in China on the exact virtual object in real time. Or taking the premise a step further, imagine a systems engineer pulling real-time data over the IoT from a piece of equipment that is reporting a malfunction, then visually directing an on-site field technician wearing a virtual reality device how to fix that problem over a Skype link. The definition of collaboration will soon take on a whole new meaning.
In effort to understand the issues facing the manufacturing and distribution industry, Sikich conducted a survey in March 2015 to determine manufacturers’ top concerns and predictions for the near future. The survey touched on some of the most critical issues, such as expectations for the industry, the U.S. economy, overall performance and challenges. The end goal was to analyze emerging trends in a rapidly changing industry. After reviewing the survey results, we concluded five key findings:
- Manufacturers feel a need to grow in existing markets,
- Hiring qualified workers is critical,
- Reducing operational costs will be crucial for success,
- Effective supply chain management is of extreme importance and
- Technology remains a significant challenge.
In the long term, these five findings will prove to play a major role in the evolution of the manufacturing industry. This report addresses the reasons behind this hypothesis and explores case studies that illustrate the findings. Read and share the white paper now!
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.