In today’s increasingly competitive marketplace, lasting client relationships and high customer loyalty are becoming a crucial factor to a company’s success. This emphasis on driving for high customer satisfaction and repeat business is highly justifiable since there is a strong correlation between quality client relationships and the company’s ability to remain relevant and, ultimately, profitable.
In the past 10 years, we’ve seen the forces that shape the manufacturing industry – such as regulation, global competition and emerging markets – increasingly shrink profit margins. With so little room to maneuver, companies had to increasingly focus on cutting cost to maximize their ability to stay competitive. The perceived solution to this issue was for a long time seen in offshoring. Cheaper labor costs in South America and Asia allowed US manufacturers to continue their growth at the expected rates over the first two decades of the 21st century.
Humans have always been engaged in some type of manufacturing, from the days when the first prehistoric hunters and gatherers created tools to make their jobs easier. Today, the way we manufacture goods has changed enormously.
Manufacturing in the 21st century is now automated and has the lowest levels of human involvement in history. What does this mean for you? Read on to learn how Industry 4.0 and digital manufacturing will impact your organization and how you can weather these changes to stay agile and competitive.