Tailor-made products, delivered fast
In the past, businesses often offered products that were designed to be suitable for a wide range of customers. However, this approach is no longer effective in today's market. Consumers now have access to more information and options than ever before. As a result, they have come to expect products that are customized to meet their specific needs and preferences.
Additionally, with the rise of e-commerce and on-demand services, customers also expect to receive their products quickly and efficiently. Therefore, businesses that want to remain competitive must be able to offer personalized products and fast delivery in order to meet the demands of modern consumers.
Closer to home: Navigating supply chain challenges in the global market
The global economy has been faced with a multitude of challenges that have put a strain on supply chains. From political instability and natural disasters to the ongoing COVID-19 pandemic, companies had to find new ways to source inputs and manufacture products closer to their consumers.
One of the main reasons for this shift is the need for greater supply chain resilience. By sourcing inputs and manufacturing products closer to their consumers, companies can reduce their dependence on long, complex supply chains that are vulnerable to disruptions. This not only helps to mitigate risk, but it also allows companies to respond more quickly to changes in demand.
However, creating a more localized supply chain is not without its challenges. Companies must navigate a complex network of regulations and tariffs, as well as find ways to work with local suppliers and manufacturers. Additionally, many companies may not have the infrastructure or resources in place to make this transition yet. Despite these challenges, companies that have set out on this path are finding that the benefits of localization far outweigh the costs.
Digital Skills: The Hidden Key Competitive Advantage in Manufacturing
Digital skills used to be the domain of a manufacturer's IT deparment. Everyone had to rely on their expertise to develop new tools, automate tasks and bring the latest and greatest in innovation to the table.
However, recent changes in the business envrionment have shifted the importance of digital skills throughout the organization. Remote work has become more common, which has increased the need for employees to be proficient in digital tools and technologies. Additionally, rising labor costs have made it more important for manufacturers to find ways to automate processes and improve efficiency.
The rise of low-code and no-code tools that enable non-technical - but digitalized - users to solve problems by themselves in a more agile and efficient manner has become a key driver of succes for manufacturers across all areas of the organization as they are able to adapt to these changes and take advantage of new technologies and decentralized decision making.
Source: Download the IoT Signals Report directly from Microsoft here