As manufacturers across the globe look for ways to provide the right product and service in a global economy, some trends have risen to the forefront. In the 2015 Product & Service Innovation Survey, IDC Manufacturing Insights found several Business Priorities for Manufacturers.
Increased Focus on Technology
Technology is also rising to the forefront of the manufacturing industry. Data is becoming more readily available, and manufacturers are using that data to add analytics to the products, manufacturing and services they offer. This has allowed a renewed focus on innovative, high-quality products. This focus is essential for companies to remain relevant in the technology-driven modern economy.
Smart, connected products have also impacted the future of manufacturing and the goals of the 2015 manufacturing company. Complex, connected and “smart” products are demanded by customers, and manufacturers must adjust. In addition, the products available to manufacturers are becoming smarter, leading to more efficiency on the back end.
Adding Innovation While Meeting Customer Needs
In order to rise above, the modern manufacturer must provide exceptional, innovative products to the consumer, while also addressing something that consumers need and want. Striking the right balance is crucial for success.
Expansion Into New Markets
Finally, manufactures are looking for ways to expand into new markets, giving them larger customer bases and increased sales as a result. The greatest potential for growth is found in pushing beyond captive markets. Emerging economies are providing a new market that is proving to be quite competitive.