As the manufacturing industry emerges from the rough waters of the pandemic, company leaders are scanning the horizon for looming challenges to come. Check out our infographic and gain insights on the biggest trends shaping the future of manufacturing.
infographic: manufacturing in 2023
6 Manufacturing Trends to Watch in 2023
While one of the main trends for manufacturers heading into 2022 was the hope for a return to normalcy, a number of factors that have significantly lowered the optimism of returning to the thriving business of pre-pandemic times. In particular, forecasts indicating that supply chains will not stabilize until 2024 and disruptions are guaranteed to continue until the second half of 2023 have impacted the economic outlook of the manufacturing industry decisively.
Still, going into 2023, the industry's outlook remains optimistic. And as manufacturers are trying their best to emerge from the rough waters of the pandemic, company leaders are scanning the horizon for looming challenges to come. Among the key evolving trends are continued digitization of manufacturing, the Industrial Internet of Things (IIoT), Smart, Connected, and Hybrid Manufacturing as well the integration of AI and Machine Learning. To help you understand the factors influencing manufacturers, here are six trends you should watch out for in 2023:
Still, going into 2023, the industry's outlook remains optimistic. And as manufacturers are trying their best to emerge from the rough waters of the pandemic, company leaders are scanning the horizon for looming challenges to come. Among the key evolving trends are continued digitization of manufacturing, the Industrial Internet of Things (IIoT), Smart, Connected, and Hybrid Manufacturing as well the integration of AI and Machine Learning. To help you understand the factors influencing manufacturers, here are six trends you should watch out for in 2023:
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More Manufacturing Trends for 2023
Given the current economic uncertainty, it’s vital that manufacturers address the challenges above sooner than later. Delays could mean losing revenue and customers due to inefficient processes and outdated practices. And while not included in the above infographic, here are some additional trends that are bound to have a significant influence on the manufacturing market in 2023 as well: sustainability, a shortage of skilled labor, but most of all inflation, recession and the energy crisis.
Sustainability
Sustainability issues have been a continuous concern. Manufacturers are under pressure to produce quickly, and more and more customers are asking them to adapt their methods in a significant way. For example, according to the World Economic Forum, 23% of the carbon emissions in the US are produced by the industrial sector.
Shortage of Skilled Labor
A shortage of skilled workers is another important factor. There are too many unfilled positions and not enough applicants. Since individuals have started to change their lifestyles and jobs, this is a difficulty for many businesses. To fill the vacuum caused by a lack of workers, manufacturers must develop ways to enhance the working environment and raise salaries.
Inflation and Recession
Regardless of size, inflation and recession will take their toll on manufacturers through cost increases (mainly increased raw material costs, followed by freight and transportation costs, wages and salaries, and energy costs), contract constraints, labor shifts, and input issues. This in turn will affect inventory and capital purchases. And higher prices will make it harder to compete and remain profitable.
While it’s been a nightmare for some manufacturers during the last couple years to even put a product together, the demand has been very high, and everything that’s made gets sold. Now, couple those same high production costs with a decline in demand due to a recession, and you’ve got manufacturers very concerned.
While it’s been a nightmare for some manufacturers during the last couple years to even put a product together, the demand has been very high, and everything that’s made gets sold. Now, couple those same high production costs with a decline in demand due to a recession, and you’ve got manufacturers very concerned.
Energy Crisis
The increase in energy prices since 2021 as a result of the combination of the sharp rise in global energy demand (due to the reactivation of the economic cycle) and a certain weakness in supply (due to geopolitical problems and the change in the energy model towards non-fossil fuels) have led to a global energy shock. Manufacturing businesses, particularly SMEs, have already felt the effects of this: insolvencies have soared during the previous year and rising costs will undoubtedly have an effect on the remaining businesses' bottom lines. More and more factories across the sector could stop production due to rising energy costs.
The Importance of Excellent Digital Aftersales Experiences
Excellent aftersales service is a key differentiator and not only increases customer satisfaction, but also customer loyalty. Sad to say, a lot of manufacturers, especially on the B2B side, are losing this battle. For example, in aftersales, a lot of transactions are still conducted through pdf catalogs, spreadsheets, and phone calls.
What approaches likes these fail to recognize is that B2B buyers are also consumers accustomed to modern digital self-serve experiences. And with regard to during purchasing and customer service, they expect the same customer experience they encounter in B2C on a daily basis. That’s why those manufacturers who make it easy to buy will be the ones who win the long term relationships.
What approaches likes these fail to recognize is that B2B buyers are also consumers accustomed to modern digital self-serve experiences. And with regard to during purchasing and customer service, they expect the same customer experience they encounter in B2C on a daily basis. That’s why those manufacturers who make it easy to buy will be the ones who win the long term relationships.
How to Improve Digital Aftersales Experiences in Manufacturing
Learn how self-service can effectively reduce the cost of aftersales support and improve customer experience. In the videos below we have focussed on best practices that help manufacturers to drive profitability and improve aftersales experiences at the same time:
Make B2B Ordering Easier
Watch this video to discover the tools that allow you to streamline processes for seamless and easy buying experiences. Learn about important aspects like filtering parts catalogs according to compatibility, purchasing efficiently, for example through exploding diagrams, and approving orders via customized workflows.
Watch this video to discover the tools that allow you to streamline processes for seamless and easy buying experiences. Learn about important aspects like filtering parts catalogs according to compatibility, purchasing efficiently, for example through exploding diagrams, and approving orders via customized workflows.
Automate Business Processes
Watch this video and see how Liferay’s powerful, out of the box tools help you make warranty claims processing as quick, flexible and efficient as possible by utilizing existing customer data, improving data accuracy and integrity, and gaining insights from process analytics.
Watch this video and see how Liferay’s powerful, out of the box tools help you make warranty claims processing as quick, flexible and efficient as possible by utilizing existing customer data, improving data accuracy and integrity, and gaining insights from process analytics.
Personalize Customer Experience
Personalizing customer experience can be a crucial competitive differentiator in today's market. Watch this video and discover how features like advanced user segmentation for personalized experiences, comprehensive site and page analytics, performance analytics for content and assets as well as A/B and multivariate testing will help you create a tailored experience for your customers.
Personalizing customer experience can be a crucial competitive differentiator in today's market. Watch this video and discover how features like advanced user segmentation for personalized experiences, comprehensive site and page analytics, performance analytics for content and assets as well as A/B and multivariate testing will help you create a tailored experience for your customers.
Minimize Downtime
Make every second count! Watch this video and discover how to help your customers maximize their equipment uptime by keeping them operational. Learn how you can consolidate equipment portfolios, create powerful knowledge bases, offer renewable subscription contracts, and create product bundles.
Make every second count! Watch this video and discover how to help your customers maximize their equipment uptime by keeping them operational. Learn how you can consolidate equipment portfolios, create powerful knowledge bases, offer renewable subscription contracts, and create product bundles.
Enable Autonomous Maintenance
Provide customers with best practice guidelines and onboarding content to solve equipment issues and execute maintenance tasks autonomously. Watch this video and discover how creating comprehensive knowledge base, enhancing products with rich content and media, enabling self-service access to information, and ML and AI driven chatbots for next-level customer service help you build superior customer portal experiences.
Provide customers with best practice guidelines and onboarding content to solve equipment issues and execute maintenance tasks autonomously. Watch this video and discover how creating comprehensive knowledge base, enhancing products with rich content and media, enabling self-service access to information, and ML and AI driven chatbots for next-level customer service help you build superior customer portal experiences.
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WEBINARHow to Improve Digital Aftersales Experiences in ManufacturingIn Manufacturing there is high pressure to digitalize, because product alone isn’t enough to stand out in today’s competitive market. Watch this webinar to see how focus on digital aftersales drives profitability and helps you become the vendor of choice.Watch Webinar -
WHITEPAPERThe ROI of Customer Portals in ManufacturingExplore the role of digital transformation solutions like Customer Self-Service Portals in Manufacturing ROI. This whitepaper seeks to determine the value of CSSPs for manufacturers, assess how this value is translated into tangible financial benefits, and discuss common challenges.Read Whitepaper -
E-Book5 Successful Manufacturing Customer Portals Built With LiferayThis e-book takes a close look at five real-life examples of customer self-service portals and how five leading manufacturers leveraged a powerful platform like Liferay DXP to build solutions that improve customer satisfaction and generate revenue.Download E-Book