This informal CPD article will look at uncovering the challenges faced by the industrial machinery industry - including labour shortages and supply chain disruptions - and explore how digital transformation initiatives can provide solutions to these pressing issues. It was provided by Cambashi, a global market research, industry analysis, consulting & training firm, focused on engineering and industrial software markets.
The industrial machinery industry is one of the largest and most competitive manufacturing sectors and plays a critical role in the global economy, producing a wide range of products that are essential for the manufacture of other goods. Machinery products are constantly advancing, with efforts focused on creating machinery and equipment that are more efficient and effective, which drives market expansion and meets the needs of the diverse range of industries they serve.
However, the industry is currently facing several challenges, including a shortage of skilled labour and disruptions throughout the supply chain. These challenges are impacting the operational efficiency of manufacturers, leading to increased costs and reduced competitiveness. If suppliers to the machinery industry can address these challenges, they will have a competitive advantage.
What are the challenges?
A significant shortage of skilled labour is making it difficult for manufacturers to find enough workers to meet demand. This shortage is driven by several factors, including a declining pool of skilled workers, an aging workforce, and the automation of many manufacturing processes.
Worker shortages are negatively impacting the bottom line of many manufacturers, as they are forced to either pay higher wages to attract workers, or invest in additional training programs to develop the skills of their existing workforce. This has resulted in increased labour costs, which are reducing the competitiveness of manufacturers and making it more challenging for them to compete in the global marketplace.