COVID-19’s impact on the manufacturing industry cannot be denied. In a recent survey, almost 80% of manufacturers anticipated financial and operational consequences from COVID. This is significantly higher than the 48% cross-industry companies that are concerned about the same impact. As the pandemic intensified, manufacturers faced continued downward pressure on demand, production and revenues. This impacts not only the manufacturers but will ripple throughout the supply chain and affect suppliers because of reduced demand for materials and components.
Before the pandemic, a survey of 360 senior executives in the manufacturing industry was conducted by KPMG. 74% of the respondents indicated that growth would be a high priority in the future. While COVID-19 has slowed those plans and some organizations may not entirely recover from this event, the resulting vacuum in market availability will likely reinforce this industry’s main objective.
[With Trintech’s solutions], we’re able to not only see what we’re doing, but when it’s getting completed and where the bottlenecks in the workflow are.”
Download this eBook to learn how the manufacturing industry has grown in the past, and how manufacturing companies can expand that approach moving forward to leverage the opportunities ahead.