The U.S. manufacturing industry has faced several challenges over the years, but current trends point to a promising sector keen to capture growth and turn risks into advantages.
Deloitte’s 2022 Outlook report looks at five themes in the manufacturing sector that can help businesses capitalize on business agility to stay competitive.
Here are some of the trends to watch:
– Increasing global competition. Companies need to compete on both cost and quality to survive.
– The rise of Industry 4.0 is quickly shaping the industry.
– Skilled labor shortage. Making manufacturing occupations a more desirable entry point could be crucial to filling open positions in 2022 and beyond.
– Increasing regulation. Numerous firms are willingly adhering to a complicated web of reporting laws, rating systems, and disclosure frameworks.
– Sustainability. Manufacturing companies must show that they are doing their part to be environmentally and socially responsible.