Throughout history, manufacturing has evolved to meet the needs of its economic system. What started with individual artisans in a pre-industrial world has moved to automated processes and streamlined production. Now, technology is impacting the manufacturing industry, changing the way products are developed, produced and distributed.
For the most part, technology is doing good things for the industry. Thirty-four percent of manufacturers believe that technology will help boost profitability by improving overall productivity, reducing costs and allowing for greater supply chain feedback. It’s also expected that new technologies will grow sales by opening up new ways to reach customers.
In fact, most manufacturers are already using a customer relationship management system and beginning to engage with potential customers through social media channels. By combining these two technological channels, the industry is keeping up with consumer needs and adapting to maximize profitability.
What’s more, significant technology enhancements are underway. Manufacturers are using cloud technology to customize their IT environments for greater flexibility. Plus, CRM, information and operational technologies, mobile access and cybersecurity all factor into the current manufacturing landscape.
Leaders in the industry realize that IT systems like these demand attention and ongoing improvements. Companies abroad are leveraging technology at an aggressive rate, increasing their profitability at a pace that nearly doubles domestic efforts. This trend is creating greater competition and challenging U.S. manufacturers to catch up.
The trend toward tech is not going unnoticed. Nearly two thirds of manufacturers are increasing their IT investments over the coming year. Because of the exponential rate at which digital enhancements improve product quality, reduce costs and increase throughput, companies who do not prioritize technological advancements will find it increasingly difficult to compete in the current market.
The professionals at Intelica Commercial Real Estate are keeping a close watch on the technological trends within the manufacturing industry, ensuring that CRE portfolios are poised to offer advantages to our clients.