I know that customer needs are changing due to the changes in technology, services and culture.
Now we have a hypercompetitive business world. Big corporations, companies, small businesses and countries are competing locally and globally. Therefore manufacturing industry needs new strategies and skills to generate a sustainable growth and profitability to have a continuous competitive advantage. It is clear that our manufacturing capability in a global hypercompetitive business world requires a well planned long-term strategic marketing and innovation policy, competitive intelligence, long-term sector analysis, managing talent, collaborative approach and coordinated response.
Manufacturing industry plays an important role in the economy and provides direct and downstream benefits. It supports the services based economy.
What should companies do to create competitive advantage in manufacturing industry?
1- Bring research investment and industry together.
2- Make a long-term sector analysis.
3- Have a true talent management policy.
4- Have true innovative leadership.
5- Make competitive intelligence.
6- Perform intelligent risk management.
7- Foster new collaborative partnerships that build trust, lead to innovation and deliver commercial benefits and highest customer value.
8- Establish a stronger culture of innovation and collaboration.
9- Establish new trade and innovation relationships, enhance and forge new international networks and collaborations.
10- Foresight on industrial sector disruptions.
11- Understand the paradigm shift in the global manufacturing industry and be in responding a pre-emptive and proactive way to ensure they are at the cutting edge of advanced global manufacturing.
12- Search and invest on technologies and capabilities that are more agile and beneficial to maximise the productivity and customer needs.
13- Search and perform rapid productisation and new processes to bring new products faster to market to drive demand locally and globally.
14- Consider always the social and environmental impact of manufacturing industry on healthy living and a healthy planet.
15- Drive sector sustainability by developing and implementing long-term strategic marketing and innovation policy.
The share of employment in the manufacturing industry will remain under pressure due to the ongoing technological developments and productivity improvements. There will be faster growth in services.
There should be highly customised goods and services within multiple supply chains and they should be agile, low in volume and high value in manufacturing. This brings more innovation, productivity and trade opportunities for companies in manufacturing industry.
It is clear that manufacturing industry should invest in research, competitive intelligence, customer demands, long-term sector analysis, productivity, quality, true leadership, more skills, strategic marketing, innovation, organizational knowledge, improving processes, social and environmental impact of products faster than competitors to create a transient competitive advantage. Leaders and her/his team should have good experience, know-how and skills (including high EQ) in systematic innovation management.
Therefore manufacturing companies should work with innovative and market oriented true leaders and skilled employees to compete in a hypercompetitive business world. They have to produce more, consume less material, use less energy and create less waste in manufacturing industry.
I am confident that innovative manufacturing companies can enjoy a bright and competitive future.
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