The manufacturing sector is slowly recovering from the ravaging impacts of the pandemic and the slowed-down, post-pandemic economic growth. The sector is also facing a skilled labor shortage amid dynamic shifts in consumer behavior and supply chain challenges. Companies are under constant pressure to optimize their operations, aiming to minimize operational costs and drive sustainability.
2023 can be a turning point for manufacturers — provided they can capitalize on digital technology and infuse advanced manufacturing technology into routine workflows. Companies should delve deeper into modern tech solutions such as IoT, cloud technology, high-speed internet connectivity (e.g. 5G networks), big data, and the Smart factory concept.