Five Predictions For The Manufacturing Industry In 2021
21 Dec 2020
There's no shortage of articles that will opine about how tumultuous 2020 was for the economy, jobs, and industry as the world grappled with the impact of COVID-19 on business and daily life. However, there's reason to be optimistic, especially in manufacturing.
Despite 60% of manufacturers feeling the impact of COVID on operations, a recent survey of senior leaders of manufacturing and distribution companies noted significant or modest growth in company revenue during the pandemic. Demand for products is surging, requiring new and innovative production methods, and many manufacturers have stepped up to the plate. As we close out the year, we'll better understand just how much manufacturing changed in 2020. But economic uncertainty aside, the unprecedented supply chain disruptions of the year are a blessing in disguise for manufacturers, as they encouraged the often stagnant industry to move faster and become more resilient than ever before. If there were a year to push the industry forward towards progress, this was it.