US Manufacturing is Going Strong
• 60% of manufacturers felt the impact of COVID on their operations, but many noted significant or modest growth in company revenue during the pandemic.
• With demand for products surging, manufacturers must be able to produce high-quality products quickly, efficiently and at a lower cost.
• Manufacturing is an essential component of gross domestic product(GDP), accounting for more than 10% of overall US GDP.
• The National Association of Manufacturing estimates that every dollar spent in manufacturing adds $2.74 to the economy.
Overcoming Obstacles to Growth
• In 2021, most manufacturers found themselves in a tight position, with raw material shortages on one side and high demand for their products on the other.
• Supply chain shortages impacted everything from semiconductors to resin to lumber to steel, among other products.
• Accustomed to working with three-month raw material forecasts, for instance, manufacturers began producing one-year forecasts and order timelines due to these shortages.
• As supply chain disruptions drag on, manufacturers are also dealing with a labor shortage, high employee turnover and increasing customer demand.
Buyers Demand Visibility
• Buyers want to know where their orders are in the supply chain.
• Worried about extended order lead times, they’ve begun asking for more detailed
data and improved supply chain visibility.
• High-growth manufacturers using QuickBooks, Excel spreadsheets and inventory management applications like Fishbowl can’t give customers the visibility they need.
• Without a unified financial and inventory management platform, manufacturers also waste time, money and effort on manual processes.
A Solution Tailored to Manufacturing
• The Paapri Manufacturing Console (PMC) allows companies to bring operational processes onto NetSuite’s cloud ERP.
• At the heart of the PMC is a console situated next to a shop floor work station that’s used to manage jobs from concept to completion.
• From this application, manufacturers can receive orders, procure materials, gather necessary information and start/stop jobs.
• The solution integrates directly with NetSuite, which takes over where the console leaves off and manages the back-end processes for each job.
Sources:
https://www.forbes.com/sites/amarhanspal/2020/12/07/five-predictions-for-the-manufacturing-industry-in-2021/?sh=34cd56a128ca
https://www.thebalance.com/u-s-manufacturing-what-it-is-statistics-and-outlook-3305575
