Acquiring Failed Manufacturing Companies: Upgrades Needed to Revive the Business

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( — November 2, 2020) — COVID-19 has made it clear that many industries need to fix some tech systems and update others. A big driving force behind this need is the widespread adoption of the remote work model. Leadership teams are in the unique position of managing a distributed workforce. There are many technology changes and upgrades that manufacturing companies should consider to stay afloat and remain relevant.

Improve digital adoption to boost your productivity.

Manufacturing companies in the U.S. have been slow to digital adoption. While foreign manufacturing sectors rely on industrial robots for many manufacturing processes, these digital additions to the workforce have barely made an appearance in large U.S. industries. Improving digital adoption starts by capturing, integrating, and analyzing data across operations and ecosystems. Implementing the right structures for exchanging and protecting data is important, as well as upgrading or replacing machinery. Manufacturers need to come up with strategic use cases, find the connection between digital initiatives with respect to business strategy, and understand the impact on productivity when working in a more automated and data-driven environment.

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Incorporate industry 4.0 technologies into your workplace.

There’s a new wave of advanced technology making its way to the manufacturing industry. Industry 4.0 technologies have emerged due to the availability of data, advances in analytics and machine learning, new human-machine interaction, and the ability to transmit digital instructions to the physical world. Such technologies allow manufacturers to produce large volumes of customized products cost-effectively.

Safety risks are eliminated by collaborative robots that handle dangerous tasks, and 3-D printing allows for the production of complex, multi-material parts, and final goods. There are also new applications that improve the flow and tracking of raw materials and manufactured parts. Industry 4.0 technologies are based on market research, demand forecasting, product development, distribution, and services. Manufacturers can implement technologies that seamlessly connect the value chain and customer base with one another.

Invest in tools that keep systems up and running.

Customers have more time on their hands with stay-at-home orders which have led to an all-time high in services use. IT teams are being inundated with alerts and support tickets. Manufacturers can stay on top of customer service demands by investing in AI and ML-powered tools that keep their customer service systems up and running. Customer service has never been more important than it is now, which is why manufacturers need reliable systems.

Don’t forget about the continued importance of maintaining your rotating machinery. A functioning lubrication system is essential to the performance of the lube pump and oil pump. Leistritz explains how different pump technologies prevent machine damage. With reduced workforces and skeleton crews becoming the norm, it’s important that manufacturers understand the importance of maintaining rotating machinery.

Embrace E-Commerce as a way to boost sales.

COVID-19 has put some limitations on movement and on-site services, making Business-to-Customer interactions difficult. Manufacturing companies need to embrace e-commerce and shift their customer engagement and sales online. Digital sales are the bread and butter of many industries now, with customers doing all of their research online.

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Business practices are changing and the only way to stay relevant in an uncertain time is to adapt to change. These are the upgrades and changes manufacturing companies can make to revive their business practices and stay afloat.