Suppliers and manufacturers need to do as much as possible today to get ahead. To succeed, suppliers should consider partnering with larger companies and Universities. Be proactive – anticipation/early mitigation is key.
Key take-aways include:
- Cost of material (inflation, Russia/Ukraine, trucker challenges – Macro-Economics) all exacerbated by labor market (skills/wages/remote/hybrid)
- Future focus on additive/advanced manufacturing; digital thread
- Design for supply chain/execution
- Importance of manufacturers/tier 2s+ to understand, become early partners, and move at speed
- Smart factories – impediments of sub tier suppliers not staying ahead
- Increase of regulatory requirements like sustainability and cyber security