Powering Productivity for a New Era of Manufacturing

Powering Productivity for a New Era of Manufacturing

Winning in the New Era of Manufacturing

Manufacturing, a globally disrupted industry, is facing unprecedented challenges and opportunities. Key issues include supply disruptions, labor shortages, high costs, and regulatory pressures. Manufacturers must innovate to meet sustainability goals and comply with environmental regulations. The advent of Industry 4.0, particularly advancements in AI and machine learning, is set to revolutionize manufacturing. However, the challenge lies in equipping the workforce with the necessary skills.

Roadblock: Isolated Data and Fragmented Tools

Data quality and accessibility are crucial for effective business operations. Manufacturers often struggle with fragmented data sources, leading to inefficiencies and security risks. Legacy systems and outdated cloud solutions hinder the ability to achieve real-time insights and cross-functional collaboration. The lack of a unified data framework results in poor decision-making and a failure to proactively respond to changes. Even as executives take steps to improve supply chain control, they often overlook the value of consolidated data, leading to ineffective scenario planning and a backward-looking approach.

Breakthrough: Get a Unified View to Optimize Your Workforce and Power Productivity

To overcome these challenges, manufacturers need a modern, cloud-based solution that integrates data across departments. Workday Prism Analytics serves as a central hub for finance, operations, and HR data. It allows for the safe ingestion of data from various sources, enabling the generation of blended metrics such as labor costs per run, employee productivity, and compliance incidents. This unified view helps in making informed decisions and planning for future scenarios.

Roadblock: Skills and Labor Shortages

The manufacturing industry faces significant skill gaps and labor shortages. Deloitte predicts that by 2030, 2.1 million manufacturing jobs could remain unfilled in the U.S. alone if the skills gap is not addressed. This shortage is exacerbated by demographic trends, including an aging population and low birth rates. Additionally, 45% of manufacturers have turned down business opportunities due to a lack of workers. Europe faces similar challenges, with 50% of small and medium-sized manufacturing businesses reporting difficulties in hiring relevant technical staff.

Breakthrough: Use a Skills-Based Strategy to Increase Differentiation and Profitability

To address the skills gap, manufacturers should adopt a skills-based strategy. This involves investing in training and development programs to upskill existing employees and attract new talent. By focusing on employee engagement and providing engaging frontline experiences, manufacturers can boost innovation and productivity. This strategy not only enhances operational efficiencies but also drives long-term value creation.

Building a Dynamic Future Amid Constant Change

In an era of constant change, manufacturers need an adaptable workforce capable of handling dynamic business needs. The adoption of advanced technologies like AI and machine learning is essential for staying competitive. By leveraging a unified data framework and implementing a skills-based strategy, manufacturers can navigate the uncertainties of the future and seize emerging opportunities.