CONSTRUCTION Oct2021 GineersNow - Delta Variant Slowing Down Construction Recovery

Local Manufacturing
Manufacturers are now re-evaluating their
manufacturing assets and locations, prioritizing
regionalism over globalism. This is due to the
increased burden on transportation systems
during times of crisis which can leave countries
or regions cut off from essential supplies for
extended periods of time. Regional supply
chains can minimise the risk of disruption from
pandemic, terrorist attacks or natural disaster.
Stress Test Supply Models
When we get through the pandemic and
discover what the new normal looks like, it is
important for manufacturing companies to
stress test their supply models. Supply chains
may be more likely to have more regional
elements, but this can pose a number of
financial issues also. It may be more cost
effective to have materials supplied from a
global supply chain so the temptation will be to
revert to business as it once was. There may be
opportunity to combine local and international
supply models to minimise your international
risk, with capacity to scale up local support if
and when it’s required.
Adapting to Opportunities
The key to any business success is too
overcome challenges and adapt to new
opportunities as they arise. To remain a viable,
profitable company, manufacturers need to
adopt a flexible mindset that allows them to
adapt quickly and move with the times. Supply
chain issues are just one example of how a crisis
can create business opportunities for those that
are nimble enough to make the most of them.
To remain competitive in an ever-changing
market place, businesses have to be able to
react quickly without being weighed down by
unnecessary bureaucracy.
Tips for Segmentation
Whenever there is change, there is
opportunity. Switched on manufacturing
companies may find there are new market
segments that are opening up. Maybe your
competitors are unable to serve a need in the
market due to their own supply chain issues
and you can look to expand in that area.
You can apply segmentation techniques to
look at the market in different ways. Once
these opportunities have been identified it
is important to position yourself as a brand
leader. Australian company, Industrial Ideas
has catalogued a number of resources
to support Manufacturing companies in
developing their sales and marketing efforts.
Conclusion
The pandemic we currently face has shown
many of us in business, that we have some
vulnerabilities in our business models. Our
reliance on global supply chains has become
a huge issue. It has been shown that supply
chains can be easily disrupted by pandemics
and other global issues. These challenges can
lead to financial losses as well as shortages
however, we hope your manufacturing
company finds a way to navigate these
uncertain times and comes out the other side,
stronger and more robust to take on the new
normal.
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