The recovery from COVID-19 in manufacturing will not be one uniform push. Sponsored by Deloitte
The recovery from COVID-19 in manufacturing will not be one uniform push. Rather, just as the virus worked its way across the globe, the recovery will be uneven as disparate regions and sectors move toward the next normal.
Being flexible also means having the ability to retrofit production to accommodate changing market demands. The ability to simplify and reduce their product range and cut down on the complexity around the production process was what allowed many manufacturers to keep operating in this crisis. This is especially important given that demand for certain products practically dried up during the early stages of the pandemic while demand for others soared.
Digital technologies—AI, IoT, analytics—are also critical in the near term. With the trajectory of the virus still unknown, businesses will need to rely heavily on forecasting and scenario planning to inform their business strategies. The more data they can gather and analyze, the more complete the picture will be. These technologies can also help manufacturers illuminate supply chains and address complexity.
But overall, there’s consensus that resiliency is more important than anyone realized. Resiliency in this context means the ability to reconfigure your processes and operations and strategies to meet whatever comes next. Because if there’s one thing manufacturers definitely agree on, it’s that this crisis is far from over.
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