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Manufacturing is a broad term, and is the backbone of the global economies. The manufacturing business involves effectively managing product life cycles and fulfilling customer demands. For increased productivity, it requires proper handling of raw materials and finished goods and efficient management of labor, distribution, transportation and inventory. Responding to the client needs and controlling supplier and vendor management is the key to successful business in the manufacturing sector. Companies in this field need to manage processes despite the fierce competition and various challenges faced by them.
This highly competitive sector makes it difficult for the manufacturers to offer high value propositions to retain their customers due to the growing need of high quality products, faster response times and remarkable customer service.
It is necessary that the manufacturers possess innovation and flexibility to maintain the competitive advantage and improve overall efficiency of the organisation. Maintaining innovation and efficiency along with providing faster response times is a critical challenge for the manufacturers.
Apart from these, the manufacturing industry also faces other principal challenges such as increasing cost of raw materials, waste management, environmental factors, product costing, managing throughput, discrepancies in inventory and supply chain management, etc.