Article | December 14, 2021
Do manufacturing businesses require Business Intelligence (BI)? The answer is YES. Manufacturing is one of the most data-intensive businesses, producing massive amounts of data ranging from supply chain management to shop floor scheduling, accounting to shipping and delivery, and more.
All of this information would go to waste if not properly categorized and utilized. Scrutinizing and analyzing your data with business intelligence will help you become a more efficientand productive organization. Your organized data can show you where the gaps or inefficiencies are in your manufacturing process and help you fix it.
Many companies simply are not willing to change or think they are done once they make a change. But the truth is technology, consumer demands, the way we work, human needs and much more are constantly changing.
Michael Walton, Director, Industry Executive at Microsoft
BI has the potential to improve the operations of an organization and transform it into an organized one. According to Finances Online research, more than 46% of organizations are already employing a BI tool as a significant part of their company strategy, and according to Dresner Advisory Services research, 8 in 10 manufacturers who use BI for analytics have seen it function successfully.
How Manufacturing Operations Are Improving with Business Intelligence?
As revealed by the BI statistics above, we can see that business intelligence is critical in manufacturing. To further illustrate how business intelligence supports the manufacturing industry, let's look at some of the business intelligence benefits that are making a difference in the manufacturing industry.
Advances Operational Efficacy
While modern enterprises create massive amounts of data, not all of this data is relevant. Today's business intelligence solutions take all of the data from your organization and transform it into an easily comprehensible and actionable format. It enables you to minimize or fix errors in real-time. Additionally, it helps you to forecast raw material demand and assess procedures along the supply chain to ensure maximum efficiency.
Allows for the Analysis and Monitoring of Financial Operations
Business intelligence solutions provide insight into sales, profit, and loss, raw material utilization and can usually assist you in optimizing resources to increase your return on investment. Understanding your cost-benefit analysis, BI enables you to manage production costs, monitor processes, and improve value chain management.
Assists in the Management of Your Supply Chain
Manufacturing companies engage with various carriers, handling these multiple processes can be complicated. BI enables manufacturing companies to have more accurate control over shipments, costs, and carrier performance by providing visibility into deliveries, freight expenditures, and general supplies.
Contributes to the Reduction of Inventory Expenses and Errors
Overstocks and out-of-stocks are substantial barriers to profitability. Business intelligence can assist you in tracking records over time and location while identifying issues such as product faults, inventory turnover, and margins for particular distributors.
Determines the Efficiency of Equipment
Several factors can cause inefficient production. For example, errors with equipment due to improper installation, maintenance, or frequent downtime can reduce production. So, to keep industrial operations running well, one must monitor these factors.
Manufacturers can maintain their machines' health using data analytics and business intelligence. It provides real-time information about your production lines' status and streamlines production procedures.
How Business Intelligence Helped SKF (SvenskaKullagerfabriken) to Efficiently Plan Their Future Manufacturing
SKF is a key supplier of bearings, seals, mechatronics, and lubrication systems globally. The company posses its headquarter in Sweden and has distributors in over 130 countries.
Due to SKF's extensive worldwide reach and product diversity, they constantly need to forecast market size and demand for their products to modify their future manufacturing. Generally, SKF experts developed and kept their forecasts in traditional and intricate excel files. However, the efforts of maintaining and reconciling disparate studies were excessively high. As a result, SKF used require days to generate a simple demand prediction.
Later, SKF integrated its business data assets into a single system by utilizing business intelligence in production. Following that, they could swiftly begin sharing their data and insights across multiple divisions within their firm. They are now able to aggregate demand estimation fast and does not face cross-departmental issues about data integrity for the vast number of product varieties they manufacture.
This intelligent data management enabled SKF to plan their future production operations efficiently.
Business intelligence in manufacturing makes a big difference in the organization's entire operations. Given the benefits of business intelligence in manufacturing, a growing number of manufacturers are implementing it in their operations.
According to Mordor Intelligence, Business Intelligence (BI) Market was worth USD 20.516 billion in 2020 and is anticipated to reach USD 40.50 billion by 2026, growing at a 12% compound annual growth rate throughout the forecast period (2021-2026).
Hence, we may say that the business intelligence is crucial for manufacturing and is booming, thanks to its enormous potential and the numerous benefits it provides to various businesses.
Why is business intelligence so important in manufacturing?
Organization intelligence may assist businesses in making better decisions by presenting current and past data within the context of their business. Analysts can use business intelligence to give performance and competitive benchmarking data to help the firm run more smoothly and efficiently.
What value does BI add to manufacturing?
Business intelligence solutions provide insight into sales, profit, and loss, raw material utilization and can usually assist you in optimizing resources to increase your return on investment. Understanding your cost-benefit analysis enables you to manage production costs, monitor processes, and improve value chain management.
What is business intelligence's key objective?
Business intelligence is helpful to assist corporate leaders, business managers, and other operational employees in making more informed business
Article | October 8, 2021
The trends in the manufacturing industry for 2022 are expanding and altering the industry's conventional face. The future of manufacturing is going to merge with digitalization and technological applications. As a result, all operation methods, products, and manufacturing outcomes will be modernized with new technology applications.
To brighten the future of manufacturing, manufacturing companies must examine new trends in the industry before developing their manufacturing plans for 2022. Technological advancements are the next game-changer in the manufacturing business.
Adeaca's Vice President of Market Innovation and Project Business Evangelist had recently quoted in an interview with Media7 as,
“As technology takes over and enhances many of the processes we used to handle with manual labor, we are freed up to use our minds creatively, which leads to bigger and better leaps in innovation and productivity.” – Matt Mong, VP Market Innovation and Project Business Evangelist at Adeaca
The new trends in manufacturing are leveling up every part and element of the industry. In this article, we'll look at a new trend for each industry aspect that's assisting manufacturers in speeding up the production process, increasing ROI, and propelling their manufacturing business to new heights.
Additionally, it will assist you in addressing current industry challenges such as forecasting product demand, addressing skilled manpower shortages, and increasing manufacturing plant efficiency.
Five Manufacturing Industry Trends to Watch in 2022
Emerging trends in manufacturing provide a chance to review your production strategy for products and processes. Check out below the upcoming trends in manufacturing that are getting attention in the industry.
Customer Engagement and Purchase Experience
Creating an exceptional digital customer experience is a new trend in manufacturing. According to industry experts, mapping the customer journey and their interactions with your products is the first step towards establishing a positive connection with your potential consumers.
A few of the most popular strategies to improve the consumer purchasing experience and engagement are as follows:
Build a knowledge base for your products on your business website
Create a comprehensive FAQs page that addresses all of the buyer's possible queries
Create a chatbot to provide immediate help to the buyer with further inquiries
Create a brand story and a comprehensive description of your manufacturing business
If possible, provide product statistics and success stories, and content about consumer satisfaction with your product
Create a product functionality video or explanatory picture material to familiarize the potential customer with your product
These are some of the trends that engage your prospective buyers and increase their purchasing experience through a range of product-related information and educate them about you and your products.
Smart Technology-enabled Products
Smart is the new norm in every industry. The old operations and goods that were once a part of everyone's life have now been replaced by technology. Manufacturing is no exception to this alteration. Due to the increasing demand for smart products among customers, every company is now looking forward to inventing and manufacturing smart products.
Explore and understand how you may incorporate cutting-edge technology (Artificial Intelligence, Machine Learning, Edge Computing, and Digital Twins, and more) into your products to help them stay updated with manufacturing trends.
Virtual and Augmented Reality in Manufacturing (Industry 4.0)
Transforming traditional manufacturing systems and processes into smart, tech-savvy ones is a new trend in manufacturing. The future of manufacturing is expected to witness this digitization in 2022 and beyond. Therefore, you must convert your conventional manufacturing plants into smart ones, i.e., as per the concept of Industry 4.0 – the fourth industrial revolution.
Discover how prominent companies are implementing Industry 4.0
The following are some popular transformations that many popular manufacturing factories are adopting to become part of the industry revolution.
To achieve a zero-carbon footprint, manufacturers may use analytics systems to determine the amount of trash they create and develop ways to eliminate it. (Implemented by Whirlpool)
Utilize an analytics platform to decipher usage data for energy, water, and other utilities. (Implemented by Whirlpool)
Utilize technology such as Siemens' Mindsphere, which enables online analysis of several aspects of a production plant and helps manufacturers create digital models using real-time data. (Implemented by Siemens)
Utilize a combination of IoT and cloud-based technologies to avoid downtime and gather analytics data. (Implemented by Hirotec – a Japan based manufacturing company)
Machine learning technology can be used to foretell and avoid system failures in your manufacturing plant. (Implemented by Hirotec – a Japan based manufacturing company)
Utilize robotics and to accelerate manufacturing across many verticals. (Implemented by Ford)
Utilize 3D printing to improve the precision of product design and to avert product defects during the early production stage. (Implemented by Aerospace: Airbus) These are some examples that other well-known manufacturing companies in the market, such as Hewlett-Packard, Ford, Whirlpool, and Siemens are currently using. So, consult an expert and determine how to leverage emerging technology to turn your production plant into a smart manufacturing unit.
Internet of Things (IoT) to Boost Revenue
Manufacturing companies have begun to leverage the Internet of Things to establish connectivity between machines and operational procedures throughout manufacturing. This linkage between machine and operation significantly decreases the human supervision required for each step and completely automates them.
Manufacturers intend to incorporate these IoT trends in manufacturing into both their products and operational processes. IoT further enables manufacturers to operate and monitor their work remotely. As a result, they can concentrate on developing new strategies and preparing for future ventures.
Shifting Focus from B2B to B2C Model
Several manufacturers skip intermediaries and connect directly with their consumers to sell efficiently to their target consumer group. This purposeful approach has multiple benefits, which are outlined below.
Manufacturers may skip the lengthy retail sales cycle and achieve a shorter time to market
The absence of a third party between the manufacturer and the customer reduces the risk of brand misinterpretation or dilution
Direct interaction with customers enables manufacturers to obtain more accurate consumer data, product feedback, and requirements for new product development
Manufacturers can control the price of their products due to the absence of a third party between them and the target consumer group
These benefits of the B2C model attract manufacturers and encourage them to develop added production techniques with these benefits in mind.
Technology, innovation, and digitization are the future of manufacturing. The IoT trends in manufacturing are essential for industrial production and will allow the manufacturing industry to obtain a new competitive edge. Hence, manufacturers must keep in mind this industry revolution (industry 4.0 and 5.0) while developing strategies for their manufacturing operations in 2022.
What are the benefits of adopting the Internet of Things in manufacturing?
IoT devices can monitor industrial operations, manufacturing cycles, and other warehouse data management processes automatically. This benefit decreases the amount of time spent monitoring individual operations and increases production speed.
What role will smart manufacturing play in the future?
According to a grand view research analysis, the smart manufacturing market was worth USD 236.12 billion in 2020 and is expected to extend at a 12.4 percent compound annual growth rate to reach USD 589.98 billion by 2028.
What are the critical components of the smart factory of the future?
Robotics, the Internet of Things, big data, and cloud-based administration will be critical components of the future smart factory.
Article | December 28, 2021
Successful manufacturing marketing strategies are all you need to grow your business and make it visible in every way to your target customer group. Many manufacturers are now becoming vigilant towards B2B marketing and have started forming an individual marketing budget in their annual budgets.
“We should quantify marketing to inform what we do – not to decide what we do.”
– Rory Sutherland, Vice-Chairman, Ogily
As per Statista, nearly half of B2B organizations said they’re planning to boost their content budget in the next year.
As a result, B2B marketing for manufacturers must be redesigned and smartly strategized in order to be more effective and fruitful.
This article will focus on the significant challenges manufacturers face in B2B marketing and how manufacturers use the three most sales-driven manufacturing marketing strategies.
4 Biggest Marketing Challenges in B2B & Manufacturing
Develop Tailored Experiences
You have a few seconds to capture the customer's interest. When done correctly, personalization may help. With persistent multi-channel marketing, you may strengthen your brand in target areas. Additionally, an account-based marketing approach enables you to focus on important clients while generating customized content for them. Integrate agile methods to test novel ideas across your business without demanding extensive approval. Further, crowdsourced content, B2B communities, and advocate marketing should be prioritized.
Convert Leads into Sales
With the right strategy, you may generate more high-quality leads. Relate marketing expenditures to sales and demonstrate the impact of marketing on the bottom line. Align marketing and sales by focusing on the customer's purchasing journey. Increase the quality of your leads, transparency, and collaboration with your partners.
Measure Marketing Performance
Marketers will be asked to demonstrate ROI and forecast future actions. Proactively calculate the MROI (Marketing Return on Investment) on marketing and sales investments. Determine how to get the most out of your marketing budget by doing more with less. Focus on making data-driven judgments rather than relying on guesswork.
Maximize the Marketing Tech Investment
As a manufacturer, you have access to a number of tools and resources. You will need to collaborate with your technical team to integrate it. Collaborate with your IT team to effectively adapt, innovate, and apply technology. By integrating current technologies, you can automate and improve marketing campaigns more efficiently.
“Marketing professionals have to act as conveners and connect the dots so that there is alignment between stakeholders like sales and operation teams and executive leadership on what products and services will drive growth in any given quarter."
– Maliha Aqeel, Director of Global Communication, Fix Network World in conversation with Media7
3 Best B2B Marketing Strategies for Manufacturers That Drive Sales
Consider Purchasing an E-commerce Platform
Consumer behavior is driving manufacturing transformation, particularly the shift to digital channels. Manufacturers who still handle consumers solely by phone, fax, or email risk losing their loyalty as their worlds and tastes grow increasingly digital.
Manufacturers have clearly acknowledged the digital transition in 2021. This year's Manufacturing & E-Commerce Benchmark Report says 98% of manufacturers have, or plan to have, an e-commerce strategy. Moreover, 42% of manufacturers who engaged in e-commerce and digital said it strengthened client connections.
How does e-commerce benefit manufacturers?
Distributes a customized catalog to your customers
Ascertains those spare components are visible
It allows customers to customize items online
Sells your whole range online
Increases your consumer base
Focus on the User Experience and Interface (UX/UI)
The term "User Experience" refers to all elements of an end user's engagement with a business, its goods, and services. The purpose of user experience is to establish a connection between company objectives and user demands. An engaging user interface or user experience keeps users engaged and consumers pleased. Additionally, it enhances the rate of return on investment (ROI). That is why it is necessary to maintain great UI/UX quality.
How does UX/UI benefit manufacturers?
Increases the number of conversions
Support is less expensive
It helps with SEO
Brand loyalty is increased
Embrace an Omni-channel Strategy
Millennials represent 73% of those making buying decisions for companies. Part of this means offering a seamless, consistent shopping experience across a variety of channels. With the right CRM solution, you'll eliminate a lot of the legwork associated with targeting specific buyers. Manufacturers can leverage omni-channel to increase availability, promote sales and traffic, and connect digital touchpoints.
How does Omni-channel benefit manufacturers?
Supports marketers in developing trust
Enhances the user experience with the brand
It clarifies a complex subject
Developing a successful manufacturing marketing plan is all that is required to set your organization apart from the competition. Consider thinking outside of the box and developing innovative manufacturing marketing strategies that will surprise your targeted customers and keep you on their minds at all times. B2B marketing for manufacturers has long been a priority, since manufacturers frequently overlook this aspect of their business when they should. Utilize the above-mentioned sales-driven manufacturing marketing methods to assist your organization in growing and reaching the maximum range of target prospects.
What is the goal of business-to-business marketing?
B2B marketing's goal is to familiarize other businesses with your brand name and the value of your product or service in order to convert them into clients.
How can manufacturers energize their market presence?
Manufacturers may boost their market presence by advertising on various social media platforms, opting for native language ads, and partnering with influencers to promote their products or services.
Article | September 22, 2021
Marketing for manufacturing companies hasn't always been easy. Because of the rising volatility in the economy, trade shows and face-to-face sales meetings have changed their manufacturing purchasing patterns.
On the other hand, buyers are seeking for more convincing market reasons to buy your product. This means your manufacturing marketing strategy needs to evolve to answer each of these questions from the buyer angle in order to convince them in choosing your products over other competitor products.
Manufacturers must do more than simply focus on product awareness to attract new buyers. Instead, they must concentrate on the content and intent of promotional activities that will reach target buyers through manufacturing advertising. The promotional message has always been the critical factor to be delivered at the right time and place.
To hit the rock at the right spot, you must first understand the buyer's expectations in the manufacturing industry. So, let's get started.
Buyers' Expectations from the Manufacturer
Faster production cycles, higher-quality components and products, and affordable pricing are all expectations among manufacturing buyers. Therefore, marketing professionals in the manufacturing domain must consider these factors while developing a digital marketing strategy to outwit other competitors in the industry.
What Is the Importance of Digital Marketing for Industrial Products?
Going digital is the necessity of time. For example, almost 94 percent of B2B buyers conduct online research before making a purchase. Similarly, after using the correct digital marketing techniques for their industrial products, 82 percent of manufacturing enterprises increased their yearly sales within a year.
This one-on-one discussion with one of the manufacturing industry's top leaders will give you a better understanding of manufacturing marketing's relevance.
Marketing is VERY important to any company, although I generally see it being justified by the number of web hits or ‘leads’ that come in. - John Hayes, Director of Sales at BALYO
So, small and medium-sized manufacturers (SMMs) must recognize that utilizing digital platforms is the most significant way of marketing for manufacturing companies.Effective digital marketing campaigns demand sound investment and planning.
Hence, to stand out in this digital game, SMMs must review their digital marketing strategies to improve website traffic and conviction in their product on multiple digital platforms.
To do so, look at the five checklists points at the top of the digital marketing trends for manufacturers.
Five Priorities for Your Digital Manufacturing Marketing Plan
Leading manufacturers are all getting good ROI for their industry digital marketing strategy. Let’s check out how are they doing it?
Recognize the Buyer's Persona
In the context of the increasing instability of the industrial ecosystem, manufacturers must better understand their target groups to develop product marketing strategies tailored to their needs.
The potential buyer's digital activities also help understand the target buyer's persona through their digital activities on various digital platforms. For example, some customers prefer textual content to learn about a product, while others prefer to watch a video that explains everything in detail.
So, as per the target buyer's demand, manufacturers can modify their product marketing content. It will also help you create an effective digital marketing strategy for your manufacturing company.
Interact Effectively with Important Constituents
To be visible in the eyes of your buyer, you must communicate with them frequently and effectively. In every industry, technology has altered the meaning of buyer communication. So, here are some of the most popular ways that all industry leaders are using to exchange information with their potential buyers. This strategy will also help you establish a positive rapport with potential buyers and stay in touch with them.
Start a Newsletter: Prepare some research and conversion phase content, solution-oriented blogs, interviews, or success stories, as applicable for your company's profile. In this strategy, you must always be consistent and distinct.
Create an Email Campaign: Use emails to build a more personal connection with your potential buyers. Create a buyer persona based on the interests of your target audience and segment them properly when crafting your emails. This practice will help your recipients feel recognized and involved.
Use Social Media Networks to Your Advantage: Each of your buyer personas uses social media as a primary source of information. Use this platform to your advantage by developing specific techniques for staying top-of-mind among your target audience.
Make the Website Content Appealing to Potential Buyers
Manufacturing digital marketing content serves as a thread to draw your target buyers to your website. When the target buyer visits your website, the website content will play a critical role. As a result, every manufacturing company must have the concise, engaging, and appealing website content. Make sure that your website contains everything you require to connect with your target buyer persona.
So, how do you know if your website's content is on track? Check out the list below for some key points that should be available on your website to make visitors feel valuable about your company.
Key-informative content: This type of content should assist buyers in expanding their existing knowledge of your company, product, or services. It must include your brand’s story, services, product catalogs and brochures, FAQs, and solution-focused blogs.
Trust-building content: This type of content encourages anxious buyers to trust your product or service, which may be entirely new for them. It includes previous buyer product reviews, client references, testimonials, buyer success stories, expert opinions, and business awards if any.
User-friendly content: This is the most Crucial aspect of your website's content. As covered in the buyer persona section, buyers have diverse interests in consuming information. Some prefer to read text, some prefer to watch videos, and others prefer to consume information through CAD drawings, diagrams, or infographics. As a result, ensure that your website contains various forms of content so that each visitor is comfortable consuming what you are serving them about your product.
SEO-optimized content: Ensure that your website contains your target buyers' keywords when searching for products. Creating SEO-friendly website content allows you to rank higher in Google searches and makes it easier for readers to find you.
Use Marketing Automation Platform
Because of the growing use of marketing automation tools, even the smallest manufacturers can now benefit from them. They're the easiest and most cost-effective way to gauge the success of your digital marketing efforts. So what benefits have you reaped from using the marketing automation software?
Helps you keep track of your prospects' locations
Assists you in obtaining the lead score, which tells you who your best leads are and where they originate
Keep track of the conversions throughout the buying cycle with this tool
As a result, the marketing automation technology helps you evaluate the return on your investment in numerous ways.
Do a Competitor Analysis
Analyzing your competitor's marketing strategies will help you develop sound business tactics for your next move. Competitor analysis aids you in understanding the market's demands and new prospects that you may have ignored previously. This strategic approach also aids in your understanding of where you stand in the market and what you need to come up with to stay ahead of competitors.
Every buyer's attention isn't only focused on making a purchase. They also want a simple and pleasing purchase experience. Providing a delightful buying experience encourages customers to return to you for future purchases of the same or different products you have introduced. As a result, each of the checklists above plays a vital role in your potential customer's buying process and contributes to organic buyer growth.
What is digital manufacturing?
Digital manufacturing is the simultaneous creation of product and manufacturing process descriptions using an integrated computer-based system that involves simulation, 3D visualizations, analytics, and collaborative tools.
How can manufacturers market their products?
Promote your product by using various content types, including blogs, press releases, infographics, and videos. Consider event sponsorships as a way to reach a particular demographic with your brand's message. Distribute complimentary product samples to potential customers to secure bulk purchases.
What is the most effective way to market a manufacturing firm?
For your target groups, write and publish richer, solution-oriented content. To make your company more known to the general public, take virtual tours of your facility and create product videos to give people a better understanding of your product and company.
"name": "What is digital manufacturing?",
"text": "Digital manufacturing is the simultaneous creation of product and manufacturing process descriptions using an integrated computer-based system that involves simulation, 3D visualizations, analytics, and collaborative tools."
"name": "How can manufacturers market their products?",
"text": "Promote your product by using various content types, including blogs, press releases, infographics, and videos. Consider event sponsorships as a way to reach a particular demographic with your brand's message. Distribute complimentary product samples to potential customers to secure bulk purchases."
"name": "What is the most effective way to market a manufacturing firm?",
"text": "For your target groups, write and publish richer, solution-oriented content. To make your company more known to the general public, take virtual tours of your facility and create product videos to give people a better understanding of your product and company."