Manufacturing industries are on the rise from last 3-4 years and all the economic pundits are saying that this is the right time to invest in the manufacturing business. But, we just don’t say anything without any proof. We present you 7 of the proven facts which will tell you that this is indeed the right time to be a manufacturing business owner:
1. Plenty of low-cost manufacturing industries to invest on
If you are on a budget or don’t want to risk all of your money on a single venture, you can select between literally thousands of manufacturing business ideas which require relatively lesser initial capital investment. Industries like furniture manufacturing units can be bought and regulated at a lower cost.
2. Internet of Things (IoT) is now being embraced by the industries
Manufacturing industries are as automated as they can ever be. The machines are smart and are connected. This idea of smartly connected manufacturing units has been evolving for quite some time now. General Electric has invested in smart wind turbines – each of which contains around 20,000 sensors which help to produce more than 400 data points per minute.
3. More companies are now implementing Lean Six Sigma in their operations
Manufacturing companies are adopting lean six sigma methodologies and it is working for them. Acne improved pricing quality with six sigma and as a result, their sales went up by $5.8 million. Many other industries are also getting efficiently managed by Material Handling Solutions.
4. Developing countries are now becoming better at managing large-scale manufacturing
With the advent of time, the developing countries like India and their respective governments have become more welcoming in foreign investments. Not so long ago, Make in India campaign was initiated by Indian prime minister Modi which invited a lot of investments from other countries. This should be the right time to invest more in manufacturing industries worldwide.
5. Trend has shifted to product-based businesses from service-based businesses
Data shows that companies which are producing their own products are showing greater profits than the companies who just indulge in services. This means investing in a manufacturing industry is like indirectly investing in the manufactured product that factory/people are creating.
6. No war like situation in near future
Manufacturing industries often fail when there is a war-like situation. Well, that’s not true for the one who manufactures wars. Anyway, I would love to contradict myself again but this is not the place I guess. When there is no war life situation in the majority of the planet, then it’s the right time to invest in something which is historically proven to prosper in peaceful economies.
7. Sales and Marketing are much more helping in nature than they used to be
Technology has changed the game. Gone are the days when sales and marketing people had no interest in learning the working of the product they are about to sell. Results were expected – exceptionally fail. Now the time has changed. Marketing is trained to have all the product insights and thus, the market is responding well. This way, as long as best practices are followed, the time is always right for investing in manufacturing industries.
Hope this article helped you clear your doubts and now you know what to do with your investment plannings. Keep coming to our blog for such informative posts.