Industry Pain Points

(1) Supply Chain Disruptions

• Supply chain disruptions have become increasingly common due to factors such as geopolitical tensions, natural disasters, and pandemics. These disruptions can lead to delays in production, increased costs, and shortages of raw materials.

• For example, during the COVID-19 pandemic, many manufacturers experienced difficulties in sourcing components and materials, which significantly impacted their production schedules and profitability.

(2) Labor Shortages

• The manufacturing industry is also grappling with labor shortages, particularly in developed countries. This is due to an aging workforce, lack of skilled labor, and competition from other sectors.

• For instance, in the United States, the National Association of Manufacturers (NAM) has reported that nearly 40% of manufacturers are struggling to find qualified workers to fill positions on the factory floor.

(3) Quality Control Issues

• Ensuring product quality is a perennial challenge in industrial manufacturing. Defective products can result in customer dissatisfaction, warranty claims, and damage to a company's reputation.

• An example of this is the recall of millions of vehicles by major automakers due to faulty airbags, which not only incurred substantial financial losses but also eroded consumer trust.