The industrial sector, also known as the secondary sector, is made up of firms that make or sell machinery, equipment, or supplies used in manufacturing and construction.
The impact of COVID-19 on this sector is significant, as consumption drops off, manufacturing slows down, factories are partially or fully shut, and new capex gets deferred. All of this requires a rejig of manufacturing assets and related costs. In addition, those companies that have been over-dependent on China will have to look elsewhere including their own country for component sourcing.
Technology is set to play a key role in determining those that will emerge triumphant from the crisis. Investment in digital is rising, particularly in digital twins, which manufacturers can use to copy product designs or processes and simulate their use virtually, without the need to use or waste physical resources.
COVID-19 also brought unprecedented workforce uncertainty and disruption, pushing manufacturers to re-imagine work models and plan for a future of hybrid work. Maintaining a high-talent, agile, workforce will also be a key priority for organizations across the industry to cope with future disruption.
How we add value
Cedar has a 30-year track record of assisting companies in the manufacturing sector globally in assessing domestic and international marketing opportunities, joint ventures/acquisitions, and the development and execution of strategy using the Balanced Scorecard framework.
A critical part of Cedar’s support has been identifying Tier 1 & 2 component supplies for OEMs in home and international markets.
The experience has included assisting Japanese and other global industrial firms assess opportunities in some of the largest manufacturing markets in the world, including the US and China.
- Technological innovations are set to disrupt and drive forward growth of the global manufacturing industry. Cedar has extensive experience in designing Balanced Scorecard frameworks to help you future-proof and prepare your organization.
- Data-driven resource planning will be critical for manufacturers to improve efficiency and remain competitive in an increasingly challenging market. We have developed a comprehensive toolbox of proprietary technology to help you harness data to drive growth.
- With the advent of digital transformation and Industry 4.0, an actionable digital roadmap will be essential to maintaining a competitive edge in the manufacturing market. Our deep digital expertise positions us well to build one uniquely tailored to you.
- Entering new markets brings a complex set of challenges in a post-COVID-19 environment. Cedar brings decades of experience in entry strategy in a variety of geographies to build a plan tailored to your needs.
- Cost optimization and energy efficiency are critical elements of a successful manufacturing business strategy. We can implement our best-in-class, innovative operations programs to help you reduce costs and improve productivity.
- Manufacturers are currently facing significant labor shortages and barriers preventing cross-border worker movements. As a thought leader in human capital management, Cedar is well-equipped to help you design a talent acquisition and retention strategy that lasts.