Firms across industries aim to focus on their specialization by contracting manufacturing experts for product development. Emerging as an essential element of the business strategy for many industries, contract manufacturing neatly fits into this scenario. Contract manufacturers bring advantages such as flexibility, vertical-specific expertise, strong supply chain network that translates to reduced capital expenditure for the contracting company. From pharma to electronics to energy, all major industries today are engaging contract manufacturers in varying degrees to accomplish their goals quickly. Contract manufacturing service specialists play an instrumental role in enabling a company to achieve cost savings, high quality, and improved time to market. With hands-on experience and advanced skills, contract manufacturers accelerate the pace of production in a streamlined and quality-controlled manner while allowing their clients to realize the economies of scale.
For companies looking to develop a specific part of the product under development, contract manufacturing lowers labor costs significantly. Companies can maintain a lean workforce with contract manufacturing looking after the production of the proposed part, at scale.
While companies can focus on innovation to drive their businesses, contract manufacturers simultaneously and effectively manufacture their products to help them stay one step ahead of the competition. Recognizing the importance of speed to market and quality, contract manufacturers bring products from concept to commercialization at warp speed. The contract manufacturing sector is driven by the growth of the emerging companies/startups with limited manufacturing capabilities that lead them to consolidate and divest their internal manufacturing capacity and move toward an outsourcing model for non-core activities. As brands are seeking new ways to keep up with the market demands, outsourcing part of the production requirement to flexible and responsive contract manufacturers can turn out to be a game-changing decision for them.
With reduced risk, better quality, and enhanced scalability, brands can plan to expand their product lines for the future. A host of new-age contract manufacturers employ not only experts who have a strong understanding of the intricacies involved in the production of a particular product but also have strong knowledge of the best practices to work around the predicaments. They follow standard operating procedures and carry out due diligence to ensure the item under production meets the necessary compliance and quality standards. They also focus on continuous training and education to ensure their workforce has the material handling and proper equipment maintenance know-how.
To help CIOs navigate through the list of contract manufacturing service providers 2019, our distinguished selection panel, comprising CEOs, CIOs and VCs, industry analysts and the editorial board of Manufacturing Technology Insights narrowed the top 10 contract manufacturing service providers that exhibit competence in delivering robust and efficient solutions and services.
We present to you Manufacturing Technology Insights’s “Top 10 Contract Manufacturing Service Providers 2019.”