Almost since the beginning of 2020, the COVID-19 pandemic has been disrupting the manufacturing and supply chain space, wreaking havoc on businesses, consumers, and the global economy. From factory shutdowns, to demand surges for essential goods, stockpiling and panic buying, as well as shifting consumer preferences (e.g. online over in-person), the manufacturing industry has witnessed tremendous changes over a rather short span of time. And as the pandemic continues to turn the manufacturing world upside down, it has raised questions about the level of resilience of global value chains and the overall approach to manufacturing.
Especially, as one considers the supply chain disruption for the next 24 months, manufacturers are going to be playing whack-a-mole with component shortages. Smaller companies and specialized products are the most vulnerable: they often have single-sourced components that they rely on. Facing up to these disruptions requires new forms of collaboration across companies and industries to ensure business continuity, while protecting employees and improving supply systems’ resilience for the future.
On that front, contract development and manufacturing is the ‘Noah’s Ark’ that is helping businesses stay afloat amid the sea of uncertainties. We are seeing smaller companies look at contract manufacturing for the first time. Larger ones are carefully distributing their contract manufacturers to different regions with the theory that if one country is down at any given point, it can still produce from other facilities.
At this juncture, contract manufacturing service providers with advanced and integrated offerings are on the rise. To help manufacturers providers strengthen their operational capabilities and simultaneously enable growth in the sector, Manufacturing Technology Insights has compiled a list of the top 10 contract manufacturing service providers in 2020. The list comprises prominent organizations in the industry that solve challenges in the manufacturing arena by implementing the current trends. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CXOs and CIOs.
We present to you Manufacturing Technology Insights’, “Top 10 Contract Manufacturing Service Providers – 2020.”
