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Report shows severe COVID-19 disruption in global manufacturing and supply chains
- July 22, 2020
- News Release
- Safety
The global manufacturing and supply chain ecosystems have been among the sectors hardest hit by the COVID-19 pandemic. San Francisco-based Fictiv’s newly released "2020 State of Manufacturing Report" reveals industry leaders grappling with fallout from the pandemic while eyeing new opportunities created by the disruption.
The fifth annual manufacturing industry report polled hundreds of senior manufacturing and supply chain decision makers at companies producing medical device, robotics, automotive, aerospace, and consumer electronics products.
Nearly 90% report a direct business impact because of COVID-19, including lower sales, increased costs of materials and production, and canceled or delayed product launches. While supply chain resilience is important to 99% of respondents, only 17% gave top marks to their supply chain’s performance over the last year. Most are revisiting their reliance on China and looking to the U.S. as the next key manufacturing center.
Nearly all respondents (97%) said COVID-19 has created new opportunities, with 96% working to increase supply chain agility and 87% making digital transformation a high priority. Reducing cost (46%), increasing supply chain visibility (42%), and driving efficiencies (40%) are some of the top goals for these digital efforts.
“COVID-19 is a clear point of demarcation in the industry, accelerating the transition from traditional supply chains and manufacturing to a digitally enabled future,” said Fictiv CEO Dave Evans. “This deep dive reveals an opportunity for those industries most profoundly impacted by the physical realities of the virus to iterate faster with finer tolerances and higher quality using digital manufacturing advances.”
The report shows COVID-19 has negatively harmed most businesses (89%), with decreased sales, increased cost of materials and components, and lengthened production times. More than one-third of respondents have had to lay off good employees, and 24% have been unable to fill customer orders.
Most (83%) agree COVID-19 has been an extreme test of their supply chain, and 84% say they will be more cautious about offshoring now than in the past.
“While many businesses will examine reshoring as part of their future supply chain, China continues to offer important advantages in infrastructure and manufacturing talent, making it a stable part of any supply chain ecosystem,” said Fictiv COO Jean Olivieri. “The opportunity for supply chain executives will be to introduce digital and AI capabilities through partners and investment that can build an agile, resilient supply chain able to flex across geographies and demand in real time and with complete transparency.”
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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