Cost pressures are weighing heavily on all U.S. manufacturers, forcing all to offer higher salaries to attract in-demand talent, according to new research by Visual Components. In the UK, 94% of manufacturers surveyed have had to offer higher salaries.
“Economic factors such as skills shortages have driven up costs for U.S. manufacturers, but organizations are also losing money from ineffective technology deployments. To keep expenditure to a minimum, businesses can deploy simulation software to allow cost-effective and efficient decisions to be made in real-time, while enabling reliable and consistent automated processes that don’t incur any costly mistakes. Organizations can also avoid missing out on potential revenue by programming robots quicker to send items into production and down the supply chain,” says Mikko Urho, CEO, Visual Components.
Key takeaways:
- Alongside the need to offer higher salaries due to skills shortages, the typical cost associated with downtime due to unreliable legacy equipment is between $12,701-31,750 for one-third of respondents (33%). Ineffective utilization of robots has also led to almost one in five (17%) stating that between $31,751-63,500 has been wasted due to a mistake when deploying them. Almost one in 10 (7%) report figures of over $127,001.
- With over one-quarter (28%) of manufacturers spending over $63,501 robot deployments over the last 12 months, failing to use robots to their full capability is also a significant financial risk. Almost one in three respondents (28%) say that they have invested over $63,501 in robot deployments in the last 12 months.
- In an effort to reduce costs, manufacturers have focused on reducing power usage (36%) in a time of spiraling energy prices, with this an even bigger focus among French companies (40%). Despite a sustainable focus, just over two-thirds (68%) are confident that their business will play a key role in helping the global drive for net zero carbon emissions.
