In July, on-demand manufacturing service provider Fictiv released its 2020 State of Manufacturing Report, revealing the extent of COVID 19's impact on the industry. According to Fictiv's data:
- eighty nine percent (89%) report a direct business impact because of COVID-19 including lower sales, increased costs of materials and production, and canceled or delayed product launches;
- only 17% gave top marks to their supply chain’s performance over the last year;
- a majority are revisiting their reliance on China and looking to the U.S. as the next key manufacturing center;
- nearly all (97%) said COVID-19 has created new opportunities, with 87% making digital transformation a high priority; and
- supply chain resilience is important to 99% of respondents, with 96% working to increase supply chain agility.
The unprecedented transportation disruptions and shutdowns from the pandemic force manufacturers to reexamine what used to be a surefire equation—make things in low labor-cost regions, then sell to consumers with deep pockets.
Lower production cost still rules, but businesses are now also waking up to the need to establish partnerships with local manufacturers and suppliers, according to Jean Olivieri, Fictiv's COO, and Randy Altschuler, CEO and Cofounder of Xometry.
Xometry recently launched a 2D technical drawing marketplace, allowing users to obtain quotes and production cost estimates using 2D drawings.
“COVID-19 has disrupted international supply chains, and our domestic machine shops are feeling pressure as well,” said Altschuler. “Giving our Partner Network—top-rate American shops who are largely working in 2D already—access to 2D file quotes from our strong customer base is a win-win. Manufacturers get access to new project opportunities, and US-based customers have an easy path to reshore work and restore their supply chain.”
For a conversation with Fictiv and Xometry, listen to the podcast below (intro and end music by Ben Sound).
Manufacturing service provider Xometry launches a marketplace where users can obtain product cost estimates and quotes using 2D technical drawings. Image courtesy of Xometry.About the Author
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