Issue link: https://pros.com/learn/i/1217964
INDUSTRY BRIEF FOR MANUFACTURING INDUSTRY Executive Summary This paper explores the state of manufacturing, the changes it is experiencing, and proposes a framework for manufacturers to continue growing despite complexity and uncertainty. It then examines a suite of artificial intelligence (AI) and machine learning (ML) capabilities that are founded on data science and over 35 years of deep industry insights. These AI-powered solutions enable manufacturers to transform their end-to-end sales process in order to provide a fast, smooth buying experience for their customers, ultimately driving rapid growth and profitability. 1 Manufacturers can no longer relegate marketing and sales to their distributors and retailers—they must embrace a business-to-business-to- consumer (B2B2C) model in order to control their brand, their market share, and their profit margins. The traditional ways of waiting for their dealers and distributors to tell them what to make, and how much to make, is largely gone. As are the old ways of determining what to price, which SKU sold to which channel, using data from standalone ERP systems and spreadsheet models. Such systems use limited data needed to make accurate production and pricing decisions. With the growth of stocked SKUs in addition to the countless available drop-ship SKUs, there are just too many SKUs, regions, and channels to price and sell optimally using static methods of relying on data from ERP systems and modeling on spreadsheets. Furthermore, these systems take too long to adjust when market conditions change—as they frequently do in manufacturing markets. Without data science, making money in manufacturing is getting harder. Manufacturers must find a new way to handle the complexities of the digital first world. Without data science enabled selling processes, it will be extremely difficult to achieve business unit financial goals with certainty. All industries are undergoing digitization — where production, marketing, sales, and support are increasingly occurring through digital means. The manufacturing industry is no exception.