How manufacturers are preparing for a post-COVID-19 recovery

The COVID-19 crisis and related concerns still remain a major challenge for advanced manufacturing (AM), especially automotive, aerospace, and oil and gas companies. Among the top themes discussed by leaders of AM sector companies during the third quarter public earnings calls are: developments in end markets, business reorganization or restructuring, and competitive positioning.

Key takeaways:

• Business reorganization or restructuring: cost reduction drove streamlining activities at many companies. Divestitures allowed companies to better focus resources on key growth markets while acquisitions were held to make cost savings targets stringent.
• Competitive positioning: product and service quality are gaining importance as manufacturers hold onto market share. Outcome-based pricing models are being offered more frequently. Acquisitions and joint ventures are enabling companies to bring differentiated products and services to market more quickly.
• Customer acquisition and connectivity: manufacturers are prepared to invest in understanding their customers better. Sales teams are being expanded in growth markets, enabled by new technologies. 

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