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Industrial manufacturing companies in the US are already grappling with a host of challenges due to the coronavirus outbreak. Apart from the major financial impact that the pandemic could cause, there are also several roadblocks relating to daily operations that heavily depend on the workers whose work cannot be fulfilled remotely. Moreover, the plummeting oil prices and global demand, supply chain bottlenecks, spending slowdowns, uncertainty over the credit markets are adding on to the concerns of US industrial manufacturers.
Most companies already have business continuity plans, but those may be inadequate to address the fast-moving and unpredictable variables of an outbreak such as COVID-19. Request a FREE proposal for expert assistance and critical market insights to help your business navigate the ongoing crisis.
Here’s Infiniti’s take on what US industrial manufacturers must prioritize right now:
- Ensure employee safety. US manufacturing companies must also assess strategies to retain and deploy the workforce during the slowdown and establish risk mitigation programs for employees who must work on-site.
- Consider divesting non-core or underperforming assets
- Update best practices and new strategies throughout the supply chain. Transparency in the supply chain through daily self-reporting with all critical suppliers is also essential.
- Prioritize cybersecurity measures and ensure system resilience.
- Engage in proactive communication with lenders and other stakeholders as a measure to enable potential rescheduling of debt.
- Monitor and reassess geographies in which the company is most vulnerable. This must be carried out on an on-going basis and cash flow strategies must be adjusted accordingly.
Want more comprehensive insights on how US industrial manufacturers can survive the crisis? Get in touch with an industry expert to know more.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us