The Electronics Manufacturing Industry Has a Lot to Be Thankful For This Year
Fast-paced, competitive business environments are not ones that often lend themselves to quiet moments of reflection. The need to continually push forward, meet deadlines and production orders, and reach the pinnacle of your industry (and remain there once that is achieved) are all-compassing goals that require near-constant diligence.
As William S. Burroughs once famously said, “When you stop growing you start dying.” The business world, for better and for worse, often takes this message quite literally. Thanksgiving, however, besides affording the opportunity to sit around the single best dinner of the year, provides the opportunity to alter this pattern — even if just for a day. There is always work to be done and the desire to do more, but maybe Thanksgiving is a good time to take stock in just how far your business has come.
Success does not occur in isolation; it is the product of every employee, every resource and piece of equipment, and, of course, every service provider who works with a business to achieve a common goal. So, in honor of this wonderful (and filling) time of year, here are a few things an equipment manufacturer can be thankful for this year:
1. Business Continuity
All of the little things add up. Whether it is an accurate BOM monitoring service that keeps your organization ahead of obsolescence and allocation issues, reliable contract manufacturers that maintain lines of communication when last time buys are needed, or transparent suppliers and distributors your organization can always count on to provide quality materials, each tiny piece of the puzzle fits together to generate the success of the organization. While improvements can always be made, it’s remarkable just how seamless such pieces work together to create success.
2. Expanding Markets
Every year it seems has some degree of what the industry might call “bad news,” but from a big picture standpoint, it is an incredibly exciting time to be a part of the electronics manufacturing industry. Nearly all sub sectors of the market are poised to see substantial growth in the coming years. According to the Global Electronic Components Market 2019 Research Report, for example, the global market for electronic components is predicted to grow at a compound annual growth rate (CAGR) of about 5.6% from 2019 to 2024. Medical manufacturing, consumer products, IoT tech, automotive manufacturing, aerospace, and even entirely new sectors such as 3-D printing technology are all predicted to be significant market drivers in the coming years. This all spells opportunity for those organizations that choose to be a part of it, and that’s something to be thankful for.
Even though it may often be overlooked, storage infrastructure is the very foundation of any business. It ensures that every piece of inventory remains in optimal condition from the point of acquisition to the point of assembly. In some industries where lives quite literally are placed in the hands of the product in question (military equipment, medical equipment, etc.), storage infrastructure’s importance cannot be overstated, whether it be in-house or provided by a trusted third party.
4. Good People
An organization is nothing without the people who support it. From the highest points of executive leadership down, to the front-line employees responsible for the day-to-day, to the third parties who offer support from the outside, to the customers who offer their hard-earned dollar, all bear equal responsibility for any and all success a manufacturer might see.
And Partstat is no different. We are so thankful for everyone who supports what we do and the services we provide.
From all of us at Partstat, Happy Thanksgiving.