If you’re a manufacturer, you know the industry never stays the same for long. New procedures, technologies, and practices are introduced at a maddening pace — making it challenging to keep up, but there are benefits to doing so: working faster and more efficiently to remain competitive and profitable.
What are the biggest recent changes in the manufacturing sector? Here are the top four according to MANTEC, a nonprofit manufacturing consulting firm:
- Automation. Perhaps the most impactful change has been the transition to automation. While automation has been around since the mid-20th century, it’s gained momentum over the past decade or so, fueled by the widespread implementation of robotics. While there were initial concerns about automation eliminating the need for human labor, the opposite has been true in many work environments. It takes highly skilled, well-trained workers to oversee the operation of robotics, for instance. Thus, automation has increased the average worker output value in many manufacturing-related industries.
- Insourcing. Most people are familiar with the concept of outsourcing, but in manufacturing a big trend is the opposite — insourcing — where work that was once outsourced is brought back to the home company, or at least closer to home on American soil. Why? It’s primarily due to issues such as inferior or inconsistent quality, shipping delays and communications challenges.
- Using Digitization to Leverage Data and Analytics. Digital technologies are helping manufacturers take advantage of big data analytics to bundle and sell a variety of services. For instance, machinery manufacturers can offer conditioning-based maintenance that includes real-time equipment monitoring. This ability brings in additional revenue and helps build stronger relationships that support customer retention.
- Using Technology to Drive Marketing. Perhaps belatedly, manufacturers have discovered the power of technologies like the internet and social media to bolster their marketing efforts.
Based on these and other changes, many manufacturers are shifting their strategy from solely products to offering services. According to an article from Field Service Digital, a magazine published by Servicemax, this step into unknown territory is one they’re willing to take to remain competitive and reap the rewards of new, sustainable revenue streams.
Manufacturers that choose to cling to the status quo may find themselves in trouble, passed by those that are embracing change and investing in technology and people to stay relevant. But what’s a manufacturer to do if it doesn’t have cash on hand to be able to go boldly into a new future? That’s where alternative financing comes in.
Alternative Financing Options
Traditional funding sources like banks often have too many hoops to jump through and a lengthy application process that more often than not results in a “no.” At Clear Skies Capital (CSC), we’re focused on saying “yes,” helping manufacturers overcome the challenges presented by traditional financing.
Our streamlined funding process includes very little paperwork, and you can be approved within 24 hours even if you have less than perfect credit. You’ll enjoy 24-hour access to funding, flexible terms up to 48 months, and a fixed payment and interest rate — and don’t forget the interest on your loan is tax deductible. It might sound too good to be true, but it’s not; we’ve been in this business for many years, helping many manufacturers just like you.
Loan Types
Just as every manufacturer isn’t the same, your operating capital needs are unique, so our team of experienced professionals will work with you to help you determine your best option. Two of our most popular choices are working capital loans and lines of credit.
- Working capital loans — Secure cash on hand to pay for anything that helps you evolve with the industry.
- Lines of credit — Give yourself a “safety net” to draw from when something comes up as an immediate need.
The Takeaway
If you’re a manufacturer, you know it’s important to stay on the cutting edge of the industry by having the ability to evolve to remain competitive. Not having access to capital shouldn’t be the reason you remain stagnant. CSC has worked with many manufacturers, so we’d love to share our expertise while investigating loan alternatives with you. Get started today! Discover how much you qualify for here.