Critical Risks Impacting the Manufacturing Industry: Is Your Company Covered?

Just like other industries, the manufacturing industry is upping the game to adopt industry 4.0, integrate new technologies throughout their operation and access a widespread of insightful data that dictates their next actions and guarantees their success and future growth.

While this looks very promising, the sophistication aspect, rapid growth, and need for a seamless operational approach lineup greater risks today on manufacturers, more than any other time in history.

Customer Data Security
As technology advances, attention to data security and protection is a must today for manufacturers. As most companies are storing and managing customer data from personal contact information, address, geolocation, to other financial information, businesses must remember that customers have entrusted them with this information, so they need to ensure proper utilization of this data as well as proper security protocols in place so that only the right people at the right time have access.

Employee Safety
While businesses are busy producing and delivering products as well as managing their customer-centric plans to gain market share and position themselves as leaders, they tend to forget about occupational health and safety as a critical risk affecting the wellbeing of their employees and causing them financial losses and business interruptions.

Third-Party Vendors
Manufacturers, no matter how effective and successful, can face major risks and challenges when a third party vendor affects their ability to deliver products to their customers within the needed quality and set timeframe affecting the company’s reputation and customer relations.

As manufacturers face so many risk factors, they need to set risk management as a priority to assess and understand the impact of those risks on the organization as well as to properly plan and be prepared to avoid problems and prevent or reduce losses while safeguarding the well-being of their employees, physical and data-related properties.

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