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Manufacturing industry suffered a 74.9% financial downturn due to COVID-19

COVID-19 has severely impacted the manufacturing industry, causing a 74.9% financial downturn, contributing to a 51% decline in overall GDP.

Manufacturing industry suffered a 74.9% financial downturn due to COVID-19

The manufacturing industry has experienced a 74.9% financial downturn due to COVID-19, with iron, steel, non-ferrous metal products, metal products, and machinery contributing to a total of 11% to the overall 51% decline. However, Neil Reddy, Business Strategy and Projects Manager at Veer Steel Mills, believes that a slight upturn in enthusiasm is being perceived as industry role players strive to stimulate the industry through diversifying capabilities, such as renewable energy. Reddy emphasizes the importance of maintenance in the manufacturing sector, advising companies to meticulously analyze factors adding value to brand growth.

Companies have upped the ante in terms of quality, as streamlined service delivery is a competitive advantage. Excellent service delivery requires the congruence of both internal and external factors, such as extensive quality checks internally, compliance, and adhering to ISO level checks and standards. Compliance is now an industry standard of success, and local governments are no longer reactive but proactive in holding industry giants accountable for non-compliance.

To avoid fines, non-compliance, and loss of brand value and damage to supply chain management, it is crucial to remain compliant and channel resources into upskilling workers to support best practice. With forecasting rallying an introduction to automation and the fourth industrial revolution, market players must upskill workers to prepare them for new technology and operating systems, creating opportunities for new revenue and greater returns.

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