7 Issues & Potential Solutions for Packaging Manufacturers in 2021
The global response to the pandemic, and subsequent changes in consumer behavior, have had a huge impact on our packaging industry clients. As we look forward, survival and success during uncertain times means protecting cash flows and minimizing risks while maintaining resiliency and flexibility. In a dynamic situation such as this, leaders need a better than normal understanding of how the business is doing day-by-day.
In 2021 business leaders will need to make fast decisions and take advantage of opportunities that rise up. That will require resilience and intelligence from managers at all levels.
Accelerate knowledge gathering and decision making by leveraging analytics, operational dashboards and a disciplined management system. Building such capabilities and staying flexible during these times will strengthen packaging manufacturers’ market position, resilience and margins when we return to more normal times.
Through the first half of 2021, packaging demand and the the product mix will continue to fluctuate. In this article we look at the operational issues triggered by the pandemic and policy responses, then offer some suggestions for successfully managing immediate and future growth challenges. These include:
- Preparing for potential supply chain disruptions
- Demanding bottom-line efficiency and profitability gains from new automation and digital manufacturing technology
- Adopting a true stage-gate process to speed up new product development
- Improving quality to protect revenues and margins
- Leveraging a disciplined management system for responding to demand changes