MFGWatch Survey Predicts Growth
The MFGWatch survey results highlight sourcing patterns in manufacturing.
MFG.com’s latest MFGWatch survey predicts a year of growth in 2013, with product development companies expecting to make new technology investments, expand supplier bases and continue to hire. The survey targeted 8,840 sourcing professionals in industries including automotive, aerospace, medical, industrial equipment, consumer products and textiles.
Of the professionals surveyed, 76 percent expected to spend the same amount or more on contract manufacturing services. More than half of the participants reported that they expanded their supply chains in 2012, and 80 percent expect to maintain or expand their supply chains in 2013. Quality of products was chosen as the leading criteria for selecting a new supplier by 84 percent of respondents. Overall cost was a distant second, selected by 56 percent of respondents. According to MFG.com, these results indicate that companies are seeking supply chain alternatives which will enable them to reduce costs without compromising on product quality.