October Is Manufacturing Month: Here’s How Shapeways Is Revolutionizing Manufacturing For Small And Mid-Sized Companies
Detroit, Michigan
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October 17, 2023 09:00 AM Eastern Daylight Time
By Faith Ashmore, Benzinga
October is recognized as Manufacturing Month, a time to celebrate and promote the crucial role that manufacturing plays in the global economy. Manufacturing Month highlights the significance of this industry in various aspects, including the global supply chain, job creation, and innovation.
Manufacturing encompasses the production of goods that are essential for everyday life. From automobiles to electronics, clothing to food products, manufacturing provides the foundation for meeting the demands of modern consumers across industries. It serves as the backbone of economies worldwide, creating a ripple effect that stimulates economic growth and development.
In many ways, manufacturing is a driver of innovation. The industry constantly evolves, harnessing new technologies, materials, and processes to enhance production efficiency and product quality. Manufacturing innovations have led to advancements in areas such as automation, robotics and sustainable practices. These innovations not only benefit the manufacturing sector but also have a broader impact on other industries and society as a whole.
On October 6th – National Manufacturing Day – President Biden released a statement talking about the importance of manufacturing and its impact on the domestic and global economy. Biden and his administration shared, “Manufacturing is the backbone of our economy, but for the past few decades, we have not always treated it that way.” The proclamation goes on to share the importance of investing in manufacturing.
Shapeways Holdings, Inc. (NASDAQ: SHPW), a prominent player in the digital manufacturing industry, is currently redefining the global manufacturing landscape. Shapeways is accomplishing this by enabling on-demand manufacturing and simplifying complex production through its exclusive software system. The company extends its support to small and midsized manufacturers, providing them with access to Shapeways' proprietary software and assisting them in digitizing their operations, driving revenue growth, and expanding their manufacturing capabilities. The company reported growth during the first half of 2023 with a notable 26% year-over-year enterprise growth.
Shapeways has embraced Manufacturing Month and held its very own Shapeways Manufacturing Week during the first week of October to kick off the month. Shapeways was determined to create a comprehensive event focused on advancing practical solutions, encouraging innovative thinking and exploring the future of manufacturing.
Previously, Gregory Kress, CEO of Shapeways, has emphasized the untapped potential in the manufacturing industry: "The manufacturing industry is one of the largest markets that has yet to be digitized,” he said, “While large manufacturing companies are investing in digital transformation, smaller and midsized players have often been left behind. We aim to help them achieve the same advantages as their larger counterparts."
Recognizing the need to reshape the manufacturing sector, Shapeways launched OTTO, a proprietary software platform designed to streamline ordering, perform file analysis and expedite production. OTTO goes beyond optimizing labor efficiency, asset utilization and inventory costs – the powerful software platform also enhances collaboration between manufacturers and their customers, fostering growth and paving the way for future opportunities.
In 2022, Shapeways added to its capabilities solidifying the relationship between manufacturers and buyers by acquiring MFG and integrating its software features and services into the platform. Through MFG.com, manufacturers now have access to an end-to-end procurement and management system, helping them enhance productivity and revenue. The MFG service is beneficial for business owners, industrial designers, and engineers alike.
To further demonstrate their commitment to the manufacturing sector, Shapeways introduced MFG Materials, a new software offering on the MFG platform. This addition provides manufacturers with discounted access to a wide range of raw materials, averaging a 15% discount off list prices. Reflecting the growing global raw materials market – which was valued at $169.8 billion for aluminum alone in 2021 – this innovative solution taps into a market projected to reach $277.5 billion by 2030, according to Precedence Research.
Taking user feedback into account, Shapeways developed MFG Transactions within the MFG platform. This practical solution allows manufacturers to directly handle invoices and payments, fulfilling the requests of 92% of MFG buyers. Shapeways also introduced the 3D Model Viewer, a sophisticated tool that simplifies the quoting experience. The 3D Model Viewer showcases all the files a potential buyer uploads with their Request for Quote (RFQ), including 2D files. It not only enables interactive highlighting and grouping of intricate details but also provides precise measurements and superior visualization techniques.
With its renowned expertise and advanced software, Shapeways is positioned as a leader in revolutionizing the manufacturing landscape. By extending their innovative on-demand manufacturing services and software to a wide range of industries, Shapeways allows other companies to leverage their knowledge and insights to remain competitive in a constantly evolving modern market.
Read more about what Shapeways is doing in the manufacturing and software industries.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
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