The report talks about the importance of implementing manufacturing excellence by emphasising on
the various factors affecting the cost of manufacturing in the textile industry.
The cost of manufacturing holds significant importance in the textile and apparel industry due to the various factors involved in its manufacturing including complex and labour-intensive processes. Textile and apparel manufacturing has witnessed historic shifts towards developing nations over the decades. Developing countries such as China, India, Bangladesh, Vietnam and Turkey became attractive destinations and this is evident through the increase in their combined trade share from 29% in the 1990s to 55% in the 2021s. This relocation is driven by several factors including lower cost of manufacturing, availability of skilled labour and raw material aided by favourable government policies.
In the current scenario of high inflation, increased input costs, geopolitical issues, supply chain constraints and intensive competition, manufacturing excellence in textile industry becomes paramount. Optimising operations, reducing costs, and maintaining competitiveness is essential for a textile business to achieve higher business realizations.
Wazir Advisors, the Gurugram-based management consulting firm, will release its report – titled “Manufacturing Excellence: The Path to Profitability in Textiles†at ITMA 2023. The report talks about the importance of manufacturing excellence and how it can help enhance profitability by reducing manufacturing costs. The report will have a detailed account of the factors affecting the cost of manufacturing and benchmarking norms of various parameters in the various segments of the textile industry.