Before the virus, most manufacturers were comfortable taking a leisurely pace toward adopting Industry 4.0 practices and technologies. Now, with fast-changing consumer behaviors and supply/demand realities, time is no longer a luxury they can afford.
Simply put, those that have already made substantial progress on modern manufacturing principles are far better positioned to absorb substantial business challenges that lie ahead. By investing in the cloud, open APIs, IoT and data analytics, technologically-advanced manufacturers are better equipped to quickly reset production requirements, manage supply chain fluctuations and support work-from-home employees.
In mid-to-late 2019, we worked with ESI ThoughtLab to better understand what separates leaders from followers when it comes to digital maturity. We surveyed 2,491 business and technology leaders from multiple industries globally (including 216 manufacturers), and interviewed senior executives.
We then overlaid these results with input from our 2020 study of 500 senior executives in the U.S., including 91 manufacturers, to get a sense of how priorities may or may not have shifted due to the pandemic. Among other things, we found that 40% of manufacturers in our 2020 study said that harnessing emerging technologies would be a top-5 focus for their company as a result of Covid-19. The main area of investment for the coming one, two years is RPA.
Download this e-Book to get the findings as well as our research-based insights on the best next steps to take.