A recent study has found that 31% of manufacturers globally are considered ‘Fit for the Future’ (FFTF) and better prepared to deal with future challenges, such as increased competition, changing employee expectations, and rising customer demand.
Additional analysis of the research has also found a link between companies being FFTF and business performance. Organisations that scored highly on their FFTF score were more likely to outperform their competitors by 36%!
Manufacturers are now building a roadmap to ensure future digital transformation is in place, whilst others are already implementing their digital transformation strategy. Recent years have caused a large drive for digital transformation within the industry, with 63% highlighting that they have accelerated plans and are thinking about increasing their digital transformation budget in response.
This acceleration has put many manufacturers in a good position for dealing with future challenges, with many stating that their organisation is ready for the future. Manufacturers also understand the importance of technology to their future success, with leaders stating that it is highly important. As a result, this acceleration of technology and digital transformation will also lead to an increase in demand for engineers within the sector covering many different job roles, to provide training and support to teams and workforces.
But that’s not the only avenue manufacturers are looking at, managers are acting quickly on new technologies, with 55% stating that they like to be the first to try out new technology. Manufacturers believe that they are ahead of their competition when it comes to digitalising processes, products, and services, especially when using specific technologies.
Technologies adopted by manufacturers include Internet of Things, artificial intelligence, robotics, mobile private networks, and mobile-access edge computing.
Finally, research has found that manufacturers are embracing more automation, with 44% automating mundane tasks and 39% automating tasks they consider dangerous. Manufacturers are also taking several steps to prepare and ensure that future automation has a positive impact on their business by training employees to build skill sets that cannot be replaced by automation to ensure employees’ jobs are future-proofed.
It’s clear the pandemic, budget developments and industry changes have clearly caused many manufacturers to accelerate their digital transformation plans and invest in modern technologies that will put them in a good place for the future.
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