How can manufacturers bounce forward from disruption with smart manufacturing? Read our short post for some insights from our research and then join a live event to learn from Tech-Clarity’s Jim Brown and a variety of other speakers in a live Industry 4.0 event.
Industry Disruption is the New Normal
Today’s global manufacturing industry is more susceptible to global disruptions than ever. In the past decade, we’ve had to recover from earthquakes, volcanoes, tsunamis, political uncertainty, and a global pandemic. These events have led to demand volatility, supply chain disruptions, and workforce impacts. Consequently, our research finds that about three-quarters of companies have experienced an increase in business risk and disruption over the prior five years.
Responding to Adversity by Bouncing Forward
The manufacturing industry, however, did not give up. Instead, our research shows that:
- 86% of companies increased their focus and attention on digital transformation as a response to disruption
- 49% of companies accelerated technology adoption.
In short, we’ve seen many manufacturers “bounce forward” from recent disruptions, coming out of the turmoil in a better position to succeed long term. For example, about one-half of companies increased corporate agility and collaboration capabilities. Unfortunately, we also saw companies in the heart of the COVID disruption reduce focus on environmental and social responsibility. This appears to be recovering, and will be a key part of long-term business success in manufacturing.
Top Performers Get More Value by Acting on Digital Data
One of the keys to success is digitalizing data and processes. Our research shows that Top Performing companies are:
- 50% more likely to have fully digital design data than poorer performing companies.
- Three times as likely to have fully digital design and development processes.
These digital advantages don’t end in design, they continue into manufacturing. In fact, Top Performers are:
- Three times as likely to integrate IT and OT data and systems.
They can also put this data into action, for example Top Performers are:
- More than three times as likely to be able to provide access to manufacturing data in time to impact performance.
That’s a big deal!
Interested in More?
Don’t miss out on the opportunity to learn how to navigate your smart factory initiatives at our exclusive event on April 28th 12:00pm-4:30pm at the Great Lakes Brewery in Cleveland, OH.
The jam-packed agenda includes industry expert panel, a networking Lunch, a deep dive roundtable session, and a happy hour (where the real secrets are revealed)!
This is your opportunity to learn how industry leaders took advantage of the emerging technology and lowered costs while simplifying operations. Register now to network with industry peers and experts. Limited seating at this intimate event!
For full event information and registration please visit the event sponsor, FactoryEye.
A version of this post originally appeared as a guest post on the FactoryEye site.