The crisis caused a digital reboot.
In 2020, the talk of digital transformation finally turned to action. As the pandemic caused havoc across the industry, businesses were forced to adapt almost overnight. From the US-China trade war to social restrictions and changing customer expectations, firms raced to find new ways of doing business. This pushed many manufacturers into the world of digital before they were fully prepared. Managing these competing priorities will be a challenge for those who need to strengthen their business in 2021. This year’s results show that 59% of manufacturers are heavily focused on driving savings during the coming 12 months. The short-term focus is to protect profitability while also growing market share in a landscape where traditional ways of doing business have broken down. It’s therefore unsurprising that 45% of manufacturers regard consistent experience across channels as a key priority for the year ahead.
Our top recommendation for 2021:
Businesses need to focus on delivering an integrated customer experience. However, we can expect to see more focus on analytics, automation and the Internet of Things (IoT), all being used to increase productivity and innovation for the ‘factories of the future’.