Helping Manufacturers Weather the Storm
The manufacturing sector continues to chug along, with demand and production levels hitting new highs. But economic uncertainty and inflation may soon create some clouds on the horizon.
Deloitte’s 2023 Manufacturing Outlook surveys more than 100 executive and senior leaders and identifies five key areas that will shape the industry in 2023.
1. Mitigating risks with technology investment. Manufacturers plan 2023 investments in robotics and automation (62%), data analytics (60%), and IoT platforms (39%).
2. Focus on talent. Finding and retaining talent will remain in focus while companies seek to minimize workforce churn. Up to one-third of executives surveyed prioritize retaining high-performing employees in 2023.
3. Growing reliance on mitigation strategies. Four out of five manufacturing executives say that they experienced heavy to very-heavy supply chain disruptions in the past 12-18 months. To help minimize these snags, companies turn to supply chain transparency, capacity investments, and digital technologies.
4. Investing in smart factory initiatives. More than half (60%) of companies are preparing for smart factories and have partnered with specialized technology companies.
5. Increasing role of corporate social responsibility. Environment, social, and governance goals remain top of mind for manufacturers. To help meet these goals, manufacturers are investing in managing waste, increasing supplier diversity, elevating smart buildings, and electrifying fleets.