By Bill Boucher
Wipfli recently surveyed more than 330 manufacturing executives across the country to get a pulse on the latest trends, opportunities, and challenges impacting the industry.
The resulting report includes insights on everything from economic outlook to digital transformation trends.
Supply chain issues, employee retention, and data security are big concerns shaping leaders’ decisions.
Strong Optimism
However, most manufacturers remain optimistic about the future of the industry and are ready to tackle these obstacles head on.
More than 7 in 10 are planning Industry 4.0 technology investments in the coming year, and a full 88% expect to increase revenue in 2024.
Strategically, most manufacturers surveyed are targeting new customers more frequently than existing customers and plan to focus on increasing product sales in existing markets in the coming year.
This strong optimism underscores their confidence in rebounding from previous setbacks while leveraging emerging opportunities in an ever-evolving market.
Addressing Critical Areas
The survey highlights the remarkable resilience manufacturers have shown throughout these challenging times.
However, it’s imperative that companies address critical areas such as employee retention, data security, and rising costs tied to inflation.
Employee retention emerged as one of the key hurdles highlighted by survey respondents. Manufacturers are using increased pay and bonuses, better benefits, and other perks to keep and attract top talent.
Addressing this concern becomes paramount as companies strive to maintain stability and cultivate growth.
The research shows that, while there are many obstacles, there is even more untapped potential in the areas of digital technology and AI that need consideration next year and beyond.
Download the report to learn why manufacturing executives are optimistic about the coming year — even in the face of inflation and recession fears.
As the leader of Wipfli’s Manufacturing, Retail & Distribution Practice, Bill Boucher works with business leaders to assess, improve, and scale their businesses while aligning digital solutions to support growth and efficiency. He can be reached at bill.boucher@wipfli.com.
