Despite turbulent market conditions, 2023 is looking promising for the manufacturing industry. New technologies, improved planning and better use of data have created opportunities for companies to become more resilient. As technology drives change within manufacturing, uncertainty remains due to the global landscape and challenges companies to become agile to adapt and respond.
A company’s environmental, social and governance initiatives (ESG) are an essential component of how they are valued and assessed by investors, partners, customers and employees. In 2023, the primary focus of manufacturers is on the environmental aspect of ESG, with the goal of progressing in decarbonization, or reducing greenhouse gas, carbon dioxide and methane to reduce impact on climate. This ESG landscape is always changing and regulatory frameworks to standardize the reporting of ESG metrics have become more common within organizations. In the new year, companies making investments in technology to help automate ESG metrics will be more common.
By 2025, it is predicted that 41.6 billion devices will be connected to the internet, generating almost 80 zettabytes of data. The integration of applications and machinery add to this data collection significantly, and manufacturers are realizing the importance of data and how it will impact decision making in real time. In 2023, it is predicted that more job positions such as Data scientists and Chief data officers within manufacturing companies will be posted. The role of these positions will be to understand the data that the company generates and how it is used. Digital transformations among manufacturing companies will enhance their business processes by connecting modern machinery to business enterprise systems, resulting in significant improvement in performance.
Read the full 2023 manufacturing industry predictions report from IFS here.
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