Today Willem Sundblad released his anticipated report, State of Manufacturing: CEO Insights, featuring data analysis and a cohort of executives and industry leaders discussing key future trends that are propelling the conversion of COVID-19 challenges toward manufacturing innovation and predicted economic values for IoT of $1.7-3T for factories by 2025.
“I hear from manufacturers all the time how essential it is to translate data and essential trends into actionable insights in order to propel the industry as a whole,” said Sundblad. “This is a time for manufacturers to help each other in profitable ways and it is important to me to compile this resource to help support this challenging yet exciting window of manufacturing innovation.”
Featured in Sundblad’s recent Forbes article, the report includes insights from industry leaders on adapting to fluctuations in demand, maintaining profitability over the long term, overcoming uncertainty with adaptability, thinking differently about labor and upskilling and how to handle remote workforce and remote monitoring.
Other key takeaways include cross training as the new standard, moving towards a decentralized supply chain, the need to focus initiatives on business operations and identifying data connectivity as a cornerstone of digital transformation. Discussions included in the report:
RICK SKIDMORE, Founder & CEO, Timberlane: “We just looked at each other and said, ‘All right, we could sit around and accept that we’re down 75% or we could use our resources and leverage it into something different.”
JOE MORGAN Founder & CEO, siY: “There are three areas that must be considered— processes around how work gets done will be modified, new models for building new solutions will be adopted, and supply chains will change based on the mission-critical nature of the products produced. Digital transformation will drive new processes and business models as manufacturers look toward the future.”
DAVID ROSEN, CEO & Founder, Kira Labs: “Lean startup mentality and incremental growth with a return to fundamentals are crucial in battling through a changing marketplace as well as tsunami-like risks. Reducing fixed costs is essential to weathering the ongoing and unplanned market. Innovation, R&D, and regular partner communication is also key to staying ahead of potential demand and supply issues.”
The comprehensive report can be accessed here. Read Sundblad’s recent Forbes article on the report release here.