Manufacturers have digital transformation top of mind as 2024 begins. But how fast manufacturers will turn thought and intentions into real action remains to be seen.
Manufacturers are prioritizing digital and technological advancement, but most still have not implemented robotics and automation and are not yet leading on the artificial intelligence cultural and economic shift, says Wipfli LLP in the State of Manufacturing 2024 outlook report.
“As an industry, manufacturing has work to do to maintain its place as a leader and innovator in the American economy,” the report says.
2024 is the time for manufacturers to reach digital transformation goals
Manufacturing technologies are evolving quickly, and the survey of 300 manufacturing executives indicated plans to invest in Industry 4.0 technologies and automation.
“There’s a clear willingness to take action in this area, and there’s also a lag in implementation,” the report says.
Robotics, automation, and artificial intelligence are making business processes in every industry smarter and more efficient. But the survey found most manufacturers are not using any of these tools in their operations. Data analytics is also standard for most successful businesses, or should be, yet only six in 10 manufacturers said they are using it, according to Wipfli.
Among those using AI, many manufacturers said they plan to use it to improve operations, sales, and overall growth.
The report found the following breakdown of how they expect to use AI:
- 70%, operations.
- 63%, sales and growth.
- 48%, robotic process automation/automation.
- 47%, financial reporting.
- 36%, front/back office.
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