Technology solutions are shaping manufacturing’s future

Konosuke Matsushita, founder of Panasonic Corporation, understood that continuous evolution and progression was at the heart of a successful manufacturing when he said: “The ladder to a goal is built of a collection of single steps. Take each step using no gimmicks or artifice, and you will eventually reach the pinnacle.”

Manufacturing leaders have never forgotten that ethos and today are climbing a ladder towards digital transformation of the industry to address current challenges and ready themselves for the future. Business as usual is not an option. Global competition demands manufacturers deliver their products faster and more efficiently than ever before. Changing buyer behaviour requires increased flexibility and agility in the manufacturer processes to match. Labour grows increasingly scarce, sustainability is front of mind and technological innovation threatens to disrupt traditional business models.

So, it’s little wonder that the 2 million manufacturing businesses in the European Union and its more than 28 million employees are innovating. Researchers from the MIT Sloan Center for Information Systems Research (MIT CISR) confirm that businesses that become future-ready tend to enjoy margins 16% higher than the industry average. As a result, the transformation of the manufacturing sector is taking place on many levels.