Fictiv has released its ninth-annual State of Manufacturing Report. Created with assistance from Dimensional Research, the report highlights responses from 178 industry decision makers who work in engineering, supply chain, research and development, and digital innovation roles. These leaders come from a range of industries, including consumer electronics, medical devices, automotive, industrial and robotics, aerospace, or energy.
The report, which tracks perspectives on the economy, supply chain, AI, sustainability, and more, shows that the manufacturing industry is at an inflection point. According to Fictiv, the industry is poised between innovation, growth, and the drive to reduce costs and increase profitability. This year’s report shows that improving manufacturing and supply chain visibility are most important to manufacturing decision makers, with manufacturers reporting that economic headwinds and labor costs and shortages are the top factors impacting 2024 strategies.
Below are a few key takeaways from the report.
- 87% of surveyed leaders say that artificial intelligence is "...vital to my company's future success."
- 45% of respondents plan to increase the speed of innovation, with barriers to innovation decreasing
- 66% of surveyed manufacturers say reshoring is a priority for their supply chain strategy
What people are saying
In a recent quote, Dave Evans, Co-Founder and CEO of Fictiv said, "The last four years have redefined what a world-class operations or supply chain team needs to operate successfully in a tough economic environment. It's become the expectation for supply chain teams to decrease costs and get products to market faster, all while doing more with less due to lower expenses as companies push to profitability as their number one metric. With all the headwinds faced in navigating risks over the last four years, supply chain leaders have one of the world's toughest jobs. Now, these leaders are battle-hardened and looking for efficiencies everywhere, turning to technology and regionalization strategies."
Recent reports on the manufacturing industry
Report: Optimism amongst manufacturers is on the rise
According to the data, on a scale of one to 10, manufacturing executives rated their optimism an average of 7.07.
Report: 83% of manufacturers plan to use generative AI in their operations this year
95% of manufacturers are using or evaluating smart manufacturing technology.
Report: American manufacturing may need 3.8 million new workers by 2033
Up to 5 in 10, or 1.9 million, skilled jobs could go unfilled.