Since the COVID-19 pandemic, the global manufacturing industry has been impacted by not one or two, but many simultaneous and intertwined challenges, including:managing rapid supply-demand fluctuations, the skilled worker shortage, operationalizing sustainability and ESG goals, and the recent socio-economic issues leading to a looming recession.
Amidst these challenges, many manufacturers are considering slowing down or pausing medium to long-term transformational programs to focus on short-term wins. However, LNS Research’s recent research on Analytics That Matter reveals that the Leaders (the top 14% of companies) are showing no signs of slowing down. These Leaders are in fact doubling down on existing investments to accelerate transformation programs and are building on competitive advantages to further leap ahead of the competition.
At the heart of these transformation programs lies a strong foundation of making informed decisions based on data and advanced analytics. One recent LNS Research survey that studied the economic impact of technology investments showed that industrial analytics were the most likely to provide quick wins to manufacturing companies.