Industry 4.0 commands investment in digital technologies.
Only 15% of analytics professionals at industrial companies say analytics is an important part of success today, but 69% believe it will be important in the next five years
of supply chain professionals say technology is a competitive advantage
Researchers at Morgan Stanley see manufacturers accounting for the lion’s share of incremental IT investment through 2022
Consumer and industrial products companies are prioritizing digital to meet the demands of Industry 4.0. But the industry still lags others in digitizing the day-to-day business operations. Even the smallest digital improvements can yield enormous returns, with enough consumer and industrial products companies still using spreadsheets and estimates to manage their operations. To make gains, C&IP leaders need to continue adopting advances in production technology while also digitizing business processes and back-office operations.
Dive into the digital issue
Dive into the Cyber issue
The rising prevalence of networked control systems, industrial automation, IoT, and automation broadens the surface area for attacks. More connected technology means increased risk—as the industry has become the No. 2 targeted industry (behind healthcare) for breaches and attacks. Increasingly, cyber incidents intend to disrupt industrial control systems and acquire intellectual property: Imagine a hacker being able to shut down your plant for days. That is a much different type of attack to deal with than an information breach that targets your customer, credit card, or employee information.
Manufacturing is a top target for cyber criminals.
Dive into the Talent issue
U.S. manufacturing is doing well—very well. A record number of manufacturers are optimistic about the future, according to the leading industry association. But there are more than a half million open jobs without enough workers to fill them. While this is a widespread issue across sectors, with record U.S. unemployment, the industry’s challenge is amplified by the fact that up-and-coming workers don’t want to start a career there. To fill the talent pipeline for existing and future demand, C&IP companies should take a fresh look at their employee engagement, retention, and experience strategies.
Manufacturing careers aren’t attractive to Millennials.
Dive into the productivity issue
If U.S. consumer and industrial products companies could hire more people, they could produce more. But without that option, they must turn to other strategies to boost productivity and output—including process optimization, work redesign, and new technologies. It can be easy to justify keeping machinery, technology, and processes around, but it pays off to shift your mindset to “What is the argument to keep this?” instead of “What is the argument to change this?” Carrying out this process cross-functionally often pulls costs out of information technology, operations, and supply chain, and starts the journey that leads to increased productivity.
Doing more with the same is an industry imperative.
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How would you characterize your company’s approach
to dealing with manufacturing cybersecurity?
A formal plan and plant floor strategy is in place
One industrial organization increased warehouse throughput by
after quickly identifying and implementing 25 low-effort improvements
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The approach is informal
We are currently devising a plan
No manufacturing-specific plan exists; we rely on a general corporate security strategy
SOURCE: Manufacturing Leadership Council
of manufacturers cited an ability to attract a quality workforce as their top challenge, causing nearly 20% to turn down new business opportunities
In a poll of 1,000 workers in Minnesota (age 18-40), 44% said they would not consider a career in manufacturing