2022 Manufacturing Industry Outlook: Growth despite Turbulence
Despite several challenges witnessed in labor and supply chain, this year the manufacturing industry is building back fast. As seen in a recent report by Deloitte, ‘adapting strategies for the future of work, supply chain resilience, and digital maturity can help manufacturers keep pace and drive performance amid strong economic demand, ‘adapting strategies for the future of work, supply chain resilience, and digital maturity can help manufacturers keep pace and drive performance amid strong economic demand’.
We have gathered below the key takeaways on the industry and market trends that are likely to further accelerate organizational changes in 2022.
- In order to attract and retain talent, manufacturers should pair strategies such as ‘reskilling with a recasting of their employment brand’, and explore ways to add flexibility across their organization.
- Supply chain strategies in 2022 are expected to be multipronged. Digital supply networks and data analytics can be powerful enablers for more flexible, multitiered responses to supply chain disruptions.
- Acceleration in digital technology adoption, like cloud computing and industrial 5G deployment, could bring operational efficiencies to scale, with the right mix of vision and execution.
- Rising cases of cyberattacks are leading the manufacturing industry to new levels of preparedness. Manufacturers should not only focus on their cyber defenses, but also at the resiliency of their business in the event of a cyberattack.
- Manufacturers will bring more resources to advance sustainability. The fast rise of environmental, social, and governance (ESG) factors is redefining and elevating sustainability in manufacturing. Cost of capital can be tied to ratings on ESG, making it a priority for organizational financial health and competitiveness.