Tacton Survey Highlights Top Manufacturer Priorities
“State of Digital Manufacturing 2023” report reveals an industry investing to accelerate digital initiatives and build resilience to brace for what may be to come.
March 21, 2023
Tacton, industrial manufacturing’s Configure, Price, Quote (CPQ) software-as-a-service partner for design to sales automation, announces the results of its “State of Digital Manufacturing 2023” survey, revealing an industry focused on building resiliency as it braces for a potential global recession, the company says.
Based on a survey of 200 executives and managers across multiple manufacturing sectors in North America and Europe, the report showcases insights into manufacturers’ digital strategies and priorities for 2023 and beyond. For the past 3 years, disruptions have had a huge impact on how manufacturers operate, with the ongoing COVID pandemic, climate legislation and new consumer buying habits challenging the status quo of selling and causing disruption across every business function.
With rumblings of a recession possible across the globe, businesses are focused on reducing their spending to ensure profits don’t falter. In 2023, these uncertain economic conditions are driving where manufacturers choose to invest, as they move to accelerate digital efforts, build resilience and meet rising regulations and consumer expectations, according to Tecton.
Key findings from the survey include:
- Digital transformation is central to manufacturers’ success in 2023: Manufacturers understand that investing in software and digital technologies is essential in a competitive market. In fact, 74% of respondents noted the importance of digital transformation to achieving their business goals in the coming year.
- Uncertain economic times are driving investments: To withstand potential economic challenges in 2023, 32% of respondents are accelerating digital transformation with 67% of respondents prioritizing sales transformation.
- Supply chain optimization tops investment areas: Issues around supply chain predictability, resource scarcity and staff availability remain a top concern for manufacturers today, driving 64% of respondents to invest in supply chains in 2023.
- Regulations and customer demand are driving manufacturers’ sustainability agendas: As demands from consumers, investors and regulators increase, sustainability and Environmental, Social and Governance (ESG) goals are now top-of-mind for manufacturers. 63% of respondents think sustainability is very or extremely important, recognizing its potential to create value and mitigate organizational risk.
“In recent years, disruption has been a constant for manufacturers, shaping and reshaping the industry. In 2023, this will continue to be the trend as recession sets in across global markets,” says Bo Gyldenvang, chief executive officer at Tacton. “For manufacturers, this means accelerating digital transformation will be more important than ever as they strive to deliver the custom products and sustainable options today’s customers demand. The manufacturers who provide these solutions will continue to win new business, while others struggle to stay competitive and lose market share over time.”
For more information and to download the full “State of Digital Manufacturing 2023” report, click here.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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