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1、2024 OU TLOOKThe Future of the Manufacturing IndustryContentsThe Future of the Manufacturing Industry2IntroductionCHAPTER 1|PAGE 3 The Rise of DataCHAPTER 2|PAGE 5 Profitability and Growth CHAPTER 3|PAGE 7 Smart Manufacturing CHAPTER 4|PAGE 9 Supply Chain ResiliencyCONCLUSION|PAGE 10The manufacturin

2、g sector continues to confront a tight labor market and macroeconomic supply chain issues causing an unfavorable business climate and ongoing economic uncertainty.These conditions resulted in the lowest level of optimism among manufacturers(65.1%)since Q2 2020,leaving leaders concerned and neutrally

3、 optimistic about their organizations outlook.But a bright spot exists:Despite these factors hitting all angles of the business,AI and ML have taken center stage in 2023 and will carry over well into 2024.A main priority for manufacturers in 2024 will be their ability to gather,understand,and implem

4、ent data effectively across their business.While most manufacturers have the necessary data,they need to continue their quest to be inherently digital to create value.This means investing in critical digital business capabilities and creating data-centric strategies for everyone on the team to follo

5、w.In the chapters that follow,we explore four key areas of focus in 2024:Data changing the way manufacturers operate Driving profitability with digital How smart manufacturing affects your people The continuous project of supply chain resiliency The Future of the Manufacturing Industry3The potential

6、 for AI in manufacturing has long been seen as a key to unlocking significant value,but the realization of that value has been unevenly distributed and slow.The rise of generative AI is reigniting the focus on how to embrace the potential of AI and supplemental data across the value chain.Manufactur

7、ing has seen digital technologies that have helped fundamentally change the way their operations and factories functionbut none hold a promise like AI and ML in their ability to transform the industry as we approach 2030.While they are only starting to leverage the possibilities of AI,they have clea

8、r plans to accelerate that adoption in the years ahead.CHA P T E R 1 The Rise of DataESGs:Balancing cost and commitmentConsumers are placing more emphasis on environmental,social,and governance(ESG)policies than companies are,enforcing a domino effect from supply chain to other considerations for ma

9、nufacturers.However,clients are centrally concerned about ESG where it contributes to cost-saving opportunities.In this scenario,is the customer always right?While everything depends on regulations,ESG tends to be a luxury spend for most companies and is often the first on the back burner when cost

10、goes up and demand goes downsomething for firms to consider when setting expectations and budgets to avoid rolling back ESG commitments.Separately from consumer and client concern,environmental health and safety has played a larger role in M&A activity over the last several years,with many private e

11、quity firms turning their lens to how organizations are laying out future ESG goals to determine deal activity.Contributor RANDAL KENWORTHYSenior Parter,Consumer&Industrial ProductsIN T R O D U C TI O NCO N C LU SI O NC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYCH A P T E R 3S MA RT MA N UFACT

12、URI N GCH A P T E R 2P ROFI TA B I L I T Y&GROW T HC HAP TER 1THE RISE OF DATA4The Future of the Manufacturing IndustryChallengeGen AI has reset the need and expectation for companies to dust off and look at their AI strategy.Manufacturers need to review their current strategy,identifying data they

13、arent collecting today throughout the process to determine if its right given todays realitywhere ML and AI are the future.Ultimately,manufacturers need to understand what this technology means for their organization looking to the future.Still,the aspiration and general buzz around utilizing data a

14、nd incorporating AI is much further along than the reality of day-to-day application.Manufacturers know that they arent as advanced with their data capabilities as they could be.When looking at a companys analytics and data maturity,most say that they are lagging,and many are still focused on creati

15、ng a strong foundation.Ultimately,almost everyone can agree that although they have data,theyre not good at using and implementing it across the organization.Like any new skill added to your organizations repertoire,its important to walk before you run and understand before you implement.Manufacture

16、rs will need to be clear in their strategy to help realize the full benefit and value from these emerging technologies.The only remaining barrier is to address these questions and get started monetizing data.Whats NextEquipped with the right strategy,AI and ML will be a transformational capability i

17、n the manufacturing industryand organizational leaders must be at the forefront.Without leaders in the C-suite leading the charge,implementation can end up siloed and used independently throughout the organization.Its also important they remain aligned to ensure different areas arent contradicting i

18、nsights from other parts of the business.At a minimum,this will be a great copilot for manufacturers to help with capabilities across the organization such as back office and shared functions like content creation,performance reviews,job recommendations,and more.Companies are now recognizing new way

19、s to monetize the data theyve been collecting.Built primarily for internal operational purposes,companies are capturing more data than ever.Its important to stress that while Gen AI has grown in popularity and feels more mainstream,it isnt a catch-all and doesnt have the ability to solve all busines

20、s problems.There are still use cases more applicable for traditional AI and ML modelsand thats fine.Over the last 20 years,weve gotten much better in terms of collecting,cleansing,and storing data.Now its time to unlock the power of this data to solve real-world problems and by improving manufacturi

21、ng efficiency to have a positive impact on society.RANDAL KENWORTHYSenior Partner,Consumer&Industrial ProductsThe Future of Industrial AI in ManufacturingREAD MOREIN T R O D U C TI O NCO N C LU SI O NC HAP TER 1THE RISE OF DATACH A P T E R 2P ROFI TA B I L I T Y&GROW T HCH A P T E R 3S MA RT MA N UF

22、ACT URI N GC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYThe Future of the Manufacturing Industry5More companies now have an immense amount of data;however,they dont know how to translate it into useful insights because of business analytics capability gaps,disparate data thats difficult to locat

23、e and aggregate,or data governance and quality issues.While this isnt an overnight problem to solve,companies investment to align a data&analytics strategy into insights can result in a double-digit ROI.CHA P T E R 2 Profitability and GrowthContributorJEFF PEHLERDirector,Consumer&Industrial Products

24、IN T R O D U C TI O NCO N C LU SI O NC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYCH A P T E R 3S MA RT MA N UFACT URI N GCH A P T E R 2P ROFI TA B I L I T Y&GROW T HC HAP TER 1THE RISE OF DATA6The Future of the Manufacturing IndustryChallengeOrganizations realize that theres tangible value in t

25、heir data,but they believe getting to a usable state is an insurmountable task.Another common challenge among companies is the hubris from business leads or a disconnect among leaders on the level of data analysis and insights needed.Leaders also tend to have lofty visions and end goals for their da

26、ta that are hard to drive toward through tangible next steps.When implementing a data strategy,most organizations want to have a“big reveal,”which makes it more difficult to measure success throughout the journey and implement due to a lack of near-term wins across data-oriented teams.With so many c

27、ompeting priorities for teams,its easy to pivot from the main data strategy path to maintain interest and success of near-term deliverables.Whats Next To help companies move toward a position of gathering valuable intel from their data,they first need to understand(or determine if they havent alread

28、y)the key drivers of their revenue and EBITDA to develop use cases for their data strategy to return near-immediate returns.Increasing predictable revenue requires everyone to focus on metrics that matter.To develop key metrics and take your company to the advanced position of identifying opportunit

29、ies for predictable,profitable growth,organizations must have identified capabilities for harnessing and analyzing data.This may be the part in the strategy where leaders within the organization think its appropriate to bring in AI and ML.While those may have gotten people interested in data strateg

30、y,AI cannot solve it all;you must first build the data&analytics fundamentals to ask the right questions;failing to do so is more harmful than valuable.Your data strategy must be a cross-functional effort used to unlock revenue and profitability.The digital and IT team must be able to effectively an

31、d efficiently provide the data and insights,and business unit leaders need to be able to interpret and identify actions to take to unlock potential value.Once value is determined,companies need to ensure that identified processes are reflected in the digital model and strategy.Data monetization:Seiz

32、ing the AI opportunity84%of manufacturers say they expect the pace of digital transformation to accelerate over the next decade.That means more dataand more opportunity to create value from it.From our point of view,data monetization is not just about selling data;its about using data internally or

33、externally to generate new value streams.The emergence of generative AI creates bigger and better opportunities for monetization due to the breadth of data now valuable outside the company.As manufacturers consider new use cases,the need for third-party data will increase,making data(both volume and

34、 variety)more valuable on data exchanges.Keep in mind,its not the generative AI model that has valuethe value is in the data itself and the productivity of using it more effectively to produce insights,content,or other commercial benefit.If youre just beginning down the path toward data monetization

35、 or have started but stalled,now is the time to get focused.Manufacturers that catch this wave and ride it to begin exploring data monetization will benefit.Utilizing AI and ML can help make better and quicker business decisions,but context on your business and industry is important,if not more,to c

36、urating valuable outcomes.JEFF PEHLERDirector,Consumer&Industrial ProductsIN T R O D U C TI O NCO N C LU SI O NC HAP TER 1THE RISE OF DATACH A P T E R 2P ROFI TA B I L I T Y&GROW T HCH A P T E R 3S MA RT MA N UFACT URI N GC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYThe Future of the Manufacturi

37、ng Industry7General market uncertainty is returning the focus to cost reduction and efficiency gains,especially across supply chain and manufacturing operations.Investment in digital solutions continues to provide avenues to realize these needs,though efforts are tending to favor more micro-focused

38、deployments than large-scale transformations.Generative AI continues to be the new frontier given its disruptive potential,and many companiesespecially the more digitally advancedcontinue to explore viable use cases that can translate into pilots.CHA P T E R 3 Smart ManufacturingContributors KRIS SL

39、OZAKDirector,Consumer&Industrial Products KIRSTEN LENTZDirector,Mergers&AcquisitionsBARKAT SYEDManager,Consumer&Industrial ProductsIN T R O D U C TI O NCO N C LU SI O NC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYCH A P T E R 3S MA RT MA N UFACT URI N GCH A P T E R 2P ROFI TA B I L I T Y&GROW T

40、HC HAP TER 1THE RISE OF DATA8The Future of the Manufacturing IndustryChallengeThe true challenge for companies right now is cost constraints,making it easy for leaders to press pause on projects,reassign their workforce,and trim budgets across each business line.To realize the full potential of digi

41、tal solutions,organizations should look at digital as a longer-term strategy and not a flavor-of-the-day add-on.The labor market plays a major role in the daily challenges companies face.With digital comes new projects and systems and data outputs that some,if not most,employees arent used to seeing

42、 or using.But with this challenge comes an opportunity for companies to elevate an entire workforce.Whats NextDigital has helped unlock a competitive advantage that wasnt possible before.When an organization undergoes a digital transformation,employees are afforded greater job securityenabling them

43、to engage at work differently.Change management plays a key role in the advancement of smart manufacturing within an organization.When you introduce digital into certain operations and procedures,its possible youre dealing with generational workers who arent used to seeing or using generated data.Ho

44、w leaders within manufacturing companies introduce the opportunity and explain the added benefit is crucial to the overall attitude of employees when dealing with these digital transformations.Digital strategy is worth investing in.Its not a quick fix to get instant results or put a band-aid on broa

45、der challenges.Though it isnt always the highest priority amid the ebb and flow of the market,AI and smart manufacturing can have a strong influence on the industry as a whole,and organizations shouldnt let short-term economic factors stop them from advancing and building their digital vision.A digi

46、tal strategy worth investing in.Its not a quick gimmick to get your instantaneous results,but rather something you need to stick with or get left in the dark.KRIS SLOZAKDirector,Consumer&Industrial ProductsM&A:New times,new normal for private equity firmsThe pandemic caused just about everything to

47、slow downincluding M&A activity in the manufacturing sector,with organizations shutting down and others lowering production volume.Three years later,were beginning to see an uptick and right-sizing with manufacturers getting back to full capacity.And yet,the supply chain continues to be affected by

48、macro-economic factors.M&A activity has seen a few different trends as this new reality for private equity firms sets in.In fact,there are new expectations around the cost of capital,more scrutiny around identifying efficiencies,and rigor around value-creating opportunities.While private equity firm

49、s spend a good chunk of time conducting due diligence,playbooks will need to be a bit broader moving forward to keep up with the changing trends in the sector.IN T R O D U C TI O NCO N C LU SI O NC HAP TER 1THE RISE OF DATACH A P T E R 2P ROFI TA B I L I T Y&GROW T HCH A P T E R 3S MA RT MA N UFACT

50、URI N GC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYThe Future of the Manufacturing Industry9Supply chains have faced disruptions that cant be fixed overnightand theres no silver bullet to increase durability or agility.Modern supply chains are complex,with moving parts that must be viewed holis

51、tically rather than in isolation.CHA P T E R 4 Supply Chain ResiliencyChallenge Some organizations,depending on segment of market and size of organization,are operating with manual processes that dont meet the requirements of an always-on world.Additionally,the complexity of changing the processes w

52、ith no clear starting point to modernization can often overwhelm operations.Demand and supply variability are still top of mind for manufacturing companies:38%of manufacturers say that supply chain challenges are among the top theyre facing today.Whats Next The easiest way for organizations to begin

53、 modernizing is to review the current state of their operations and determine where operations tend to be leading or lagging.By reviewing that alongside market trends,companies can pencil out a future state road map.This isnt a one-time issue to solve or a project to see through completion;once a ro

54、ad map is set,manufacturers will need to layer in ROI and value creation to help them better prioritize where people and dollars should be allocated.This is where data comes into play:Organizations arent looking at all the data they have or thinking through how they can use it.By looking creatively

55、and holistically at the wide range of data available,manufacturers will be able to generate useful insights that create a clear road map to drive outcomes.Contributors BRIAN PACULAPartner,Operations ExcellenceJEREMY TANCREDIPartner,Operations ExcellenceIN T R O D U C TI O NCO N C LU SI O NC H A P T

56、ER 4SU P P LY C H A I N R ESI L I EN CYCH A P T E R 3S MA RT MA N UFACT URI N GCH A P T E R 2P ROFI TA B I L I T Y&GROW T HC HAP TER 1THE RISE OF DATA10The Future of the Manufacturing IndustryWant to stay in touch?FACEBOOK.COM/WESTMONROETWITTER.COM/WESTMONROELINKEDIN.COM/COMPANY/WESTMONROEINSTAGRAM.

57、COM/WEAREWESTMONROEGLASSDOOR.COM/WORKING-AT-WEST-MONROEYOUTUBE.COM/USER/WMPGOWESTAbout West MonroeConclusionWest Monroe is a digital services firm that was born in technology but built for businesspartnering with companies in transformative industries to deliver quantifiable financial value.We belie

58、ve that digital is a mindsetnot a project,a team,or a destinationand its something companies become,not something they do.Thats why we work in diverse,multidisciplinary teams that blend management consulting,digital design,and product engineering to move companies from traditional ways of working to

59、 digital operating modelsand create experiences that transcend the digital and physical worlds.Visit to learn more|Read more Manufacturing perspectivesManufacturers will be continuing the journey from disruption and uncertainty in 2024.This includes understanding and implementing data effectively ac

60、ross their business.Organizations that strive to be inherently digital will be able to implement data-centric strategies that guide teams to create value and stand strong during potential turbulent markets.While this isnt new,we strongly urge organizations to remain focused on longer-term goals.By t

61、aking the time to evaluate operations and investing in improvements and critical digital business capabilities,your organization can be more efficient and profitable in the future.Contributors RANDAL KENWORTHYSenior Parter,Consumer&Industrial ProductsJEFF PEHLERDirector,Consumer&Industrial ProductsK

62、IRSTEN LENTZManaging Director,CybersecurityBARKAT SYEDManager,Consumer&Industrial ProductsBRIAN PACULAPartner,Operations Excellence JEREMY TANCREDIPartner,Operations ExcellenceKRIS SLOZAKDirector,Consumer&Industrial Products IN T R O D U C TI O NCO N C LU SI O NC HAP TER 1THE RISE OF DATACH A P T E R 2P ROFI TA B I L I T Y&GROW T HCH A P T E R 3S MA RT MA N UFACT URI N GC H A P T ER 4SU P P LY C H A I N R ESI L I EN CYAll rights reserved.2023 West Monroe