Manufacturing organisations will continue to grow digitally as 2023 unfolds further, with the sector set to become one of the most transformed industries today as a result, a new report has revealed.
According to Copperberg and Valtech’s The Voice of Digital Leaders in Manufacturing 2023 report, the vast majority of B2B leaders have poised their infrastructure for further digital transformation and are reaching the appropriate maturity level to scale up.
With the disruption of the past three years now fading in the rear-view mirror, 2023 promises to be a year of advancement and consolidation for manufacturers, with many companies looking to shift gear and pivot towards new business models that streamline innovation, resillience, product development and time to market. Indeed, 59% of manufacturers say the digital ambition of their entire organisation is ‘ambitious’ (vs. 47% in 2022).
Meanwhile, 47% of manufacturing organisations have increased their digital related budgets by up to 20% for 2023. E-commerce and data analytics are two particular areas of focus for manufacturers in 2023, as more companies look to take full advantage of digital tools. In fact, up to 52% of manufacturers will focus on transforming their e-commerce platforms, customer portals and digital services.
As the report notes: ‘By engaging with customers online, understanding their behavior and learning about them via their transactions and equipment, manufacturers can create additional value for their installed base. Whether it’s from order history or machine sensors, they can acquire information that tells them about the needs of customers before the customers themselves become aware of them.’
Commenting, Herbert Pesch, Managing director Valtech B2B and vertical lead B2B, Valtech, said: “Short term business value contribution and integrated services are the two concepts that will play a central role in the strategy of large industrial manufacturers in the coming years.
“The times of casual digital experimentation and innovation with a slow or uncertain time to market are over. Boardrooms and CDO’s will prioritize digital initiatives based on their expected business value contribution and the speed at which this can be unlocked. Starting with the potential of generating more revenue through digital channels, followed by their contribution to cost reduction and increased customer satisfaction. This trend of going back to the core is of course fueled by the current uncertainty and negative market conditions.
“The second, and even more exciting trend, will be the integration of many different digital services in order to create a unified, seamless customer experience. More and more, large manufacturers understand that customers don’t want to be confronted with multiple separate digital channels and siloed information and services. High on the priority list are Customer Portals that combine and integrate digital services. To be able to do so, different departments must start working together, multiple IT systems must be connected, and people must truly start adopting digital transformation throughout the organization. We are really looking forward to helping Industrial Manufacturers with this challenging but promising adventure.”
The Copperberg and Valtech report is based on a survey of 60 handpicked B2B digital leaders and decision makers from large industrial manufacturers around the world.
Read more of our Digital Transformation articles here
