How manufacturers are transforming themselves to be future-ready

Advanced manufacturing companies are transforming themselves into future-ready enterprises. Organizations are making sustainability a core part of their business strategy as they now recognize the opportunity for tremendous value creation through sustainable offerings. Companies are also adopting digital measures to safeguard business continuity. However, while demand in key regions and end markets continues to recover, supply chain disruptions and rising raw material prices are eroding margins. And although accelerated digitalization is likely to provide resiliency in operations, companies are actively looking to create long-term value by capturing new sources of revenue.

Key takeaways:

• Stricter emission regulations and a shift in customer attitude toward sustainable products are making manufacturers realize the tremendous value that a sustainable enterprise can generate.
• To become a future-ready connected enterprise, companies are undertaking multimillion-dollar digital investments, increasing the share of high-margin digital offerings and connecting their installed base to create differentiated solutions.
• Competitive positioning is the top company response this quarter with advanced manufacturing peers closely monitoring and evaluating their product pricing strategy to account for rising costs. Many are increasing product prices to maintain margins.

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