New Research Delivers Insights into Manufacturing Industry’s Growth Priorities for 2023
Aptean released new industry research highlighting the role digital transformation continues to play in driving growth for industrial and process manufacturers even in the midst of a challenging economy. The study reveals that manufacturers using cloud-based ERP software increased revenue at a higher rate in 2022 than those using on-premise software. Manufacturing organizations that have implemented a cloud ERP reported average year-over-year revenue growth of 8.3% in 2022, compared to 5.5% among manufacturers that have not moved to the cloud.
In 2023, manufacturers surveyed are focused on navigating four major obstacles: rising inflation, availability of materials, labor shortages and the cost of doing business. 89% expect digital transformation will play a critical role in driving efficiencies needed to combat these barriers to growth and a third have already invested in new software to help them manage rising costs. Significantly, 98% of manufacturers reported having some form of digital transformation roadmap and 54% have an advanced strategy.
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The research was conducted by Aptean and B2B International between September and October 2022. Over 250 manufacturing companies in North America participated in the survey, representing a variety of sectors including electrical equipment, fabricated metals, industrial machinery, chemicals, pharmaceuticals and personal care products. The study identified four key trends that reflect the top challenges facing the industry in 2023 and how manufacturers plan to meet them. These insights and the full research findings are now available in a new report, The Aptean 2023 Manufacturing Forecast: Industry Insights from Industrial and Process Manufacturers.
“Today’s manufacturers have learned from experience that an agile business can be more competitive in times of rapid change,” said TVN Reddy, CEO at Aptean. “As organizations work to overcome inflation, supply chain issues and other barriers to growth, those that rely on modern, cloud-based software solutions to lower costs and increase efficiencies will continue to experience better outcomes and ultimately, higher revenues than those who are less mature in their digital transformation strategy.”
Additional insights in the report include:
- How manufacturers plan to strengthen their supply chain in 2023
- What steps manufacturers will take to improve operational efficiency and control the cost of doing business
- How technology is helping manufacturers attract and retain skilled workers
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