This blog is just a glimpse into the deep dive we take in our new white paper, Modernizing Manufacturing. Download the white paper here to skip the teaser and get the whole story.
The stage is set for transformation
The US manufacturing sector is poised for significant performance, efficiency, and resilience improvements through digitalization and modernization.
The sector is a big part of economic health, with the US being a global manufacturing leader, second only to China. Despite a slump in 2023 due to offshoring, supply chain issues, and training gaps, significant investments in modernization are driving a resurgence. Factory construction has reached $200 million per month, supported by substantial government grants.
Digital transformation has been an industry buzzword with bite, with 80% of industry leaders implementing or operationalizing technologies to enhance efficiency and equipment effectiveness. This includes comprehensive controls and monitoring across various sectors, from automotive to food production, fostering resilience against unexpected costs and disruptions.
Critical drivers of modernization include global competition, regulatory compliance, economic changes, volatile energy rates, aging infrastructure, and sustainability goals. Despite challenges, the current environment is ideal for smart investments to reduce costs, improve sustainability, and maintain competitiveness. Modernizing energy, facility, and sustainability strategies is essential for staying ahead.
Where manufacturers are spending
Manufacturers are making prudent facility decisions today to leap toward a future of higher performance, efficiency, and resilience. This transformation focuses on investments in industrial automation, carbon neutrality strategies, AI, and the Internet of Things (IoT).
This momentum spans companies of all sizes and budgets, and we’re seeing more significant effort expended in the areas of:
- Facility Performance
- Digital Transformation
- Sustainability
Why manufacturers are spending
There are tangible benefits from focusing on these areas, and the leaders in the industry are spending there with four main things in mind:
- Greater cost optimization
- Operational efficiency and agility
- Risk mitigation and regulatory compliance
- Competitive edge
While these are big targets in any industry, large and/or complex manufacturing facilities hold great opportunities to hit the mark across plant equipment and building systems when summed across a portfolio.
In conclusion… for now
The US manufacturing sector is poised for a transformative era. Strategic investments in digitalization and modernization are responses to past challenges and proactive steps toward a more resilient and competitive future.
Manufacturers are positioning themselves to optimize costs, enhance operational efficiency, mitigate risks, and maintain a competitive edge by focusing on facility performance, digital transformation, and sustainability. As these efforts continue to gain momentum, the sector is well-equipped to navigate the complexities of the global market and drive sustained economic growth.
Don’t forget to snag the white paper with more insights on this topic.
Or, contact a Mantis pro right now to get started on your own tailored, right-sized, best-fit solution.
