An Overview of Fictiv's 2024 State Of Manufacturing Report
Global manufacturer Fictiv has just released its ninth annual State of Manufacturing Report- an industry-leading survey of manufacturing leaders that tracks perspectives on sustainability, supply chain, AI, the economic landscape and more.
The report alludes to greater predictability and stability being achieved across supply chain operations, as manufacturers invest in emerging technologies and sustainability initiatives to boost business prospects.
This is partly driven by manufacturers' continued prioritisation of mitigating risk, as economic disruptions and pressures become a pivotal concern.
- 86% say global tensions are a consideration for long-term supply chain planning.
- 47% report economic headwinds as critical to overall 2024 company strategy.
- 39% report that labor costs and shortages remain a concern for manufacturing leaders.
- 89% of manufacturers are concerned about escalating trade wars.
Manufacturers rated economic headwinds, which include inflation, interest rates and risk of recession as the number one macroeconomic trend set to impact their strategy in 2024.
After this came AI, and in third was labour costs and shortages.
- 87% of respondents agree that “Implementing AI into manufacturing is vital to my company’s future success."
- 88% of respondents have implemented AI in manufacturing and supply chain operations.
- 44% report that the long-term impact of AI will enable a reduction in planned hiring.
AI investment is likely to boost manufacturers economic prosperity, bringing gains in productivity, efficiency and quality.
Another area where manufacturers continue to invest is sustainability.
- 42% of respondents prioritise investments in sustainable manufacturing, which has been holding steady since 2023.
- 77% report that the importance of sustainable manufacturing is increasing at their companies.
- 53% have embedded sustainability into their company goals.
"Our report highlights urgent issues facing supply chain and manufacturing leaders: navigating a volatile global economy, addressing trade wars and tariffs, leveraging AI for efficiency and carving out a path to profitability.” said Dave Evans, CEO of Fictiv.
"It's a tough time for these leaders, but it's clear that technology offers a way out."
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