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The Future of the Manufacturing Industry

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The Future of the Manufacturing Industry

2024 Outlook

West Monroe,

5 min read
3 take-aways
Audio & text

What's inside?

As they navigate labor and supply chain issues, manufacturers can find growth in digital and AI advances.

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Editorial Rating

8

Qualities

  • Eye Opening
  • Background
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Recommendation

Manufacturers cite supply chain issues and a strained labor market among their continuing areas of concern as overall production returns to pre-pandemic levels. This report from an expert team at West Monroe, a digital services company, advises manufacturers to look toward the integration of generative artificial intelligence (AI) and machine learning (ML) to help ensure future profitability. Although creating a solid foundation for existing data collection initiatives takes effort and time, the outcome will prove crucial as new capabilities become available. This report finds that the long road manufacturers are undertaking to make the most of these tech advances is the path to the future.

Summary

Ongoing labor and supply-chain issues concern manufacturers, but continuing their AI initiatives will help future profitability.

Among manufacturers surveyed, 65% report continuing concerns about the industry due to the difficulty of retaining skilled workers and the need to solve continuing supply chain issues. These concerns explain the lack of confidence seen at the start of the pandemic.

Fortunately, generative artificial intelligence (AI) and machine learning (ML) initiatives that began in 2023 continued into 2024. Digital technology has significantly changed manufacturing, and integrating AI and ML capabilities will enhance it. 

Most manufacturers possess sufficient data, but they must learn to cultivate value from it. Generative AI is compelling companies to reevaluate their current AI strategies. They must define what information to collect, determine its future uses, and ...

About the Authors

Randal Kenworthy, Jeff Pehler, Kris Slozak, Kirsten Lentz, Barkat Syed, Brian Pacula, and Jeremy Tancredi of West Monroe, a digital services company, prepared this report.

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