BDO Releases 2020 Middle Market Industry 4.0 Benchmarking Survey

BDO recently released the results of a study that surveyed 100 C-Suite executives about how manufacturers are using Industry 4.0 technologies to mitigate COVID-19’s impacts, in addition to other subjects.

Other reported results:

Early Adopters’ Advantages: Nearly one-third of manufacturers were already implementing an Industry 4.0 strategy at the start of 2020, up 5 percent from 2019, and the oncoming recession will widen the gap between the early movers and manufacturers that have failed to embrace Industry 4.0

Standing Out to Survive a Downturn: 41 percent of manufacturers reported increasing market differentiation as a top short-term business objective, which will be key to survival amid increasing competition and commoditization, according to the paper. There are also opportunities for manufacturers to gain competitive advantage in a downturn, such as through gaining strong brand recognition by helping combat COVID-19

Laying the Groundwork for Recovery: Two-thirds of the manufacturers cited boosting operational efficiencies as a top short-term business objective, which will be crucial to navigating an environment where manufacturers are forced to do more with less, according to the authors

CX Spurs Success: 65 percent of manufacturers cited improving CX as one of their top short-term business goals, which will be key to navigating a downturn. Manufacturers will need to implement strategies focused on retaining customers and building loyalty, which will require adapting their business models to meet changing customer needs & behavior in the post-COVID-19 world

To see the full report, click here.