I doesn’t seem like the season. Many companies have completed research projects lately in a number of areas from market size to cyber threats. Once the domain of analyst firms (where I’d pick up some custom research work), now companies are either doing their own or partnering for this research.
This research by Valtech and Copperberg finds current market conditions are shifting manufacturers’ focus toward early value creation for digital investments.
Global business transformation agency Valtech, in collaboration with Copperberg, has released its second annual global research report titled the Voice of Digital Leaders in Manufacturing 2023, which surveyed global B2B digital leaders and decision makers from large industrial manufacturers.
Compared to the results from last year’s report, this year’s findings indicate a shift in manufacturers’ priorities towards digital investment against a backdrop of business disruptions, organizational change challenges, and customer demand for digital transactions. As a result of business strategies evolving, digital maturity and ambition levels have been impacted.
Interestingly, most metrics declined from the year before.
Almost half of the respondents (47%) said they will increase their digital investment budgets by up to 20% in 2023 – a decrease from last year’s 63%.
The number of respondents who increased their digital investment budgets by more than 20% in 2022 has dropped from 20% to 3% in 2023.
When asked about their organization’s digital maturity in building resiliency and improving foundational services, 63% of manufacturers state their digital maturity is on par with their competitors.
While the majority of respondents (59%) described themselves as ambitious regarding digital, just 3% would call themselves a market leader – a significant decline from last year’s 24%.
I find this one not surprising.
Almost a third (31%) of respondents said cultural transformation is the biggest hurdle when it comes to implementing digital strategies.
To download a complimentary copy of the report, please visit here.