Innovate or Else: Economic Tipping Points for Manufacturing Business & Operating Models
The 2024 edition of the World Manufacturing Forum dove into innovative pathways shaping the future of manufacturing, paving the way for progress and growth.
Through the World Manufacturing Forum’s first decade, more than 5,000 global policy experts, industrial leaders, and eminent academic and research innovators have come together to address the challenges and discuss the trends in global manufacturing.
Panel VI: “Innovate or Else: Economic Tipping Points for Manufacturing Business & Operating Models” consisted of:
Cynthia Hutchison, CEO, US Center of Advanced Manufacturing
Jeff Winter, Smart Manufacturing Advisor, CESMII
Vinesh Maharaj, Associate Director, PwC’s Smart Manufacturing
Questions Jeff answers in this panel:
What role does data play in driving innovation in manufacturing, and how can companies better leverage it to unlock new business opportunities?
Many manufacturers still struggle with adopting digital tools across their operations. What are the biggest challenges they face, and how can they overcome them?
Innovation often involves a cultural shift within an organization. What are some strategies to encourage and sustain a culture of innovation in traditionally rigid manufacturing environments?
Sources Referenced:
Statista - Amount of data created, consumed, and stored 2010-2020, with forecasts to 2025: https://www.statista.com/statistics/871513/worldwide-data-created/
Splunk - The State of Dark Data, 2019: https://www.splunk.com/en_us/form/the-state-of-dark-data.html
Morgan Stanley - Engineering the 21st Century Digital Factory 2017 (Since 2010, manufacturing has collected 2,000 petabytes of potentially valuable data, but discarded 99% of it): https://www.morganstanley.com.au/Ideas/manufacturing-a-digital-future
Procsi - The Correlation Between Change Management and Project Success, 2023: https://www.prosci.com/blog/the-correlation-between-change-management-and-project-success
LNS Research - How to Get a 30-day Employee to a 30-year Performance Level, 2024: https://blog.lnsresearch.com/how-to-get-a-30-day-employee-to-a-30-year-performance-level
Rockwell Automation - 9th Annual State of Smart Manufacturing, 2024: https://www.rockwellautomation.com/en-us/capabilities/digital-transformation/state-of-smart-manufacturing.html
