Global Manufacturing Outlook: Fostering Growth through Innovation looks at a variety of concepts to foster growth through innovation including:
- The business outlook – readying for growth:
Manufacturers are ramping up innovation efforts to improve offerings and become even leaner. While they are confident that renewed sector growth is imminent, the highly competitive and volatile business environment renders cost-cutting a necessity.
- A new wave of collaborative innovation:
This year’s survey found that collaboration is becoming more important to global manufacturers, especially where innovation is concerned as a majority of respondents to increase collaborative efforts with partner companies, key customers, and suppliers.
- Emerging markets race up the value chain:
Manufacturers in emerging markets are expected to ramp up their innovation activities at an even greater rate than their developed-market rivals as they seek to compete for higher-margin business.
- Business models that bring the customer closer:
Global manufacturers are building closer relationships with their customers, who in turn are coming to expect more as a result of advances in manufacturing technology. The result is a trend towards more service-oriented business models.
- Achieving success, overcoming challenges:
To compete for higher-margin business, manufacturers may need to alter their business models and strategic approaches to supply chain management, cost optimization, and product offerings.