My last two posts, Market Shifts and New Technology Spell Change for Manufacturers and 3 Key Trends Transforming Manufacturing, hinted at some of the findings of a groundbreaking new global study of 300 manufacturing executives conducted by Oxford Economics and PTC.
The study reveals the new approaches manufacturers will take to achieve measureable business results over the next several years.
In today’s market, manufacturers are focused on reducing time to market as the top way to generate value (52 percent), followed by accelerating product innovation (43 percent) and reducing product development costs (40 percent).
But in three years time, the study reveals, accelerating product innovation will move from the second-most important value driver to the most important, followed closely by reducing time to market (47 percent) and increasing service revenue (39 percent).
The full Oxford Economics report, Manufacturing Transformation: Achieving Competitive Advantage in a Changing Global Marketplace, is now available.
To take an in depth look at manufacturers across industries, geographies, company size, and business functions and how transformation will impact revenue and costs, download the report.