Manufacturing's magic moment—Industry 4.0—has arrived and consulting leaders are trying to solve the sector's challenges, everything from technology advancements and automation disruptions to talent and trade wars.
Here are a few of the strategic issues plundering sleep from manufacturing executives today: a lower U.S. corporate tax rate, staggering technology advancements, the risk of a global trade war, a talent crunch that promises to intensify, new supply chain partners, and B2B customers with increasingly Amazon-esque B2C expectations. That's a decidedly abbreviated version of a longer, more fluid priority list.
"In today's economy, manufacturers have to be jugglers—balancing immediate considerations with long-term priorities," asserts Rick Schreiber, the national leader of BDO's manufacturing and distribution practice. In the short-term, vacillations and unpredictable outcomes in trade policy and geopolitics occupy both boardrooms and newsrooms. Over the longer-term, manufacturers must chart a path to digitization. It's not a matter of 'if', but 'when' regarding Industry 4.0 adoption. Either you hop on board or you run out the clock until you can no longer keep up with the manufacturers that made smart investments early on."
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