Pandemic accelerates push toward transformation

The study found that this has led to 31 per cent of manufacturers globally being considered ‘Fit for the Future’ (FFTF) and better prepared to deal with future challenges, such as increased competition, changing employee expectations, and rising customer demand.

In total, 94 per cent of FFTF businesses across all sectors believed they were well-prepared for the risks facing them, compared to 58 per cent of respondents overall. On top of this, 82 per cent of FFTF businesses believe their business continuity plan worked well during the pandemic.

Additional analysis of the research conducted by the London School of Economics found a link between companies being FFTF and business performance. Organisations that scored a 10-point increase in their FFTF score were more likely to outperform their competitors by 36 per cent.

Push from pandemic

Just over two-thirds (67 per cent) of manufacturers now have a roadmap for digital transformation in place, whilst 49 per cent are already implementing their digital transformation strategy. The pandemic was a large driver of digital transformation within the industry, with 63 per cent highlighting that they accelerated plans and 48 per cent increasing their digital transformation budget in response.