A new study on global growth has identified the top characteristics of manufacturing organizations poised for sustainable growth. These manufacturing “Grow Getters,” as the study referred to them, understand what it takes to get set for growth in today’s dynamic business environment.
One key characteristic of these Grow Getters is that they don’t just pay lip service to ideas such as new technology and innovation; they back them up with investment. According to the research, 88 percent of high-growth companies are planning significant investments in technology and innovation, compared with only 49 percent of slow-growth companies. Surprisingly, almost half of manufacturers are behaving like slow-growth companies in that they are not planning technology or innovation investments in 2017.
If you are a midsize manufacturer, chances are you’re in this boat. There is a perception that Industry 4.0/Industrial Internet of Things (IIoT) initiatives are too high-concept and too expensive for small to midsize manufacturers that are just trying to survive. But perception isn’t necessarily reality.