Epicor’s Voice of the Manufacturing Manager 2023 Report – Part One

Epicor has done a tremendous job keeping their pulse on the trends within the manufacturing industry. Epicor recently wanted to consider the vantage point of leaders within the manufacturing industry. How do these leaders successfully navigate modern technologies, ever changing customer demands, unstable supply chain, and labor shortage to create a successful business model that can scale, generate revenue, and create value for their customers? To better understand how this is accomplished, Epicor surveyed 400 C-level executives, owners, and partners, and select management from a variety of several types of manufacturing companies and produced their “Voice of the Manufacturing Manager 2023” report.

Here are some key takeaways from that report focusing on Technology and Modernization, as well as Upskilling and Hiring:

1. Fifty-eight percent of manufacturing leaders consider their business very modern since they are embracing automation (sixty-one%), data accessibility (sixty-one%), sustainability (fifty-nine%), flexibility (fifty-nine%), digitization (fifty-eight%), employee user experience (fifty-six%), and collaboration (fifty-five%).
2. Increased productivity is the biggest benefit in modernizing technology within an organization by using automation, digitization, and sustainability. Followed by improved efficiency and reduced costs.
3. Fifty-five percent of manufacturing leaders say they are investing in modern technology. Most are doing to improve their efficiency and production. The top tool to accomplish this is artificial intelligence (AI), followed by data analytics, automation, and robotics.
4. Sixty-seven percent of manufacturing leaders say their company embraces a data-first strategy. Upskilling and Hiring
5. Seventy-seven percent of manufacturing leaders say their company is prioritizing upskilling to help their employees better perform in their current role. Different methods were deployed here including providing employees access to an online training platform, on-the-job training, or paid time off for training.
6. Sixty% anticipate their budget for hiring new talent will increase over the next year.
7. Forty-four percent of manufacturing leaders say that turnover has remained stagnant, while thirty-four% say it is decreased.

Part Two next week will focus on Epicor’s Voice of the Manufacturing Manager 2023 Report specific to Priorities and Challenges and Engagement and Morale.

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