63% of manufacturing executives say their organisation’s business model has changed, reveals survey

63% of manufacturing executives say their organisation’s business model has changed: A recent survey by Econsultancy, with Coveo and Stiecore, has revealed that almost two thirds (63%) of executives of manufacturing companies say they have changed their business model in light of the Covid-19 pandemic.

 

The study polled 467 manufacturing executives from the UK and mainland Europe and found that many had allowed their IT and tech teams to take a bigger role within the company. Furthermore, the use of websites and digital portals by manufacturing agencies has risen by 38% in the last year.

 

Another common change that manufacturing organisations have experienced is going from offering products to providing services, reported by 65% as a long-term plan for the company. In addition, many firms started selling directly to customers; however, only 45% said it was for the longer-term.

 

When asked about whether the IT change will be a more permanent feature of the organisation, 65% it would be a long-term change, leaving 35% admitting it is just in the short-term. Furthermore, 39% of participants said that implementing new technology platforms would allow their customers to have a better digital experience. 

 

Manufacturing executives will have to decide which technology will have the biggest impact on the company, with 35% saying they would like a system that would allow the customer to personalise their searches.

 

Furthermore, 34% said they would like to use the internet to offer new services or products to customers, with a quarter also saying they would like more advanced analytics so they can evaluate any interaction.

 

The survey also uncovered that half the executives polled were not confident they can make and promote the product in the best way. Two-fifths (41%) said it is because the data is too complex and is from too many data sources, with 37% blaming unreliable data sets.

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