New Insights for Midsize Manufacturers (Oxford Economics Research)
No single manufacturer has been left unaffected by today’s economic adversity – and your company is no exception. But did you know that your organization can gain a level of resilience that can enhance how you compete with your largest peers?
More and more, we are hearing from business leaders who are confronting the same issues you experience and are paving the way by focusing on their employees’ well-being and skills, and providing exceptional experiences that meet changing customer needs.
A recent global study of 2,000 small and midsize companies, conducted by Oxford Economics, offers some interesting insights into the future of manufacturing:
- 38% consider improving the customer experience a top strategic priority over the next three years
- 32% believe that upskilling and reskilling their current workforce is a top internal challenge
- 42% feel that keeping up with changing customer wants and needs is a leading external challenge
- And due to the pandemic: 53% are facing challenges in competing with larger competitors, while 44% are dealing with impacts on their ability to maintain existing customer relationships
To learn more about the findings and recommendations from the research, read the Oxford Economics study, “Digital, Resilient, and Experience-Driven: How small and midsize organizations can prepare for the new economy.”