Digital transformation in manufacturing has evolved at a fast pace in recent years. The challenging market situation has increased the need for resilience and flexibility. This has led many companies to accelerate their transformation initiatives, implement digital applications, and increase their investments in advanced technology, says a new report from European ecommerce content and marketing firm Copperberg and digital transformation agency Valtech.
Budgets for digital transformation appear to be shrinking
“The years of continuous growth of investment in digital for the vast majority seem to be over,” the report says.
For 11% of survey participants, the budget has decreased by as much as 20%. Meanwhile, for 39%, the budget has stayed the same. Those who are looking to catch up to their competitors, or get ahead of the curve, continue to increase their budgets. 47% of respondents have increased their 2023 digital investment budget by up to 20%, compared to 63% in 2022, according to Copperberg and Valtech.
Many manufacturers have worked to align, expand, and consolidate their digital transformation agenda across the organization. By establishing a digital foundation within their infrastructure, “they have created the opportunity to scale up and maximize their digital investments,” the report says.
But when asked what statement best describes the structure of their organization’s digital strategies and initiatives, 63% revealed that they are operating with a companywide digital agenda.
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