December 2023 | Report

2024 Outlook: The Future of the Manufacturing Industry

Organizations will need to develop digital data strategies that drive profitability, efficiency, and supply chain resiliency

The manufacturing sector continues to confront a tight labor market and macroeconomic supply chain issues causing an unfavorable business climate and ongoing economic uncertainty.

This report will cover four key areas where manufacturers should be focused in 2024. Each section of the report will focus on one of these areas, offering insights and projections for the year ahead.

2-Minute Takedown

The rise of data

AI and machine learning hold a promise to transform the manufacturing industry in the years to come, helping unlock significant value—but organizations must ensure they have the right strategy in place.

Profitability and growth

Companies are overloaded with data but unsure how to translate it into useful insights; data strategies must be a cross-functional effort used to unlock revenue and profitability.

Smart manufacturing

Market uncertainty is prompting the manufacturing industry to focus on cost reductions and efficiency gains—leading to an investment in digital solutions.

Supply chain resiliency

Supply chains have faced multiple disruptions that can’t be fixed overnight—and there’s no silver bullet to increase supply chain durability or agility; but organizations can use data to help gather insights and create a roadmap of valuable outcomes.

2024 Outlook: The Future of the Manufacturing Industry

The challenges, trends, and actions that will define the year in manufacturing. Download our 2024 Outlook.

Previous Manufacturing Outlooks

West Monroe’s 2024 Outlooks

2024 will bring both challenges and opportunities for businesses. The common language across industries? Efficiency and optimized workforce management. Above all, a collective dedication to digital innovation will steer the course to success in the coming year.

Read All 2024 Outlooks

Contributors Randal Kenworthy, Jeff Pehler, Kirsten Lentz, Brian Pacula, Jeremy Tancredi, Kris Slozak, and Barkat Syed