Digital technologies create tremendous opportunities for growth and transformation at manufacturers, but few have taken full advantage of them. In this 8th edition of the Global Manufacturing Outlook report, our findings from a survey of 300 CEOs and interviews with manufacturing industry executives and KPMG partners show there is no time to waste in building a comprehensive digital transformation strategy. Global manufacturing is being disrupted to its foundations and industrial demarcation lines are blurring. The fourth industrial revolution is dramatically changing the barriers to entry and is expected to lead to the reshaping of many companies -- and even entire industries.
The game-changing tools around data analytics, artificial intelligence, advanced robotics, augmented reality, and others promise great benefits when they are combined with the connective power of the Internet of Things (IoT). To undertake the fundamental changes associated with digital transformation, manufacturers must have a clear, long-term vision and a plan that sets out what is needed to seize the opportunities and overcome the challenges of this endeavor.