Grant Thornton report explores perceptions of manufacturing
Manufacturers in Chicago reflect local and national trends.
Source: Grant Thornton
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Grant Thornton analysts are further exploring these perceptions in Atlanta, Chicago, Dallas and North and South Carolina, and recently finalized its Chicago findings.
Highlights from the report:
● Chicago manufacturers are more than twice as likely (55%) than manufacturers in Dallas and Atlanta (23% and 21%, respectively) to anticipate significant changes to their business models over the next three years. Nationwide, 41% of manufacturers anticipate significant changes.
● Fifty-eight percent of Chicago manufacturers—higher than the national average—view technology-driven disruption as an opportunity as opposed to a business threat, and more than one-third believe they are better than their peers at exploiting new technologies.
● The Internet of things, or the network connectivity of everyday objects, and robotics/automation are among the key technologies Chicago manufacturers believe will affect their future operations.
● Chicago-area manufacturers view supply chain disruption as their top risk, ahead of market factors and cybersecurity/data risks.
Source: Grant Thornton
According to Grant Thornton, Britain’s vote to leave the European Union (EU) in late June (Brexit) has resulted in increased uncertainty and lower anticipated growth rates that will force manufacturers to confront the question of where to allocate foreign investments. An overarching global effect may be the renegotiation of trade agreements for manufacturers that trade with or conduct other activities in the EU. The referendum may also pressure currency exchange rates. That said, firms that invest in innovation will attract customers and continue to grow, allowing them to realize an adequate return on their investment.
Click here for more about Grant Thornton’s take on the impact of Brexit on U.S. manufacturers.
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