Read our full analysis for a more in-depth look at these trends.
Digital machinations: payback time
February 2023
Digital strategies are driving real-world productivity gains with the potential to reduce manufacturing costs by 25%
Key takeaways
- Digital transformation is driving real-world productivity gains. The implementation of digital strategies has the potential to reduce manufacturing costs by over 25% by improving labor productivity and cutting energy use, per BofA Global Research.
- At the same time, BofA Global Research sees increased demand for cloud-based capabilities such as cybersecurity, virtualization software and remote access. While demand remains robust, there is still plenty of opportunity to adopt automated and digital solutions.
- As global supply chains shift and reshoring activity for U.S. manufacturing surges in the post-COVID recovery, companies are likely to continue to increase their investment in automation to manage costs, inventory and complexity.
