It seems there is cause for some optimism. Nearly 45% of industrial product leaders expect supply chain disruptions to ease in the next year despite continued supply-chain disruptions and labor shortages.
This belief causes most, 83% to focus their business strategy on growth according to PwC’s recent Managing Business Risks in 2022 Pulse Survey.
But adjusting to higher costs, U.S. manufacturers taking a few steps:
- 77% are raising costs for products and services
- 64% are expanding permanent remote work optionsining
- 57% are streamlining their product portfolios
Other findings of the survey found that 73% of IP leaders cite rising production costs (e.g., wages, materials, energy, inventory) as posing a “moderate or serious” risk to their business
Cybersecurity continues to be a major issue with 75% of IP leaders expect more frequent and/or broader cyber attacks over the next year, with most (82%) saying they are taking action or monitoring closely policy around cybersecurity, privacy and data protection.
While 77% of sector leaders say supply chain woes pose a serious risk to their business; yet, nearly the same percentage 75% report that they are improving supply chain resiliency.
And the talent shortage continues with 77% of IP executives agree that problems surrounding talent acquisition and retention pose risks to their business
The full report is here, and the industrial products sector findings are here.
