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Industry Updates

Deloitte Report Offers Best Practices to ‘Get Your Houses in Order’

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There’s not exactly disorder in the house, but a new report from Deloitte highlights how industrial companies can straighten up their operations to combat a challenging global industry landscape, ongoing constraints from evolving trade and tariff uncertainties, and continued difficulty in attracting, training and retaining talent.

Deloitte’s projections for gross domestic product (GDP) growth levels reflect recent trends, adjusting from 3.7 percent down to 2.7 percent for 2019, and 2 percent down to 1.3 percent for 2020. The industry is trying to regain its footing amid the continued volatility in prices, policy decisions and diminished productivity, according to the New York-based consulting services firm.

“What has emerged as a key theme to take us forward into 2020 is the need for industrial companies to ‘get their houses in order,’” Deloitte stated. “As the potential for uncertainty may continue for the foreseeable future, industrial leaders need to increase resilience in their operations. Three levers to support this are building digital agility across areas like the supply chain, strengthening their ecosystems to tap digital capabilities and leaning into corporate social responsibility.”

To read more about Deloitte’s 2020 manufacturing industry outlook, click here.

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