World Manufacturing Forum 2023: Skills, Data e and Raw materials crucial factors to overcome transition challenges
Digital transformation, circularity, artificial intelligence: these are the challenges, all united by the centrality of data and skills, that the global manufacturing industry is facing in this period of significant transitions. These are the themes being discussed by policy experts, industrial leaders, and representatives from the academic world from around the globe at the 11th edition of the World Manufacturing Forum, titled "New Business Models for the Future of Manufacturing."
The event, organized by the World Manufacturing Foundation, took place on monday and tuesday at the SDF Group headquarters in Treviglio (Italy), aims to identify new business models and trends that will influence the competitiveness of the manufacturing industry in the coming years.
Diego Andreis, President of the World Manufacturing Foundation, in his opening remarks at the WMF, stated, "The enormous transformation that the global manufacturing industry is undergoing in these years is the result of four concurrent factors: the continuous acceleration of available technologies, growing awareness of the relevance of sustainability goals, the availability of energy resources, data, and raw materials, and new geopolitical arrangements. These elements intertwine, influencing the choices and investments of companies, contributing to shaping the business models of the future. The goal of WMF 2023, in line with the foundation's mission, is to guide and chart a path for the industry and its people, acting as a catalyst for change and global cooperation in the manufacturing sector," Andreis concluded.
During the first day of the WMF, the new Report from the World Manufacturing Foundation, 'New Business Models for the Future of Manufacturing,' was presented.
The report contains 10 recommendations for the industry and stakeholders developed by an international group of experts.
The 10 Recommendations of the 2023 WMF Report:
1. EMBRACE A CUSTOMER-CENTRIC INNOVATION APPROACH TO FOSTER LOYALTY AND DRIVE GROWTH;
2. CREATE SUSTAINABLE VALUE PROPOSITIONS BASED ON THE TRIPLE BOTTOM LINE FOR A COMPETITIVE EDGE;
3. AIM FOR MASS-CUSTOMISED AND PERSONALISED VALUE PROPOSITIONS TO CREATE HIGHER BENEFITS FOR CUSTOMERS;
4. DEVELOP NEW SALES CHANNELS FOR HYBRID REVENUE STREAMS;
5. FOSTER TIGHTER BONDS BY CREATING IMPROVED CUSTOMER RELATIONSHIPS;
6 UNLOCK VALUE POTENTIAL BY HARNESSING AI AND DATA ANALYTICS FOR NEW REVENUE STREAMS;
7. BALANCE KEY RESOURCES TO AVOID THEIR OVER - AND UNDERESTIMATION FOR SUSTAINABLE OPERATIONS;
8. PRIORITISE LOCALISED MANUFACTURING AND STRENGTHEN CORE COMPETENCIES FOR MARKET AGILITY AND SUSTAINABILITY;
9. EXPAND PARTNERSHIPS BEYOND TODAY'S VALUE CHAINS' TRADITIONAL BOUNDARIES TO PREPARE FOR NEW CHALLENGES AND RISKS;
10. OVERCOME INVESTMENT BARRIERS TO ESTABLISH TRUSTING RELATIONSHIPS TO UNLEASH CONTINUOUS CASH FLOW FROM ASSETS
During the second day of the forum, the WMF Special Report "Impact of women in industrial competitiveness", a White paper realized by SPRI - Basque Agency for Business Development was presented, while the closing of the WMF was entrusted to the Young Manufacturing Leaders Summit 2023, an event organized by YML, a partner of the World Manufacturing Foundation, focusing on the relationships between young entrepreneurs, innovation, and leadership.
Over 600 participants attended the forum over the two days. In-person participants also had the opportunity to take part in company visits organized by the World Manufacturing Foundation at the locations of ABB, Brembo, Cosberg, Gewiss, and SDF.
Here all the speakers of the World Manufacturing Forum 2023: https://worldmanufacturing.org/activities/world-manufacturing-forum-2023/#nov27morning