Sustainability has emerged as the number one business opportunity as manufacturers embrace smart technologies to make production greener, safer and more efficient, according to the latest Global Manufacturing Risk Report released by Willis, a WTW business.
The survey found that 63% of respondents ranked sustainable manufacturing among their greatest business opportunities, highlighting their intent to leverage change for competitive advantage and capitalise on its potential to attract customers and investors.
However, the report highlights growing uncertainty about the impact of global events on manufacturing. 75% of respondents said trade disputes and protectionism were among their greatest geopolitical concerns as rising political instability increases uncertainty for businesses and supply chains.
The survey, which gathered insights from 400 senior decision makers from around the world, explores how manufacturers perceive the fast-changing manufacturing landscape, their greatest challenges and opportunities and how they are managing their risks and building resilience for the future.
Garret Gaughan, head of direct and facultative at Willis, said: “Being green is often seen more as a cost and a burden than a profitable business proposition, but our survey suggests that perception is changing. As manufacturers adopt smart technologies to drive greener, safer and more efficient production, they are not only reducing their environmental footprint but also strengthening their competitive edge.
“This is a time of transformation and possibility in manufacturing. We are seeing an array of challenges from trade wars and cyber threats to talent shortages and supply chain vulnerabilities. With regulators and stakeholders increasing scrutiny on production methods, carbon footprints and waste management, businesses must reassess their critical risks and opportunities.”