Industrial manufacturing as a sector is a mature industry that continues to grow; it now accounts for 16% of global GDP and 14% of employment.
Many manufacturers are facing increased regulation and global competition, and are finding it difficult to grow using traditional business models. We’re also seeing a trend decline in the effectiveness of long-time repair and maintenance service models and the ability to differentiate one’s business based on operational excellence.
Although technology is a challenge in many industries, it is specifically so within manufacturing where organizations are sales-centric and product focused with small marketing teams. Expanding marketing technology options are forcing a change in the business model and customer behavior/expectations within the manufacturing industry.