Innovate or Else: Additional Insights from the World Manufacturing Forum

Part 2 of 2

Our CEO, Loretta Renard recently had the opportunity to attend the World Manufacturing Forum in Milan. As the second in a two part blog series that highlights some of the insights from the event,  we are diving into the role of digitization and AI for manufacturers, as shared on one of the panels.  

Digitization and AI: Transforming the Manufacturing Landscape for Sustainable Growth 

Digitization and AI are no longer optional for today’s manufacturers. The fast pace of change driven by rapidly advancing technologies and evolving customer demands requires businesses to stay on top of the latest technology trends in order to stay competitive.  

The ‘Digitization and AI: Transforming the Manufacturing Landscape for Sustainable Growth’ panel emphasized that traditional business models must evolve to keep pace with digital transformation. This shift not only opens up new opportunities for efficiency and innovation but also fundamentally reshapes the way manufacturers operate and compete.

One of the key takeaways from the discussion was the need for manufacturers to adopt a data-driven mindset. While manufacturing generates vast amounts of data, many companies are underutilizing this important resource. Businesses can unlock greater potential by applying AI for predictive operations, predictive quality, and predictive safety. By leveraging real-time data insights, manufacturers can enhance productivity, reduce waste, and drive continuous improvement across the entire production cycle.

There’s more to the equation than just technology readiness. The panel underscored that people and culture are just as critical to the success of digital transformation. Companies with strong change management strategies are better positioned to navigate the complexities of digital adoption. Every employee, from the C-suite to the factory floor, needs to be trained in how to innovate and work with new digital tools like AI. The challenge, therefore, is not merely technical but also cultural, as organizations must overcome resistance to change and develop the necessary skills to thrive in this new landscape.

AI’s potential extends far beyond streamlining existing processes. The ability to turn dark data into actionable insights and create new revenue streams is transforming industries. There are opportunities for manufacturers to repurpose operational data to unlock new business models, such as transitioning from product sales to product-as-a-service offerings that include maintenance, remote support, and AI-driven operational insights.

However, companies must act fast. The pace of change in the manufacturing sector is accelerating, and those who fail to adapt risk falling behind. This is particularly true when it comes to closing the skills gap. Many companies still rely on outdated training methods that fail to prepare workers for the digital future. To remain competitive, businesses need to democratize data and ensure that AI training reaches every level of the organization.

"Digitization and AI are no longer just tools—they're the foundation for innovation and sustainable growth in modern manufacturing,” states Renard. “We’ve seen in our assessments of manufacturers across Canada, that even the most ‘low-tech’ products can benefit from technology to increase their competitiveness and open up new markets. The future of our industry lies in transforming not just processes but entire business models to unlock new revenue streams and achieve true sustainability."

Link to full report: Report 2024 - New Perspectives for the Future of Manufacturing: Outlook 2030 - World Manufacturing Foundation

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