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Fictiv's 2023 Sustainability in Manufacturing Survey Finds 36% of Leaders Face Barriers in Funding & Planning to Reach Sustainability Goals
News provided byFictiv
Sep 19, 2023, 9:00 AM ET
Manufacturers increasingly agree sustainability is a priority but are still struggling to meet gaps in technology and measurement to meet new standards headed into 2024
SAN FRANCISCO, Sept. 19, 2023 /PRNewswire/ -- Fictiv, the operating system for custom manufacturing, announced today the release of new survey data focused on sustainability in manufacturing, conducted in partnership with technology market research firm Dimensional Research. The survey reveals a manufacturing industry trying to advance sustainability while still searching for its footing after macroeconomic and geopolitical issues, with 42% of respondents continuing to prioritize investments to reduce their carbon footprint.
Sustainability in manufacturing is increasingly important to industry leaders, according to 87% of respondents, but given the macroeconomic headwinds, 36% responded that a lack of funding has emerged amongst a list of challenges to implementation, preventing them from meeting sustainability goals. Although companies want to improve sustainability, nearly a third say they do not have the knowledge needed to create a concrete plan, with 40% saying they are increasing investment in sustainability data tracking and analytics.
Additional findings include:
- 60% are investing in technology to drive operational efficiency, a key opportunity to advance sustainability.
- ~50% are prioritizing sustainable packaging, materials, and/or energy solutions.
- 54% struggle with lack of control over sustainability standards in their supply chain.
- 55% say improving manufacturing and supply chain visibility is a top priority.
"Despite the last few years bringing a series of challenges to manufacturers, sustainability has become increasingly important in the industry," said Nate Evans, Co-Founder and Chief Experience Officer at Fictiv. "Manufacturing leaders overwhelmingly recognize the criticality of sustainable production and it will take persistent focus, industry support, and access to tools and technology to achieve our national and global emissions targets."
Traditional manufacturing processes require long lead times and often result in wastage of unused parts or under utilized manufacturing capacity. Fictiv's digital manufacturing platform connects hundreds of the world's most specialized manufacturers to deliver capacity and capabilities on-demand, giving customers access to Fortune 500-class supply chains, engineering and DFM support, logistics orchestration and program management. Overall this new model improves product operations productivity and eliminates the need for companies to accumulate large stockpiles of equipment, floor space, and inventory that may go to waste. In addition to environmental benefits, Fictiv's model enhances supply chain resiliency—an increasingly important topic in today's macro environment.
To download the full 2023 sustainability survey, please click here.
Fictiv is the operating system for custom manufacturing that makes it faster, easier, and more efficient to source and supply mechanical parts. Its intelligent system, supported by best-in-class operations talent, orchestrates a network of highly vetted and managed partners around the globe for fast, high-quality manufacturing, from quote to delivery. To date, Fictiv has manufactured more than 25 million parts for early-stage companies and large enterprises alike, helping them innovate with agility and get products to market faster.
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