FINAL WORD
Europe ’ s industry is changing – but is it changing enough ?
Europe has been tasked with many challenges as of late which have pushed industries to their limit . Maddie Walker , Industry X lead for Accenture in the UK and Ireland , shines a spotlight on where companies in Europe should be investing to increase and secure the region ’ s overall competitiveness .
Russia ’ s war on Ukraine , the pandemic and the energy transition has been testing Europe ’ s industry to the limit . They have faced forced-accelerated switches from physical to digital operations , soaring energy and material costs amidst economic instability , ongoing supply chain disruptions and the scarcity of skilled labour . As a result , companies and the wider industry have been questioning how they operate and have started to take decisive action to improve productivity and remain competitive .
According to recent research from Accenture , manufacturers and other industrial companies are reinventing their enterprises from the ground up . Relying heavily on advancements in automation , robotics , Artificial Intelligence and other technologies , they have kicked off holistic change programmes beyond single functions and isolated goals . Their transformation goals are not just resulting in better financial results but are also fostering innovation , increasing resilience and creating value for stakeholders , establishing ‘ a new performance frontier ’ that is agile , flexible and predictive .
The transformation of Europe ’ s industrial sector is one of the key themes that came out of this year ’ s Hannover Messe 2023 , the trade fair for industry and technology . But , despite the changes being made , Accenture ’ s research paints an ambiguous picture :
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