REPORT

2021
MANUFACTURING
OUTLOOK
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CONTENTS

6 Introduction

7 Managing through uncertainty

11 Accelerating Industry 4.0 Initiatives

15 Resetting expectations and achieving growth

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OVERVIEW
In May 2020, just 34% of respondents to a National Association of Manufacturers’ (NAM) quarterly outlook survey1
expressed optimism about their company’s future. That finding, the lowest since the height of the Great Recession in
2009, reflected just how bleak 2020’s series of catastrophes looked to leaders in the manufacturing sector amid supply
chain disruptions and sudden, crippling shelter-in-place orders that shut down factory floors.

But by the end of the year, nearly three in four respondents2 to NAM’s survey had regained their optimism, perhaps
believing their organizations were stronger for weathering 2020, or merely seeing the light at the end of the COVID
tunnel. To be sure, the perseverance of many manufacturers has been remarkable, but industry leaders must make
anticipated gains real despite continuing difficulties and new challenges as 2021 begins.

Supply chain problems persist, factory floor capacity remains diminished, consumer needs and spending patterns have
changed, and the biggest factor—a once-in-a-century pandemic—remains a potent global force whose resurgence is
uncertain and one whose remaining effects have yet to be realized.

We’re writing this outlook to help the industry identify challenges and seize opportunities. We see a manufacturing
sector where the leading companies will prepare for the unexpected, double down on resiliency, continue to support
the health and wellbeing of employees, and accelerate their investing and advancement of Industry 4.0 initiatives. Fast-
changing circumstances call for maximum agility and the ability to make strategic decisions in response to events.

As always, it’s a story of technology, people, and process.

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INTRODUCTION
2020 was a year like no other: A global Despite some impressive success stories, we
pandemic collided with simmering social anticipate a challenging 2021, especially in the
unrest exacerbated by unemployment, first half. While recovery is underway and there
economic recession, and political chaos. Add are glimmers of hope, several factors present
in devastating natural disasters like ravaging obstacles and opportunities for manufacturers in
wildfires in California and a deluge of floods 2021 and beyond:
and tornadoes in the Midwest, and 2020 almost
seemed out to prove the old maxim: Anything • COVID-19 cases will continue to appear
that can happen, will. as vaccine distribution lags behind
needed levels.
The pandemic hit manufacturing hard. One of
the first shockwaves stemmed from government • The new presidential administration and
categorization of essential and non-essential new Congress will likely bring tax and
businesses. Some manufacturers in the latter regulatory changes.
category were forced to completely shut down
or drastically reduce production. Others deemed
• International supply chain pressures will
essential were stretched to the limit trying to
persist as tensions with China and others
keep up with demand. As the pandemic wore
may not be resolved for some time.
on, consumer needs and spending patterns
also drastically changed, causing further
disruption and response—some experiencing While every manufacturer is dealing with
unprecedented demand and success, while different challenges, risks, and opportunities,
others struggled to remain relevant. those who powered through 2020 and continue
to adapt and remain nimble will see the greatest
success. Those who are still hesitating, or
Through the gauntlet, manufacturers rose to
waiting for things to return to normal, may
meet the challenge. Many were able to quickly
never fully recover and will certainly not remain
implement PPE requirements to ensure the
relevant in a post-pandemic world.
health and safety of employees who couldn’t
work remotely. For employees who could work
from home, management had to move quickly to
establish new security protocols and employee
operations. And, most critically for the nation,
many factories were able to rapidly increase
production or retool production lines to fill in the
gaps in production for essential products and
PPE supplies.

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CHAPTER 1

Managing through
uncertainty

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The manufacturing sector has seen its share of choppy waters in the
past, from the Great Recession to supply chain issues stemming from a
prickly trade relationship between China and the United States. Still, after
the events of 2020, manufacturers face a long road to recovery.

There are growth opportunities, including increasing demand for wireless

and smart products, more interest in eco-friendly and sustainable
production methods and sourcing, and an expansion of demand for new
food, beverage, and life sciences categories.

But to act on them, sector leaders must get comfortable—if they aren’t
already—with managing the fluid nature of COVID-19. Its effects will be
with us for some time, a fact most are coming to realize. In our quarterly
executive poll for Q1 2021,3 a majority of organizations conceded that
they plan to be in recovery mode until mid to late 2021.

Of course, companies still must set priorities. Good management also

remains crucial along with an inclusive environment that yields diversity
of thought. A leadership team without sufficiently broad perspectives
will have a difficult time envisioning seemingly unthinkable events.

Managing through uncertainty means building resiliency in systems,

confidence with employees, and an agile decision-making process that
can respond to changing events in real time.

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WORKFORCE WELLNESS Manufacturers will continue to invest in technology to

track and optimize their workforce, such as tracing tools
AND SAFETY to know who was in close contact with other individuals,
and labor optimization tools to reduce the number of
While the emerging vaccines are promising, supply people on the shop floor while also accounting for those
and distribution challenges and a lack of long-term who are unable to come into work due to sickness.
data on effectiveness are stalling recovery efforts and
challenging employers.
A renewed focus on employee safety and wellness is likely
here to stay. Manufacturing leaders will continue to invest
In the interim, manufacturers must continue to prioritize in technology that prioritizes worker health and safety
evolving health and safety measures required to protect while maximizing speed, productivity, and service.
employees and customers while balancing impacts to
productivity, service levels, and operating costs.

Executives are grappling with challenging decisions

SUPPLY CHAIN: PLANNING AND
around how, if, or when to get back to full, in-person
capacity in the office and on the factory floor. In our latest
MANAGING DEMAND VOLATILITY
quarterly executive poll,3 we found that employers are AND SUPPLIER RELIABILITY
split on requiring employees to take a COVID-19 vaccine, THROUGH UNCERTAINTY
and just 47% say their workforces will be on-site most or
all of the time when it’s safe to return to work.
According to the IDC,4 by the end of 2021, 90% of all
manufacturing supply chains will have invested in the
We believe manufacturers will plan to keep PPE protocols technology and business process necessary for true
indefinitely, with procedures in place post-pandemic and resiliency, resulting in productivity improvements of 5%.   
delaying at least a calendar year the return of previous
workplace norms. Many of our clients have stated
COVID-19 was particularly disruptive for manufacturers’
they plan to keep COVID-19 procedures in place post-
supply chains. From workers falling ill to dramatic
pandemic, especially during cold and flu season when
changes in demand, manufacturers had to deal with
they typically struggle with staffing challenges.
putting out multiple supply chain fires, often all at once.

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But since the pandemic shut down much of the All manufacturers should have an eye toward a stronger
economy a year ago, its impacts have generally focus on demand planning, forecasting, and supplier
stabilized. Ideally, businesses will have been able to durability. Simulation and tabletop exercises for disaster
use data and analytics capabilities to pinpoint the planning should be reinvigorated and reprioritized.
source of supply chain disruptions. If they haven’t Planning for worst-case scenarios or unexpected events
already, organizations should explore supply chain tools no longer seems dramatic; it’s this type of operational
(simulation, modeling, and prescriptive analytics) to resiliency that can make the difference between
help make decisions across their organizations amid surviving, thriving, or not making it out of the next crisis.
the transition out of the pandemic and to future-proof
themselves for the next disruptive event.

Sustainability

Is your supply chain running as efficiently as it could be? Is there an opportunity to

create and market more eco-friendly products to your customers and open a new
revenue channel?

According to Mesirow,5 from 2013 to 2018, half of CPG growth came from products
marketed with a sustainability claim. Further, in 2018, sustainability-marketed products
delivered nearly $114 billion in revenue, a 29% increase vs. 2013. Where ingredients are
sourced and how a product is manufactured, shipped, and packaged are becoming
important considerations for consumers. Recent surveys indicate that approximately 88%
of consumers across the U.S. and U.K. want companies to improve their environmental
and social footprints.

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CHAPTER 2

Accelerating Industry
4.0 initiatives

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Even as COVID-19 further complicated successful digital transformations,

it has been a catalytic event for many. Most notably, companies digitized
many activities 20 to 25 times faster as a result of COVID-19.6 Additionally,
manufacturers were prompted by the pandemic to move at faster speeds
toward I4.0 capabilities as they adapted to workforce constraints, supplier
constraints, and customer constraints.

This embrace of I4.0 technology in order to adapt should be acknowledged

and celebrated. But it isn’t the end goal. Many are still in an experimental
or early stage of deployment. For example, while 82% of manufacturers
have either implemented, piloted, or considered IIoT,7 70% have not moved
past a pilot. In many cases, these efforts lack a clear business objective or
measurable business case tied to an expected value.

2021 is the year to focus on maximizing the newfound momentum for

building digital capabilities past the pilot stage to start driving real impact
on the bottom line.

LEVERAGE EXISTING, UNDERUTILIZED DATA

Investing in and properly implementing transformative digital tools and

processes is an ongoing challenge. Those hit hardest by COVID-19 may
think of themselves as least able to make long-term bets on tech, but
they may have the most reason to do so.

Our recommendation8 is to accelerate the transformation already

underway by leveraging manufacturers’ most valuable but underutilized
assets: the data already produced by their operational technology. Doing
so will be a benefit to optimizing revenue, expanding production capacity,
reducing cost, and driving toward sustainability.

To increase revenue, improve operational efficiency, reduce costs, or

respond to new customer needs, manufacturers must navigate through
the complex and rapidly evolving array of technologies such as artificial
intelligence, machine learning, visualization, simulation, blockchain, and
5G networks—and many more.

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While large-scale I4.0 transformation utilizing all of DATA MONETIZATION: WHEN DATA
these components may be the long-term goal, many
manufacturers must find a way to start small and build
IMPACTS THE P&L
on initial successes.9 By focusing on ways to better
use their abundance of existing data, manufacturers Manufacturers must prioritize where to invest their
can leverage their existing assets and investments to limited resources to achieve the greatest balance of
accelerate transformation and generate near-term value benefits across people, operations, and customers.
without a huge investment or long-term initiative. In order to do that, they must start with the business
problem, not the technology.

The good news is most manufacturers have already

made significant investments in operational technology The manufacturing sector is prone to high susceptibility
(OT) and software. This technology collects constant to economic downturns. COVID-19 and the events
and unlimited volumes of data from manufacturing lines of the last year have cast this problem in high relief.
that can be leveraged to derive actionable insights and Manufacturers, particularly those producing expensive
drive value if the proper analytical and operational layers CapEx equipment and products, are struggling to take
are installed. control of their revenue and relevancy.

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Leveraging data from existing sensors and field reports If manufacturers don’t evolve their current business
can open pathways to new subscription models and models to generate new and recurring revenue streams,
other forms of recurring revenue to offset the impact of they will continue to be susceptible to boom-or-bust
sales downturns. Michelin10 used this strategy to great market conditions. The time is now for transformation,
effect when it transitioned from a company that simply moving away from one-time sales transactions and
sold tires to one that uses a product-as-a-service (PaaS) toward sustainable and recurring revenue streams,
model to sell tires with embedded sensors as a full possibly even subscription-based models. This will lead
package of maintenance and performance. to increased agility, decreased friction in sales, and
decreased customer carrying costs.
Creating throughlines to product usage data will
generate insights that can lead to the development
of new revenue streams, potentially through the
optimization of products or predictive maintenance,
ultimately increasing customer satisfaction
and retention.

Cybersecurity

Are you prepared to be cyber-resilient?

Cybersecurity remains a top threat to businesses at large, and the manufacturing

industry is among the top three targets of cybercrime.11 Building cyber resiliency into
your organization is a critical part of planning for the unexpected. Organizations need to
put cybersecurity measures at the top of their priority lists for the coming year. See our
Point of View on The Cyber Resiliency Mandate12 for more insights.

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CHAPTER 3

Resetting expectations
and achieving growth
goals

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In this uncertain and volatile economic and business environment, many

manufacturers must take drastic actions to defend their market or
financial positions and drive transformational change to remain relevant
and competitive. This may include investing in new capabilities, acquiring
or divesting assets, or transforming their businesses to thrive in a post-
pandemic world.

ADAPT TO SIGNIFICANT MARKET SHIFT

TOWARDS E-COMMERCE AND DIGITAL
SALES AND SERVICE

According to the IDC,4 by 2022, 70% of consumer-facing manufacturers

will leverage direct-to-consumer channels, producing up to 15% more
profits, improved customer satisfaction, and business resiliency as a
result of COVID-19.

Manufacturers should embrace planning for significant shifts in strategy

by focusing on capabilities that help them learn more about their
customers, refine segments and personas, and develop specialized
e-commerce offerings to achieve organic sales growth.

If they haven’t done so, now is the time to focus on using or collecting
the data necessary to identify the most profitable customer segments—
as well as segments that are ripe for retention or clusters that should be
allowed to move through an attrition cycle.

Before COVID-19, many of the manufacturers we work with had planned

to continue the trend toward optimizing digital connectivity between
front-end (CRM, CPQ, and eCommerce) and back-end (ERP) systems.
These efforts involve automating aspects of the middle office and
modernizing their systems to provide necessary data points for sales and
order entry teams.

These plans should not fall by the wayside. Rather, they ought to be a
top priority for 2021. Integrating front- and back-office systems will lay
the necessary groundwork for scalable growth through digital sales
channels by standardizing data across the organization.

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The importance of clean, consistent, and standardized A key opportunity for any manufacturer is to assess the
data cannot be understated as a prerequisite for any current state of product master data and the fidelity with
scalable e-commerce strategy. With the continued which that data is managed and distributed across other
emergence of e-commerce as a viable revenue source for internal systems. Clean and consistent data relating to
manufacturers, many are identifying challenges related products across platforms facilitates the ability to more
to synchronizing product master data across systems, easily stand up and update e-commerce, CPQ, and order
especially as it relates to product content management entry systems from a single source of truth. Inefficiencies
such as product brochures, marketing materials, website and poor compatibility of existing systems can lead to
content, POS systems, and other e-commerce platforms. inconsistent data sets that are required for organizations
to make the shift towards AI/ML based pricing models.

Talent and Upskilling

Do you have the right people or skills to lead and embrace these changes?

Most manufacturers do not take full advantage of all the OT data they already have.
According to Forrester Research, up to 73% of data goes unused for analytics.13 There
are various reasons for this. Some organizations aren’t aware of all the data that
currently exists and may not know how to extract or combine data so that it is useful.
But many simply lack the skills and capabilities to uncover insights and translate them
into impact on the P&L.

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DRIVING TRANSFORMATION AND relevant, as well as an understanding of which areas of

the business deserve focus and which are simply noise.
VALUE CREATION THROUGH Leveraging third-party partners can prove beneficial
MERGERS AND ACQUISITIONS here. Also, a clear investment thesis that states why
you are doing the deal and what you hope to get from
M&A activity is heating up across all sectors, and we it will aid in the diligence process and significantly
expect to see it rise for manufacturing, too. According reduce risks.
to our quarterly executive poll, 43% are strongly
considering M&A in the next 6-18 months.14 There are real risks involved in M&A, and it should not
be entered into lightly. A fast-moving deal process
One reason is that there will be more manufacturers with limited information and metrics might have
who have not fared well due to the pandemic and will harmful effects on value realization, organizational and
require infusions of cash or will seek exit strategies. technology operations, and even lead to the inheritance
While some distressed companies will be forced to find of cybersecurity vulnerabilities.
exit strategies, for others—especially ones with strong
balance sheets—there will be real opportunities to make Despite these challenges, M&A is a compelling avenue
targeted, strategic acquisitions that can help them build to acquire new talent, add new capabilities and services/
out desired capabilities, open new revenue streams products, open new markets, and diversify revenue
to important perspective customer bases, or acquire channels and supply chains—all of which could help
technologies and/or talent to further advance their organizations increase resiliency and hedge against an
growth goals. uncertain future.

But the world of M&A moves a little faster than some

manufacturers are used to. Most deals are expected to
close in a matter of weeks. When considering acquiring
CORPORATE TRANSFORMATION:
another company, be aware that deals are often
extremely competitive, especially when they involve
ENSURING THAT DIGITAL
investment bankers courting multiple buyers. This STRATEGIES ARE CHAMPIONED AT
competition can drive the price up, so the business case THE TOP AND COMPANY-WIDE
for the decision must be airtight.

The creative destruction forces of the market have been

There are other considerations, too. Limited access and cranked up to an all-time high. The Volatility Index,
information—especially during COVID-19 when in-person a real-time market index sometimes called the “Fear
meetings and assessments may not be possible—make Index”15 is almost double what it was during the current
the evaluation process more difficult. It’s important crisis than it was at its previous high point in 2008.
to know which metrics, KPIs, and other analytics are

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To survive—let alone thrive—manufacturers must To help our clients succeed with transformational
keep pushing for more innovation, growth, and agility. efforts,16 we recognize that digital technology solutions
Transformation, with digital underpinnings, is required need to be a part of the broader business strategy
to achieve rapid, sustainable, step-change improvement conversation with the senior-most corporate leaders.
in business performance. The focus needs to be on We help our clients bake digital transformation priorities
enterprise-wide value creation efforts that improve into the core, DNA-level of their company so that a
shareholder value, which can include expansion into new commitment to digital enablement and growth are
markets, improving products to meet market demand, diffused throughout the wider culture.
enhancing customer satisfaction, or driving efficiencies
internally. Aligned transformational efforts drive growth We suggest identifying the most critical business
and fuel an organization’s competitive edge. problems facing the company—whether operational,
cultural, or growth challenges. Just as important as
Transformation is a team sport. The types of seismic the problems to be solved, leaders need to be able to
strategic shifts can’t be led just by a small digital or articulate the vision of where they want to go. Without
technology team within a larger organization. Impactful a cohesive vision for the future, few will be successful
and aligned leadership from the CEO, C-suite, and at integrating the digital capabilities, acquiring the
board of directors is required to ensure enterprise value key talent, and implementing the data-driven decision
is realized and that priorities are set top-down and making needed to stay relevant and competitive in a
company-wide. Having a dedicated team managing fast-moving, disruption-prone business environment.
the ongoing enterprise-wide value plan is critical for
sustained transformational results.

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CONCLUSION
It felt like the curveballs would never stop coming last year. But manufacturers have come out on the
other side better positioned to achieve new levels of growth.

There were many new lessons to learn from 2020’s upheaval, but in some ways the turmoil simply
reinforced old, timeless wisdom. While we may not be able to predict the exact events of the future, we
know they’ll be unpredictable. We can plan for that.

Managing uncertainty, building resiliency, adopting targeted transformative technologies, and achieving
new levels of growth are the keys for manufacturers to sustain and succeed in 2021 and beyond.

We are optimistic that manufacturers, prompted to action over the past year by necessity, are ready to
meet the challenges ahead.

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ABOUT WEST MONROE

West Monroe is a national consulting firm that was born in technology but built for business—partnering with companies
in transformative industries to deliver real, measurable results. Technology is who we are, it is not something we bolted on
overnight, and we believe it is one of the greatest enablers of business value. That’s why we work in diverse, multidisciplinary
teams that blend industry expertise with deep operational and technology capabilities to create quantifiable, financial value
for our clients. Our 1,500 employees based in eight offices across the United States also own 100% of our business, so when
you partner with us you know we are committed—because your success is our success. Our undeniably different approach
breeds undeniable results.

Learn more at westmonroe.com

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CONTRIBUTORS
LAURA BRIZGIS DENNIS MCRAE
Senior Manager, Corporate Transformation Senior Director, Consumer & Industrial Products

CALVIN CHENG BRIAN PACULA

Senior Manager, Customer Experience Senior Manager, Operations Excellence

SAM DAWES ALMA RASHID

Senior Manager, Consumer & Industrial Products Senior Consultant, Consumer & Industrial Products

SCOTT FUZER MICHAEL WESELY

Manager, Consumer & Industrial Products
Director, Mergers & Acquisitions

OLIVIA GREV KEVIN WICKLIN

Senior Consultant, Consumer & Industrial Products Senior Principal, Customer Experience

DAVID MCGRAW
Senior Manager, Consumer & Industrial Products

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SOURCES
1. NAM Manufacturers’ Outlook Survey – Third Quarter 2020 https://www.nam.org/wp-content/uploads/2020/09/
NAM-Outlook-Survey-Q3-2020.pdf

2. NAM Manufacturers’ Outlook Survey – Fourth Quarter 2020 https://www.nam.org/wp-content/uploads/2020/12/

NAM-Q4-2020-Manufacturers-Outlook-Survey.pdf

3. West Monroe’s Quarterly Executive Poll – Q1 2021 https://www.westmonroepartners.com/perspectives/report/

quarterly-executive-poll-q1-2021

4. IDC FutureScape: Worldwide Manufacturing 2021 Predictions https://www.idc.com/getdoc.

jsp?containerId=US46912620

5. Mesirow: Industry Outlook (August 2020) https://www.mesirow.com/sites/default/files/PDFs/Investment%20

Banking/Insights/Technology/Technology%20E-commerce%20Sector%20Overview_080320.pdf

6. A pandemic digital silver lining: Companies digitized many activities 20 to 25 times faster during COVID-19 https://
www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-the-path-to-the-next-normal/
a-pandemic-digital-silver-lining-companies-digitized-many-activities-20-to-25-times-faster-during-covid-19

7. Survey: Industrial IoT deployment thriving https://www.zdnet.com/article/survey-industrial-iot-deployment-thriving/

8. Industry 4.0: A realistic approach for practical times https://www.westmonroepartners.com/perspectives/point-of-

view/manufacturing-industry-4-realistic-approach-practical-times

9. Start small, finish big: How manufacturers can obtain actionable insights from their data https://www.
westmonroepartners.com/perspectives/point-of-view/small-start-big-finish-how-manufacturers-can-obtain-
actionable-insights-from-their-data

10. Michelin: Tires-as-a-Service https://digital.hbs.edu/platform-rctom/submission/michelin-tires-as-a-service/

11. NetDiligence – Cyber Claims Study 2020 Report https://netdiligence.com/wp-content/uploads/2020/11/

NetD_2020_Claims_Study_1.1.pdf

12. The cyber resiliency mandate: Preventing business disruption in an age of cyberattacks https://www.
westmonroepartners.com/perspectives/point-of-view/the-cyber-resiliency-mandate

13. Hadoop Is Data’s Darling For A Reason https://go.forrester.com/blogs/hadoop-is-datas-darling-for-a-reason/

14. West Monroe’s Quarterly Executive Poll – Q4 2020 https://www.westmonroepartners.com/perspectives/report/c-

suite-poll-outlook-q4-2020-post-covid-economy

15. Chart of Wall Street’s ‘fear’ index in 2020 illustrates how unhinged stock markets have been over coronavirus
compared to the 2008 crisis https://www.marketwatch.com/story/this-chart-of-the-stock-markets-fear-index-in-
2020-illustrates-how-unhinged-markets-have-been-over-coronavirus-compared-to-the-2008-crisis-2020-03-10

16. West Monroe - Corporate Transformation Services https://www.westmonroepartners.com/services/corporate-

transformation

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