Today, Aprio, LLP, the No. 1 Fastest-Growing Accounting Firm in the U.S., released its inaugural U.S. National Manufacturing Survey, designed to help manufacturers navigate their futures and chart their growth. In its first national survey, Aprio sheds light on key areas of growth for manufacturing which included operational excellence, digitization and cybersecurity.
According to Statista, the manufacturing industry has been one of the most targeted sectors of cyber criminals, resulting in around 250 data violation incidents in 2022 in the United States alone. While Aprio’s report revealed that nearly two-thirds of manufacturers experienced unauthorized access to their companies’ networks and data in the past year and 18% report five or more breaches, manufacturers are largely ignoring cybersecurity best practices. For example, fewer than half of companies surveyed report having a cybersecurity policy and only 36% have enhanced IT security.
Alongside releasing the survey, Aprio is also offering proprietary benchmark assessments to customers and prospects who can receive a custom report tailored to their specific needs and situation.
“At Aprio, we have always had a vested interest in the manufacturing industry and recognize its direct impact on the economy,” said Richard Kopelman, CEO of Aprio. “We designed this survey to help support manufacturers and encourage continued growth in all areas of the industry. While these findings are a great first step, we are excited to also bring proprietary benchmark assessments to our clients and the manufacturing industry that will be customized to each company’s needs.”
Additional key findings included:
Only 24% of surveyed companies are embracing AI: Industry 4.0 technologies are being underutilized by manufacturers. Manufacturers can leverage digital tools to achieve competitive advantage by sharing information across functions and with supply-chain partners to improve productivity and respond in real-time to operational problems. But most companies are not utilizing this – in fact, 39% of surveyed manufacturers are using 5G networks and only 21% are using edge computing.
Surveyed companies averaged just 81% for on-time deliveries — and only 34% of firms achieved 90% or better: Operational costs rose at 65% of surveyed firms in the past year and improved operations would help control these costs. That said, best practices for operational excellence are ignored by many manufacturers with only 39% embracing a performance management system and 30% practicing standardized work.
“Aprio has been a long-time supporter of Next Generation Manufacturing (NGM) and we share a passion for driving innovation and growth within the industry,” said Regina Maddox, Executive Director at Next Generation Manufacturing. “At NGM, we connect manufacturers with the resources they need to share best practices while providing industry leaders with valuable networking opportunities. We are excited to be able to share these insightful findings with our manufacturing community.”
To learn more about the findings of the report and receive an assessment, visit www.aprio.com.
Aprio is a premier, full-service business advisory and certified public accounting firm that advises clients and associates on how to achieve what’s next. Aprio’s associates work as integrated teams across advisory, audit, tax, outsourcing, talent solutions and private client services, bringing the best thinking and personal commitment to each client. Across practices, Aprio brings together proven expertise, deep understanding and strategic foresight for industries including Manufacturing and Distribution; Non-Profit and Education; Professional Services; Real Estate; Construction; Retail, Franchise and Hospitality; Government Contracting, and Technology and Blockchain. Headquartered in Atlanta, Georgia, Aprio has grown to over 1,800 team members. To serve clients wherever life or business may take them, Aprio’s teams speak more than 35 languages and work with clients in over 50 countries.