Research data from Oxford Economics shows that more than half of mid-size companies and their leaders see sustainability as crucial for meeting consumer demand, according to a report from Forbes. These initiatives can also empower these manufacturers to pursue new opportunities and growth as the economy continues to recover from the impacts of COVID-19. At the same time, consumers have only grown more loyal to industrial manufacturers with strong messaging around these pursuits.
Beyond the public relations benefits of making wellness and sustainability practices visible to customers, as well as the optics of being associated with business partners with similar practices, the companies surveyed indicated that they are increasing transparency across the supply chain.
One example of a company making such changes, the article points out, is Carrier Global Corporation, which reimagined its heating, ventilation, and air-conditioning services and moved to a cloud-based ERP that reorganized finance and operations to support a more flexible sales structure.
Now, as other companies play catch-up, industrial manufacturers face pressure to prove proper recycling practices for products, equipment, and packaging, while also working with like-minded suppliers, all in an effort to reduce their footprint. Moving many operations to a digital sphere is just one evolution of industrial manufacturing accelerated by the pandemic, but now, it seems, consumers are asking corporations of various sizes to answer for much more.