SS855 2PAA125624R1 The annual report details the evolution of the automotive industry, with a focus on how emerging technologies can be used to mitigate risk, promote growth, and maximize the potential of employees. Automakers are acutely aware of the industry changes in the era of Industry 4.0, especially as the cost of system downtime due to cyber attacks reached $1.99 billion in the first half of 2023 alone.
Key findings from the global survey include:
Cybersecurity risks are listed as the top external challenge for automakers in 2024, while the risk ranks ninth in 2023.
97% of automakers are using or evaluating smart manufacturing technologies, up from 85% in 2023.
Technology investment increased 35% year-over-year, from 23% to 31% of the operating budget.
Wearable technology is listed as one of the top 10 investment areaSS855 2PAA125624R1 s for automakers in 2024, ranking third overall.
Employee engagement is the biggest workforce-related challenge facing automakers in 2024.
Reducing production waste is the most important element of the car manufacturer’s ESG (Environmental, Social and Governance) program.
James Glasson, vice president, Global Industry – Automotive, Tire and Advanced Mobility, Rockwell Automation, said: “The automotive industry is in a period of rapid transformation, and setting clear goals and fostering cross-functional collaboration are both key factors and challenges to success. This year’s report highlights the urgent need for automakers to prioritize organizational change management and adopt technologies that can improve the workforce.”
To this end, automotive manufacturers focus their strategies on workforce stability, workforce levels and employee engagement, and technologies such as smart manufacturing and automation help complement and enhance the value that employees bring, thus becoming key drivers of positive business outcomes.
“Rockwell Automation is positioned to be a trusted advisor in the global automotive industry,” Glasson said.SS855 2PAA125624R1 This unique position is underpinned by our deep industry expertise, comprehensive portfolio of industry solutions, and extensive PartnerNetwork™ partner ecosystem. No matter what stage companies are at in digital transformation and smart manufacturing, we can meet their needs and help them achieve sustainable growth.”
