Of the 210 senior executives in the industry questioned, 72% also stated that leaders insist on convoluted processes and controls. Even more worrying is that only 33% can say that in the past two years their business has used innovation to seize an opportunity before their competitors.
And yet the research shows that the industry is fully aware of the major disruption it faces; with 54% of respondents saying that they could go out of business in a few years if they cannot demonstrate their sustainability credentials.
The research and resulting report, put together by FT company Longitude, states that many manufacturers in the industry need to urgently address their attitude to risk.
Commenting on the report Peter Richards Commercial Director at Protolabs says: “For an industry that is known for innovation, the results are perhaps surprising. At a time of significant disruption, manufacturers need to address their attitude to risk because business as normal is no longer enough.
“It also means that product managers and design engineers need to de-risk innovation to help their senior team make faster decisions. One solution is rapid prototyping to enable testing in both small and medium volumes. When you can get parts in as little time as a day this has to be an option.
“Information about form, fit, functionality and from market testing can help provide more certainty, but ultimately you still need to commit.”
The report, which includes commentary from businesses who have found ways to accelerate their innovation, can be downloaded here.
