Poll: How U.S. CEOs Are Modernizing the Industry

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in industry. Sign up here to get the day’s top stories delivered straight to your inbox. American CEOs are committed to reshoring their operations in the coming years, according to a Xometry poll in collaboration with John Zogby Strategies and Forbes released last week. In fact, the “Building American Manufacturing Resilience” poll indcates that 95% of respondents planning to reshore intend to initiate the process this year. “CEOs recognize that tapping into America’s vast manufacturing infrastructure can help solve most of the world’s supply chain problems,” stated Xometry CEO Randy Altschuler. To support these reshoring endeavors, many American CEOs are investing heavily in leading-edge technologies, such as automation, digital workflow tools, and robotic solutions. The culmination of these investments is fueling an unprecedented push toward modernization that is poised to reshape the U.S. manufacturing industry. Highlights of the “Builidng American Manufacture Resilience” poll include: 64% of CEOs believe that America’s manufacturing industry can resolve global supply chain concerns. 55% of American CEOs whose companies rely on manufacturing services plan to reshore their operations, with the majority ー 95% ー intending to start this year. Over 70% of CEOs are investing in digital workflows, R&D, and automation. More than half of CEOs are investing in artificial intelligence (AI) technologies. The poll gathered views from CEOs and decision-makers leading more than 150 companies across the United States. The push for reshoring comes as leaders seek to guard against another major supply chain disruption like the one experienced during COVID-19. During the turbulent events of the last several years, countless businesses discovered that their existing supply chain processes were not nearly as resilient as previously imagined. The majority of American leaders ー 89% ー suspect that recent supply chain disruptions won’t subside quickly. However, only 4.7% of American CEOs polled said, “we’re still in darkness.” Most ー 95% ー indicate that they’re optimistic, with 60% agreeing that the “future is bright.” And about two-thirds believe the U.S. has enough manufacturing capacity to address global supply chain issues. “Major legislation, like the CHIPS and Science Act, the Inflation Reduction Act, and the Infrastructure law helped buoy reshoring in 2022, and we expect that trend to accelerate in 2023 as companies further build supply chain resilience,” stated Altschuler. As CEOs and their companies ramp up their reshoring efforts in 2023, Xometry (NASDAQ: XMTR) will play a critical role in the reimagining and modernization of the supply chain. Xometry’s unique marketplace connects manufacturers with enterprise buyers. Its AI-powered quote engine can provide decision-makers with near-instant pricing data so that they can capitalize on modernization opportunities and boost supply chain resilience. Image Credit: Blue Planet Studio / Shutterstock.com More from Industry Trends

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