Industry Insight

In its 2020 survey covering companies’ priorities and challenges related to cybersecurity, advanced technologies, succession planning, and trade developments, technology company Sikich finds:

• 50% of manufacturing and distribution executives say they experienced a cyberattack in the past year, but most haven’t taken important cybersecurity prevention measures.
• 40% say they perform data breach prevention, such as penetration testing, phishing exercises, and assessing vendors’ data security efforts.
• 50% say their companies experienced cyberattacks during the past 12 months.
• 86% say their companies use cloud storage and solutions.
• 60% say they use forecasting software, data-driven customer service technologies, advanced analytical tools, and the Internet of Things.
• 50% use robotics, robotic process automation, and 3D-printing/additive manufacturing, and 39% use blockchain and augmented virtual reality.
• 74% say they have a succession plan, up from 60% in 2019. However, 37% say it has been three or more years since they had their businesses valued.
• 54% say talent retention is the biggest challenge they face related to succession.
• 65% say they believe the United States-Mexico-Canada Agreement will benefit their business, even as trade uncertainty persists.