The future success of the manufacturing industry depends on four key points: new technologies, business innovation, advocacy and sustainability. Consulting firm Frost & Sullivan recently released a new Critical Issues Agenda, which outlines how these four key points will influence manufacturing success in the future.
The first key to manufacturing success is to embrace technological innovations. Technologies such as 3D printing are likely to revolutionize production, enabling greater automation in factories. Utilising 3D printing could also make small production runs more cost-effective. In general, new technologies can change the way businesses communicate with consumers and the way the supply chain is organized. Manufacturing success depends upon embracing these technologies.
While many companies embrace technological innovations, manufacturing success also depends on them changing the way they interact with customers. Product development is evolving to include more input from customers. Crowdsourcing is already becoming an important way for customers to influence product development, a trend which is likely to increase in the future. Internal business cultures also need to continue to evolve to embrace the diversity of the new workforce.
The Frost & Sullivan report points out that it's not enough for the manufacturing industry to change the way it operates; it's also necessary to work towards changing attitudes in wider society. Far from being in decline, the manufacturing industry is actually vital for the economic success of the nation as a whole. As well as providing manufacturing jobs, a strong manufacturing sector increases Gross Domestic Product and drives economic growth.
The final key point for manufacturing success is sustainability. With environmental concerns growing and fuel prices rising, manufacturers are becoming increasingly aware of the need to reduce their energy consumption. In addition, a growing body of regulations requires manufacturing companies to reduce the amount of waste they produce. Recycling and innovations in production technologies could reduce the amount of resources that manufacturing companies use and minimize the amount of waste produced. In addition to reducing costs and helping companies to meet new environmental regulations, having a focus on reducing energy usage, resource consumption and the amount of waste produced can boost a brand's reputation among the increasingly environmentally conscious public.
Manufacturing in the United States still has some hurdles to overcome to reboot its growth. The recovery of the manufacturing sector will not happen overnight; but, if companies focus on the four key points, then the future for both manufacturing jobs and the firms which create them could be very bright.
The four key points for manufacturing success are technology, advocacy, sustainability, and a change in business culture. Frost & Sullivan's Critical Issues Agenda describes how businesses can take these four key points on board and use them to improve their chances of success.
(Photo courtesy of khunaspix at FreeDigitalPhotos.net)
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