Understanding The Impact of Manufacturing
Million U.S. Jobs
Manufacturing is part of the very fabric of our country, helping to grow the economy by generating productivity, stimulating research and development, and investing in the future. Manufacturing has a positive effect on “personal” economics as well. Manufacturing employees make 20% more than the average wage. Some of the greatest minds throughout history have made their mark in the world of manufacturing through their inventions and solutions to finding “a better way.”
The development of technology, Industry 4.0 is changing the way businesses function and, by extension, the stakes by which they are forced to compete.
Because of this, businesses have been forced to choose where to invest in these new technologies and identify which ones might best meet their needs.
Industry 4.0 is the current industrial transformation with automation, data exchanges, cloud, cyber-physical systems, robots, Big Data, AI, IoT and (semi-)autonomous industrial techniques to realize smart industry and manufacturing goals in the intersection of people, new technologies and innovation.
Smart Manufacturing is the ability to solve existing and future problems via an open infrastructure that allows solutions to be implemented at the speed of business while creating advantaged value.
Smart Manufacturing is being predicted as the next Industrial Revolution. And, as with many other advances throughout recent years, it all has to do with technology connectivity and the unprecedented access to and contextualization of data.
Tech Fueled Game Changers:
Value of Midsize Manufacturing:
midsize companies can create tremendous value—in fact, growth rates of 15% to 20% per year, over the short term—by focusing on the untapped potential of seemingly mature businesses. Such an approach not only offers tremendous possible payback but also poses few of the risks associated with pursuing chancy acquisitions, untested ventures, or radical new strategies. While most of our experience has been with manufacturing companies, our method for setting strategic priorities can be useful to other midsize businesses, including those in service industries. That’s because whatever the industry, most companies with revenue of less than, say, $750 million don’t have the financial or human resources to do everything at once.