How effectively are you marketing your manufacturing business? How are you integrating marketing principles into your business strategy to not only keep existing customers walking through the door, but attract new ones as well? Are you marketing your business at all?
Previously, IMPO has covered the reshoring and nearshoring trends that are bringing jobs back to the U.S. and bordering countries. These trends are prevalent in the manufacturing production sector, as companies are finding the increasing costs of doing business abroad a deterrent to outsourcing. But according to the Information Services Group (ISG), this trend is not the same for engineering services.
Just-in-time (JIT) deliveries, little to no inventory, outsourcing, sole sourcing — all of these “lean” concepts have been at the heart of operations management for years now. But more and more companies are starting to ask themselves a simple question; Just how lean do we really want to be?
The initiative, with 22 backers in the Senate, all Democrats, wants to bring new legislation to Congress and the President that will help American manufacturers grow and hire new employees, while also assisting in training a workforce capable of working those jobs.
3D printing took another leap forward when Michigan Technological University scientists invented a 3D metal printer available at a relatively affordable price. While the machine is still a work in progress, it opens up the possibility of 3D metal printing for medium and small businesses, and even dedicated hobbyists. Here are some possible pros and cons that result from affordable, open-source 3D metal printers.
The rising cost of energy has forced many manufacturers to focus their sights on innovative ways to optimize energy consumption and improve operational efficiency in their manufacturing, product lines, distribution, and administrative operations.
Could 3D printing revolutionize the production industry to the same extent as Ford's assembly line? When Michelangelo was asked how he sculpted the famous David statue, he's reported to have simply replied, "I just chipped away everything that didn't look like David." Three-dimensional printing takes the opposite approach.
Food safety. Quality standards. Yield management. Waste control. Cost containment. The list goes on. With so many competing requirements, manufacturers’ need for more timely and accurate process data is accelerating both the interest and demand for Manufacturing Information Systems.
The modern energy marketplace is changing. Annual non-renewable energy expenditures for the industrial sector have been projected to grow from approximately $206 billion in 2010 to $584 billion in 2040. Thus manufacturers find themselves with increased bargaining power that can lead to larger savings.
An in-depth post-mortem can actually increase confidence in a business and encourage more trust. Everyone and every business makes mistakes, and often, what separates a successful one from a failed one is the way in which they respond to the unexpected. Proving that your company can do just that should be a matter of pride, not shame.
Every January, companies make predictions about the year ahead and what trends they should expect. Bobby Bono, the U.S. industrial manufacturing leader at PwC, has assembled a list of trends he is predicting for the manufacturing sector moving forward.
Resource optimization software can not only help to adapt more efficiently to these resource constraints, but it can also minimize idle time, anticipate parts shortages, free up labor and equipment to be shifted among tasks, and otherwise get the most out of your labor and capital.
When you consider some of the challenges that manufacturers face across industries today — they’re unprecedented. The pressures of global supply and demand dynamics, supply chain complexities, disparate production locations and systems, regulations, and other factors have forced manufacturers to reevaluate operations and optimize them everywhere possible in order to remain competitive and profitable.
With 90 percent of the world’s data created in the last two years, what can we expect our data vaults to hold two or even twenty years from now? Companies who are hiring data scientists with the hopes of harnessing big data and data analytics' mythical promises are potentially making a huge mistake.
In an electronics market that has seen relatively flat performance over the last several years, there continue to be a number of areas where distributors can differentiate and find growth. One of the ongoing challenges within the market is the rapidity of demand swings, increasing frequency of orders and diminishing average order sizes.
Power is the lifeblood of manufacturing. However, the integration of sensitive electronics into most logic assemblies has made the circuitry (and therefore productivity) of the equipment that drives industrial automation much more susceptible to power quality fluctuations.
The private equity game was once focused on buying and selling a company as quickly as possible. But the industry has evolved to focus more on engineering companies’ supply chains to build profit and value.
Metalform manufactures American-made magazines for the 1911 pistol to brands like Colt, Smith & Wesson, and Kimber. Over the past few years the company has experienced amazing expansion, with forty percent growth in their business.
Here's some food for thought when it comes to evaluating and improving logistics in your enterprise: Whatever else you do in 2014, make it a priority to dump the tribal knowledge you might be using to make mission-critical decisions. Instead, substitute the facts.
Chrysler has technically been “foreign-owned” since July 2011, but the recent deal makes it all the more real: Chrysler might be an American-headquartered company, but it’s also a fully-owned subsidiary of an Italian company. That’s an important distinction, one that means Chrysler simply isn’t in the same playing field as Ford and GM, no matter each of their origins.