The world has been discussing the impending recession for months. One could argue that the U.S. will almost certainly enter a recession, and Europe will also enter one soon. As winter approaches, oil and gas prices have once again begun to rise, and electric utilities are promising to do the same. Additionally, the U.S. job market continues to be strong for the job seeker, and the dollar has noticeably strengthened over the course of 2022.카지노사이트
The manufacturing sector continues to chug forward in this mix of economic indicators, seemingly impervious to the negativity often discussed and anticipated. The term “Titanium Economy,” coined in a recent book by Asutosh Padhi, Gaurav Batra and Nick Santhanam, refers to the phenomenon of how the manufacturing sector is bucking its long-held reputation as the place where innovation went to sleep. In fact, as the book’s description points out, manufacturing has recently been made up of “the fastest-growing, most profitable companies in the United States. These booming companies belong to a burgeoning sector—industrial tech—that offers surprising hope to workers, consumers and investors alike.”
Through 2022, the manufacturing sector has only slowed modestly, and it is accelerating in some areas. Chip manufacturers, responding to the shortages of 2020 and 2021, have now found themselves with an oversupply. While on one hand, this overstock situation speaks to the supply chain disruptions that have occurred since the start of the pandemic, it also points to the inherent robustness in the manufacturing sector, where useful, necessary things are consistently being made and shipped.
What can be done to support this Titanium Economy, and how can automation keep manufacturing jobs in place and processes moving forward? Here are three ways.
- Acknowledge the tech in manufacturing as part of its success story.
Digital transformation is the growth engine for the 21st century. Where it makes business sense, organizations that adopt technology to make business processes work faster and more seamlessly while freeing up the current workforce to do more meaningful work will benefit greatly.
The result is a workforce that is more engaged and happier about the work that they do, while businesses increase product output, lower operating costs and, in some instances, even improve worker safety by embracing technology. It may include a learning curve for some generations of workers, but it is those manufacturing sector businesses that have embraced tech to optimize the workspace are the ones that will thrive in uncertain economic times.
- Make things while optimizing the processes that make those things.
The more that a business automates repetitive tasks and processes, the more efficient that business will become.
As we look toward the manufacturing sector to create needed products, diversify its workforce and survive turbulent times, automation provides a clear benefit in increasing accountability and insight into the efficiency of business processes. For instance, human error can be accounted for and remediated swiftly. Business process efficiency improves when insight is gained from data provided by these solutions. You can have a record of what was completed and insights into what’s going right with the business and what could be optimized to ensure it keeps making things and processing orders efficiently.
- Pick, pack and ship products faster.
Creating and moving product is the bread and butter of manufacturing. It is imperative to ensure that the end-to-end processes that get products out the door—while keeping the lights on and jobs intact—continue to develop.바카라사이트
Rethinking where and how to source the raw materials for products has been taking place since the onset of the pandemic. While the process has already started taking place, companies must continue restructuring the routes where they source core products, such as by finding needed resources closer to home and making certain they have new ways to acquire needed raw materials. Diversifying a business list of suppliers is always a good way to ensure a consistent pipeline of materials from ethical and reliable sources.
The entire manufacturing, technology and business sectors are still in the midst of a waiting game. We continue to discuss where the economy has been and where it is likely headed. We do our best to sort through the mixed business signals of the moment to make the best choices regarding our employees, customers and supply chains. In order to do so, we must continue to look at recent success stories, and the success of manufacturers in the “titanium economy” is a good place to start this investigation.온라인카지노