Is the manufacturing industry in trouble or embarking on a new renaissance?
It is a question that the manufacturing industry is facing, especially those mid-size companies that account for a third of private sector employment and provide the lion’s share of economic growth.
According to Jeff French
, National Managing Partner, Consumer and Industrial Products, the manufacturing industry is not in crisis, but instead focused on innovation. He explained in a recent podcast in recognition of Manufacturing Day on October 6, 2017 that “Manufacturing companies are doing things to improve operations. Innovation is happening not only with products but also on the shop floor.”
Indeed, the manufacturing industry is making a concerted effort to transition to a smarter, more efficient and more innovative future. Before it can do so, however, it must address several key challenges including:
The impact of technology: Increasingly, manufacturers are looking for ways to leverage new technologies, including automation, to improve operations and efficiencies. As a result, manufacturers are looking outside of its own industry to new ideas that lead to innovation and growth.
Innovation: Whether it’s improving the quality and variety in product offerings to meet increasing customer needs, transitioning to smart technologies or changing up shop floor operations, innovation is top of mind for today’s manufacturers.
Regulations and protectionism: Growing regulatory, tax and political uncertainty, combined with the rise of protectionism are top barriers between manufacturers and their growth ambitions, as cited in the Grant Thornton survey.
Listen to the podcast below to learn what lies ahead for the changing manufacturing industry. Thomas Stewart, Executive Director of the National Center for the Middle Market, leads this engaging conversation about the state of manufacturing with Jeff French, Grant Thornton National Managing Partner, Consumer and Industrial Products and CFO John Wilson and CMO Joe Dachowicz, both of Overhead Door Corporation.
National Managing Partner, Consumer and Industrial Products
T +1 920 968 6710