US Manufacturing Evolves In Changing Economy
US manufacturing companies have had to adapt and innovate as the economy continually changes. Technology innovation and knowing your target audience is important to the success of companies evolving in today’s market. With the resurgence of US manufacturing, there is great potential for small manufacturers to become leaders in the industry. Connecting the key components and executing the process for innovation will prove challenging for small companies who lack unlimited funds for creative advertising, development and technology needed to propel growth and success.
Just this month the Executive Office of the President and the U.S. Department of Commerce put together a plan to help small US manufacturing companies strengthen their supply chains. The plan consists of strengthening supply chains and networking connections so technology and education are accessible. To strengthen a supply chain requires time and cost. In a competitive market these upgrades and innovations will improve quality, time, efficiency and cost. Balancing these is important to stay on top of the competitive market.
To implement these changes it is necessary to have a team that works together. A strong leader will oversee the stability of the business now and ensure the future of the business. Flexibility and continual improvement in technology and products will give a company a cutting edge. In an ever changing market it is essential to know what will drive your business into the future. Two vital factors according to the 2015 Manufacturing and Distribution Outlook Survey are, “the ability to make connections to the growth and financial engines.” Identifying your target audience and what their needs are will help foster those connections and develop long term growth.
High quality products and innovation will stand out against high output but low cost products. Today more US manufactures are investing in advanced technology and increasing innovative processes to give their companies the competitive edge needed in today’s market. Today’s manufacturing is no longer focused solely on how much product can be produced quickly for the lowest cost possible. Companies who make these investments will find themselves as leaders in the US manufacturing resurgence.