Are You Prepared For What’s Next?
Randy Wolken, President & CEO

We are over two years past the dramatic worldwide spread of COVID-19. However, COVID has not left us, and we are learning to live with it. So much has changed. And even more change is ahead. Are you prepared for it? Now is the time to prepare both professionally and personally.

From my vantage point, I have seen an acceleration of trends in place since well before the pandemic. Industry 4.0 and its technologies are being implemented at a rapid rate. COVID-19 greatly expedited digital transformations within organizations. We all continue to see entire industry sectors impacted, such as health care, hospitality, and retail. There is a critical shortage of employees, especially in critical sectors, such as technology and manufacturing. We are also experiencing high inflation levels, disrupted global supply chains, a war in Europe, and tension in the Far East with China. These are just a few of the changes that will shape our future.

At MACNY, we get to see first-hand how much change there has been in our world. Luckily, services like ours can now be offered virtually, hybrid, and in person. As a result, MACNY has dramatically increased our services and reach through this digital transformation. Like many service providers, COVID-19 has forever changed how we do business.

Our technology and manufacturing members have also seen significant changes in their ecosystems. This will only continue at faster rates in the future. The rapid adaptation of Industry 4.0 technologies such as additive manufacturing, robotics, artificial intelligence (AI), 5G, augmented reality (AR), data analytics, self-driving vehicles, and many other technologies will continue to change manufacturing as we know it.

This month, many manufacturers began feeling the economic impacts of rapid inflation, increases in borrowing costs, and stressed supply chains. We have also witnessed some signs of a recession. This was reflected in the most recent Empire Survey of the Federal Reserve Bank.. Whether or not we will experience a full-blown recession in the US or globally is yet to be seen. Although, preparing and making necessary changes has become a much higher priority for so many companies.

Now is an excellent time to take stock and identify what has changed in your world and what will only continue to do so. Also, what has changed in your personal and professional life that is not likely to go back once the current period is behind us? Finally, what are you prepared to do to adjust to the changes? Asking ourselves questions is the first step to taking concrete action.

We all need a plan to thrive in the time ahead. To plan accordingly, we need to see what is transpiring and take action. I am very interested in your insights into what’s ahead. Please share them with me and others on our team. We remain committed to helping you thrive despite the challenges ahead.