Manufacturing Technology And Its Impact On Growth
Randy Wolken, President & CEO
The National Association of Manufacturers (NAM) has launched the Manufacturing Leadership Council (MLC) to bring together business leaders to assess and respond to changes in the manufacturing environment. And these conditions have only accelerated. The MLC’s mission is to help senior executives define and shape a better future for themselves, their organizations, and the industry. It does so by focusing on the intersection of critical business and technology issues that drive growth today and into the future. Insights from this effort are worth exploring.
A new MLC survey reveals that accelerated technology adoption continues. Manufacturers are rapidly deploying transformative technologies to reshape how work gets done. In fact, at the end of 2021, the Transformative Technologies in Manufacturing Survey revealed that the pandemic had accelerated information and operational technologies. Some 51% of respondents in 2021 said they expected to accelerate spending on IT and Operational Technologies. If COVID-19 was the accelerant, the post-pandemic world is now fully ablaze. This year, a whopping 89% of respondents said they expect their company’s rate of adoption of Manufacturing 4.0 technologies to increase over the next two years. Not a single respondent expects that adoption will decelerate.
We also learned that 83% of respondents say reducing costs and improving operational efficiency are their most important reasons for pursuing Manufacturing 4.0 technologies. So, in late 2021, the Manufacturing Leadership Council launched the Manufacturing in 2030 Project to address manufacturing needs. This effort is a comprehensive examination of the factors that will influence the industry up to 2030 and beyond. The latest milestone in this sweeping project is the release of The Next Phase of Digital Evolution. This groundbreaking white paper examines global megatrends like population, the economy, sustainability demands, and technology development. These trends will impact business decisions and are essential for manufacturing competitiveness.
This is all very important to MACNY members as they adjust and look to thrive in the years ahead. At MACNY, we are here to help you learn about these evolving trends so you can respond and grow. We are in an exciting period of manufacturing and technology growth in our communities and throughout New York State. Please let us know how we can help you be even more successful, given the developments in manufacturing technology and changing markets.