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Six Strategies for Success in Manufacturing

Posted 6:04 PM by

The Indiana Manufacturing Extension Partnership and the American Small Manufacturers Coalition have recently released the 2011 Next Generation Manufacturing Study. The study found that the following six "forward-looking" strategies would help to drive the survival and growth of manufacturing through the 21st century:

  • Customer-Focused Innovation: Manufactures will need to figure out how to produce and market new products that are deemed by their customers at a faster pace then their competitors.
  • Actively Engaged Personnel: Manufactures will need to figure out ways to recruit, develop, and retain top level talent to create a competitive advantage over their competitors.
  • Annual Productivity and Quality Gains: Manufacturers will need to be able to improve the manufacturing production process at a pace above and beyond their competitors through company-wide initiatives.
  • Supply-chain management: Manufactures will have to develop and manager their supply chains (possibly through partnerships) to be able to improve flexibility, response time, and delivery performance at a rate that exceeds their competitors.
  • Sustainability: Manufactures are facing increased pressure from their own customers to improver their sustainability efforts.  Improvement in this area could create opportunities if it exceeds that of a competitor.
  • Globalization: Manufactures need to be willing to look at their business on a global level and see what time of partnerships can be entered into global to create competitive advantages.

Additional information on each of the six strategic areas and how they can improve manufacturing profitability and growth can be found in the full report.

About the Author
Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group. Justin works with clients to help ensure accurate financial reporting, keeping an eye on their bottom line, helping them avoid risk and maximize efficiencies. Connect with him on LinkedIn.

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