It’s been an amazing year, full of ups and downs, and 2012 will probably be an even wilder ride. I’ll end this year on a high note, and I’ll let you know what you can do to prepare for whatever lies ahead.
What Manufacturing Technology Is
I recently read in a Quality Magazine article that manufacturing technology orders have grown immensely over the past year. They were up 80.5 percent in October compared to 2010, reaching $4.53 billion.
You might be wondering what “manufacturing technology” is. I wondered the same thing when I first read this article, so I’ll just take a minute to define it so we’re on the same page. Manufacturing technology is anything that helps the manufacturing process run smoothly. It’s not the actual products that a manufacturer builds; it’s made up of supporting hardware (like drills, wheels and other tools) and software (like automated systems and manufacturing inventory software).
What It Means
This huge increase in spending on manufacturing technology is a good sign for the future of the manufacturing industry. It means manufacturers recognize that they need to be more efficient if they want to stay competitive.
Of course, I should note that companies have a strong tax incentive to purchase new technology for their operations before the end of the year. So these decisions to buy are probably based not just on a long-term perspective, but a short-term gain, as well. This will likely lead to slower sales in early 2012, as the article notes. But still, the end result is manufacturers have more advanced tools they need to overcome challenges and be more profitable.
What’s Most Important
While it’s essential to get tools to help in your business, the most important manufacturing technology that you should invest in is manufacturing inventory software. For example, Fishbowl Manufacturing can help you coordinate your production processes, balance your inventory levels, lower costs, and much more. Find out all of the ways Fishbowl Manufacturing can help your business by clicking the link above.
And have a happy New Year!