Collaborative engineering tools are transformational for many organizations. In addition to reducing time to market, they reduce cost, eliminate errors, and create an environment of information sharing that is resulting in better products. The future will not only see greater improvements in cycle times but will also see a greater expansion of data analytics tools and larger teams to include suppliers and others in the organization, having an overall impact on the bottom line.
In spite of the tumult of a reawakening global economy whose U.S. benefits were constrained by escalating political uncertainty, two destructive hurricanes, and an alarming confrontation with North Korea, U.S. manufacturing managed a rather bland but steady growth performance during 2017. The Federal Reserve reported that after two difficult years of essentially zero output gains, growth in the factory sector logged 1.3% during 2017.
At a time where there is too often a commonly held belief that U.S. manufacturing is in decline and is a poor career choice, the Daniel Meckstroth Award for Excellence in Manufacturing Research aims to showcase the value and improve the competitiveness of American manufacturing through original economic research. MAPI is proud to co-present the winners, Kevin L. Kliesen and John A. Tatom, with the inaugural award for their original research titled,"Is American Manufacturing in Decline?”.
Recent turbulence in the stock market is a wake-up call to manufacturers, and to all businesses. The measurable rise in the yield on the 10-year Treasury note, now at the highest level in four years, has arguably been the primary catalyst for the equity market rout. This rise spurred to some extent by credible hints that long-dormant inflation might be on the cusp of increasing, has been a signal that financial conditions will eventually, and perhaps quickly, tighten to more normal levels.
Corporate Affairs, Corporate Communications, Global Economy, Competitiveness, Leadership, Human Resources
The intersection of the opioid crisis and manufacturing is poised to be a drag on U.S. competitiveness. Each addict and overdose death is one less non-disabled adult in the labor market, but the undermining power of the drug crisis also hits manufacturing’s existing workforce too. Nearly one in 20 employees will misuse opioid prescriptions in some way this year, and this makes them susceptible to addiction.
The 2016 Panama Canal expansion added a third set of locks while doubling its shipping capacity. With the physical enlargement came a new transit booking system and a slot auction. Both addressed bottlenecks by shortening wait times at peak seasons. In its first fiscal year of operation, the number of ships rose 3.3% while total tonnage increased 22%. This singlehandedly stemmed from the new maximum size of Panama vessels that can transit. As expected, the expansion resulted in some diversion of traffic, higher demand for passage, and new investment in ports – primarily on the East Coast – to accommodate larger ships. The greatest potential impact for manufacturing companies will be on trucking capacity.
In October, MAPI held its most attended webinar of the year: Transfer Pricing & Customs Valuation. In today’s cross-border business environment, transfer pricing and U.S. Customs valuation are integral, and companies must have a clear understanding of the unique requirements of each to the business.
In an increasingly digital world, surrounded by connected devices, manufacturers are recognizing the necessity and benefits of moving from a linear supply chain model to a flexible, digital supply network (DSN). DSNs integrate data and information from the various sources that contribute to the production and distribution of manufactured goods. This data is available instantaneously, allowing manufacturers to make quick decisions and adapt to changing market needs. Additionally, DSNs reduce product costs, increase profitability, and improve quality. With wide-ranging benefits, one would expect that a majority of manufacturers have implemented DSNs. However, according to a survey conducted by MAPI and Deloitte, only 28% of respondents have started implementing DSN solutions.
One of the biggest challenges that CEOs face is developing next-generation leaders. If you have top talent, you must be able to identify them, invest in their development, and challenge them to keep them. In this article, we outline the skills that make a great leader in today’s complex and rapidly changing business environment and tactics companies can employ to make and shape their future leaders and create a sustainable leadership pipeline.
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