Happy New Year! Another year begins with the confidence that the manufacturing sector will continue to recover from the crash of 2008-2009 that continued its unrelenting grip well into 2010. There is little doubt that the face of industry in North America and around the world has changed but is it really on the rebound?
I am of the opinion that the manufacturing sector will continue to be redefined by companies that are capable of extending and adapting their technologies to a more diverse range of product applications. In other words, the industry will shift from traditional product specific expertise to those companies that offer technological expertise to multiple market segments.
An example of this diversification shift is already evident as companies pursue products in new markets such as construction, appliances, wind and solar energy. Automotive companies here in Ontario (Canada) have certainly learned that technologies such as stamping presses, plastic injection molding machines, and various joining technologies (welding, brazing) can be used to make products that are in demand by other market segments. Our ability to seek out new industries to complement our existing technologies is perhaps just one of the strategies worthy of consideration to ensure a business remains sustainable well into the future.
The sharp decline in the automotive industry resulted in a significant loss of real manufacturing jobs here in Ontario and certainly extended well beyond our borders. The strength of the banking industry and business in general does little to appease the unemployed, however, I am encouraged if this cascades into more jobs.
I remain hopeful that 2011 will be the year of transition into prosperity for all – business included.
Until Next Time – STAY lean!