The strategy of playing it safe to avoid big losses is a mistake when it comes to the manufacturing industry. Instead, American manufacturers need to embrace technological advancements and make key investments that will improve productivity to remain competitive in a global manufacturing landscape that is being pressured by countries like China, Brazil and India. According to a new PwC report, “2016 Industrial Manufacturing Trends,” making strategic investments is one key to growth, particularly in fast-evolving industries.
“Manufacturing may be facing some headwinds, but it’s undeniably in the midst of a technological renaissance that is transforming the look, systems and processes of the modern factory,” the report states. “Despite the risks—and recent history—industrial manufacturing companies cannot afford to ignore these advances. By embracing them now, they can improve productivity in their own plants, compete against rivals and maintain an edge with customers who are seeking their own gains from innovation.”