Subscribe to Blog ContentI just finished reading two stories that show that things are improving. Of course, it's not all happily ever after, but still worth reading.
Optimism Amid Crisis: Industry Pros Weigh In refers to a recent survey of industrial professionals, revealing top concerns and lessons learned in the last year.
While the economy still worries many industrial professionals, almost 20% of survey respondents said, "... the No. 1 action their companies are taking to meet these challenges, the largest group (19.2 percent) responded with 'developing new or innovative products.'" This is a positive change from when they had to cut labor costs by resorting to offshoring.
Key learnings from the 800-plus responses:
- Diversify
- Be efficient, flexible, agile and lean
- Communicate with customers, partners and employees
- Focus on customer service
- Invest in current employees
- Hold high standards for quality
- Pay attention to details, particularly with operating cash flow
- Think locally
- Keep an open mind to change
- Stay positive
The second story, 2009 Machinery Demand Hinges on Industrial Production Growth, points out that financial strength and business activity for machinery were at a record low this year. However, the manufacturing sector has seen growth for the first time in 18 months.
Overall, the long-term outlook for machinery looks positive thanks to the slow improvements in the manufacturing sector.
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