Manufacturing moving at the speed of business
Humans are terrible at gauging speed. Jets never seem to be going 550 mph in the sky and 20 miles per hour in a school zone. Sometimes this seems slower than walking. But, the speed of business in definitely accelerating and the implication of this on manufacturers is telling. Several manufacturer profiles have emerged in recent years. Some still yearn to run their firms in nostalgic, time-tested ways. Some have never snapped back from the 2008 recession and restricted credit days. Some, though, are possessing new forward looking views, processes and technologies that will enable them to match the speed of change in business and eclipse competitors. Look how quickly certain products have been embraced in the consumer world. The Apple iPod went from a simple product announcement to a runaway success in a matter of months. And, just as quickly, some products, like the Sony Walkman, can disappear almost overnight. Change, therefore is not linear and we do our businesses and employers no favours by pretending that it is. For many manufacturers, especially long-lived manufacturers, change has been something to assimilate on their own schedule for decades. If typical, your company possessed a straight line ability to change and adapt that was far in excess of the changes occurring within your business and competitive environment. You probably maintained this ability for decades and it represented a great opportunity for your company. Recently, you may have begun to notice that the industry, your competitors, customers and/or suppliers are changing and demanding changes that are faster than your firm has an ability to manage. This is becoming a growing problem and it won’t get any easier. For example, look at the growth in patent issuances over the last few decades. Patent grants act as a good proxy for understanding the overall growth and innovation within an economy. What’s even […]
