June 26, 2017
A Balanced Approach to Advancements Helps Ensure Manufacturers Global Competitiveness
American manufacturing is on the rise and it appears to be destined to claim the number one spot in the world in the next several years, but it will only happen if United States (US) manufacturers remain focused on improving their overall competitiveness. As the latest Deloitte manufacturing study identified, there are five key elements that companies should target if they want to ensure their competitiveness in today’s rapidly evolving manufacturing environment.1
In our previous article, we examined the third element—leveraging the strengths of ecosystem partnerships beyond traditional boundaries. In this article, we will examine the fourth of Deloitte’s five key elements: “developing a balanced approach across the global enterprise”.
WELL BALANCED TEAMS WIN CHAMPIONSHIPS
While the previous key elements have been about specific areas of focus, it’s important to take a moment to examine your company’s overall plan of action. Improving your talent or embracing advanced technologies alone will definitely assist you in your competitiveness, but if your goal is to out-distance your competition, it’s important that you don’t rely solely on one or two areas of improvement.
Think about this: sports teams have to work on their offense and defense, their special teams and coaching staff, and select the right players for each position on the team—all in chorus. Nothing short of that can win a championship. They could spend all of their time becoming the best at defense, making them incredibly hard to score against, but if their offense isn’t scoring goals, they won’t be winning as many games. The same concept applies to companies that are striving to be the best. Like any good sports team, planned advancements and improvements within a company should spread across all areas.
THE DRIVERS OF BALANCE
Manufacturing companies that seek to attain a competitive advantage in a world with increasingly sophisticated technologies and tools should focus on optimizing their businesses across the board. They should make concurrent improvements and advances in the areas of talent, technology, operations, finances, regulations and taxes. Yes, that’s just about every available area, but keep in mind that your competition is most likely working on some, if not all, of these areas as well. By balancing your efforts, you either stay alongside your competition or you move ahead of them, but most importantly, you don’t fall behind them.
In challenging and rapidly evolving new markets, the core drivers on which manufacturers should focus are talent management, innovation investments, cost competitiveness, portfolio optimization, manufacturing footprint, and supply chain.
TAP INTO OUR NETWORK OF EXPERTS TO HELP YOU
With our partnerships and network of experts, PolymerOhio can help you build a foundation for growth across multiple drivers of global competitiveness. Get in touch with us today and let’s work together to take American manufacturing to the number one position in the world.