As the economy continues on its path toward improvement, there are sure to be some bumps in the road. One way for companies to deal with potential setbacks is to add to their arsenal of technological tools. For those in the manufacturing industry, using manufacturing management software may be one of the best options. With these solutions, managers can keep close track of critical operational factors, including production costs, worker efficiency and client interactions.
Cost concerns
The use of cost-saving manufacturing management software is likely to become crucial as companies in the sector become more concerned about specific drains on revenues. According to the most recent quarterly survey conducted by the National Association of Manufacturers (NAM), 74 percent of 366 manufacturing leaders polled see rising health care and insurance costs as a top concern. Additionally, nearly 68 percent said that an "unfavorable business climate" produced by taxes and manufacturing legislation was a pressing challenge.
"During the election last year, all eyes were on manufacturing, and now we have entered a pivotal year for manufacturers as they try to grow and create jobs to lead our economy," said NAM chief economist Chad Moutray. "For us to see strong manufacturing growth in 2013, we need pro-growth policies from Washington to address these challenges to get our entire economy running on all cylinders."
Not all recent indicators have been cause for concern, however. NAM announced that it is optimistic following the news that Japan is seeking to join the Trans-Pacific Partnership. NAM's president and CEO, Jay Timmons, said in a statement that if all goes well, this move is likely to provide many new job opportunities for American manufacturers in overseas markets.
USA Today also reported that the job outlook on a whole for American workers is improving. Figures from the Labor Department found claims for first-time unemployment benefits to be at a five-year low during the week ending March 9. The number of applications has fallen 13 percent since November, with the four-week moving average of joblessness claims coming in at 346,750. Sustained rates under 350,000 may indicate that companies are hiring and few layoffs are occurring, the news source explained.
While some experts believe that it may be crucial for government agencies to take steps to improve the outlook for the manufacturing industry, companies can also make progress by using technological solutions to improve their operations in terms of cost-efficiency, reducing the stress caused by expenses and the recovering business climate.
