As the economy improves, the need for manufacturing technology to produce consumer goods grows to meet demand. With the help of inventory software, manufacturers can record and monitor changes in their production and inventory processes to ensure quality. This manufacturing inventory software can not only help business owners see expenses and costs in the present, they can help them prepare their budgets and inventory to prepare for growth in the future. During the first half of the year, the manufacturing industry was slow to overcome its post-recession slump, but new data from the Federal Reserve shows a jump in production for June.
Manufacturing shows gains in two months
Manufacturing production exceeded economists' projections after hitting 0.3 percent in June, its largest increase since March, according to Bloomberg. Manufacturing is crucial to total output, making up 75 percent of production. This jump followed a production growth of 0.2 percent in May, showing indications that the economy is slowly recovering.
"Housing is definitely moving forward, manufacturing is picking up a little more momentum, and we're not on a path of deflation," said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. "I see this as a sign of some strength as we ended the second quarter. All of this feeds into thinking that the Fed will start to taper."
For the second quarter, the Federal Reserve reported that industrial production had accumulated at an annual rate of 0.6 percent. Some of the fastest growing manufacturers are those in the technology industry, including computer-makers, which experienced a boost of 1.2 percent in June after 2.3 percent in both May and April. Producers of machinery, including computer chips and mobile phone parts, are starting to raise their output numbers to meet an expected increase in demand. Smartphone manufacturers are starting to compete for parts and searching for ways to make their machines more efficient in output.
Manage production with manufacturing inventory software
To complement this surge of output, information technology production is up 4 percent in 2013, a 2 percent increase compared to last year, a survey by Computer Economics reported. As a form of information technology, manufacturing inventory software can help companies manage their production processes. This type of software can account for accurate inventory numbers and shipments while reducing the chance of mistakes made in the system. With its advanced functions for recording order entry and inventory, inventory software provides for efficient manufacturing production that will lead to an overall improved client experience.