Take advantage of improving conditions with manufacturing technology
February 28, 2013
One strong indicator of an improving economy is how well the manufacturing industries are performing. Fortunately for the United States, conditions within the sector are picking back up following the damaging recession, as businesses put more effort into hiring and make plans for expansion, both domestically and in foreign markets. However, manufacturing is not back at the levels seen before the downturn, so to help keep things running throughout the recovery, many companies are turning to technology solutions. Systems such as manufacturing management software are significantly boosting firms' operations, as these platforms help keep track of vital production levels, work orders and other necessary factors. In addition, these solutions ensure businesses remain compliant with all manufacturing legislation and any changes that occur.
Manufacturing industry forecasts strong 2013
A recent survey by Travelers Insurance polled 200 manufacturing professionals about their thoughts regarding the future, and the results showed positive outlooks. The research revealed that nearly three-quarters of respondents said their companies have already expanded products and services, or plan to this year. Firms are bringing on more workers to deal with improving conditions, as the Travelers survey found 88 percent stated they have already hired more employees or will be doing so in the coming months.
Expansion outside of the United States is one of the top goals of many manufacturers, the research discovered. Seventy-one percent of businesses in the sector are currently conducting sales in foreign markets. All of these factors are showing that 2013 could be a good year for manufacturers, both domestically and globally.
Room for improvement still remains
The beginning of 2013 has proven to be somewhat strong for manufacturing, following steady recovery of the sector last year. Despite the positive findings and outlooks of many professionals, work remains to be done within the manufacturing sector. According to Reuters, statistics from the Federal Reserve show that manufacturing output decreased 0.4 percent in January from the previous month. On the other hand, the same figures for both November and December 2012 were higher than initially reported, leading many economists to believe that the slight decline last month is only temporary. Conditions are forecasted to steadily improve throughout the year. Companies can use manufacturing management software to capitalize on the improving industry and keep operations running efficiently.