How today's manufacturers are positioned to develop new products and services that meet customers’ needs faster than the competition.

The NGM Study found that four out of five manufacturers recognize the importance of customer-focused innovation. For world class innovation, however, manufacturers need to do more than recognize its importance. One area of focus was the innovation strategies and practices currently implemented by American manufacturers.

Overall, manufacturers reported their progress toward world-class customer-focused innovation has remained largely unchanged from 2009. Most manufacturers are succeeding in identifying talent and implementing talent-development strategies, but other areas of their innovation strategy need improvement.

NGM Survey results for issues related to profitability, leadership, and investments

A survey released by the Illinois Manufacturing Extension Center and its trade association, the American Small Manufacturers Coalition, finds that most of today’s manufacturers are profitable, but significant challenges may lie ahead.  These challenges include aging executives and low investment in capital equipment and information technologies, which could leave manufacturers behind in the race to innovate.

More than two-thirds of manufacturers surveyed are led by chief executives over 50 and 27% are led by an executive over 60. As executives prepare to retire, it is important that they create a planned succession so the business can continue to operate smoothly. Some of the consequences of ill-planned successions can be the forced sale of the business, often for a low price, or chaos when the current leader retires. A properly planned succession, however, can allow the current leader to retire knowing the company will be left in qualified hands.

An Overview of the Next Generation Manufacturing Survey results

Today, the Illinois Manufacturing Extension Center, along with its trade association, the American Small Manufacturers Coalition, released the results of its 2011 Next Generation Manufacturing (NGM) Study, identifying key trends affecting the industry and steps U.S. manufacturers can take now to be successful in the next generation.

The study, conducted by the Manufacturing Performance Institute, finds that this is a critical point in time for U.S. manufacturing, and manufacturers must assess whether they have the workforce, business systems, equipment and strategies in place to successfully compete in the future. While external factors, like the economic downturn present challenges, manufacturers can remain competitive by focusing on six strategies assessed by the NGM Study as a blueprint for success.

Do you know about the free service for U.S. industry to track manufactured product requirements around the world?

This web-based e-mail alert service offers U.S. entities (citizens, industries, organizations) an opportunity to review and comment on proposed foreign technical regulations that can affect their businesses and their access to international markets.

Sign up at www.nist.gov/notifyus/.

Join us for this one-of-a-kind event.

Tuesday, Oct 18—Wednesday, Oct 19

Illinois Institute of Technology Campus, Chicago, IL

The potential of smart grid technology to spur business innovation, create jobs and benefit consumers throughout the Midwest will be the focus of a major conference in Chicago Oct. 18-19 organized by a consortium of energy, environmental and policy organizations.

Register Now!

During the week of August 12th I traveled to Budapest Hungary to be a presenter at the first annual American Gear Manufacturing Association’s International conference.   Founded in 1916, AGMA is a voluntary association of companies with a direct interest in the design, manufacture, and application of gears, couplings and related power transmission components equipment.  Of its 430 members, approximately 100 are actually located outside the United States.

The three day conference was designed to provide gear manufacturing leaders with intelligence on new market opportunities and strategies to improve business development.  In total, representatives from 25 gear manufacturing companies from around the world participated:  thirteen from the United States; twelve from Europe, Asia and Australia.