More than three-quarters of manufacturing leaders say supply chain problems are their most significant challenge right now, and only about 10% believe the situation will get better by year's end, according to a new National Association of Manufacturers' survey. While most have a positive overall business outlook, 63% say their optimism is tempered by an expected recession, NAM chief economist Chad Moutray explains.
New federal funding for semiconductor manufacturing in the US will accelerate innovation by providing tech startups with the capital necessary to produce products at scale, industry sources said, and by giving them stable component supplies. The Chips and Science Act provides almost $53 billion of subsidies for domestic chipmaking plants.
A soft hum rather than mechanical clang is becoming the sweet sound of today's factory floor as clean, innovative, next-age technology gains steam. For example, VulcanForms, which supplies parts for everything from medical implants to fighter jets, layers and fuses together materials -- often as thin as a human hair -- with the help of laser beams.
Europe's manufacturing markets and pool of skilled labor are attractive, but many Europe-based companies are considering moving operations to the US, where energy prices are more secure and green incentives are available. However, the US' potential struggle to supplant Russia as a supplier of natural gas to Europe could put the continent in a financial bind well into 2024.
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Cybersecurity breaches can hurt an organization in several ways, leading to potential productivity loss, fines and erosion of trust. The first step for CFOs to address cybersecurity needs is to assess what data they have and its value.
The risk of a recession requires companies to provide "radical transparency not just within their own organizations but also across the full spectrum of risks in their supply chains," writes Atul Vashistha, founder and chairman of Supply Wisdom. Continuous rather than periodic monitoring of your own and your suppliers' risk profiles are imperative, given how rapidly situations can devolve, Vashistha writes.
Cloud-based warehouse-management systems, wireless fleet management, autonomous mobile robots and automated guided vehicles are among the leading innovations being deployed in warehouses, according to Dan Cuellar, senior director of sales at Addverb Technologies. Cuellar also lists the internet of things and modular "plug and play" systems as trends to keep an eye on.
Companies working in the carbon dioxide removal and reduction space are taking off and will likely represent a $905 billion market by the end of 2022, reports PitchBook. That figure is expected to hit $1.4 trillion by 2027. Investor interest in carbon capture firms remains high, with 11 deals valued at $882.2 million closed in the second quarter alone.
With over 800,000 open positions to fill, the manufacturing industry in the United States is in dire need of solutions to a workforce crisis that has been building for over a decade. The Manufacturing Institute aims to deliver these solutions. Register today to attend the Manufacturing Institute's Workforce Summit on Oct. 18-20 in Cincinnati, OH where manufacturing companies, educators, and workforce development professionals can forge new partnerships to address the skills gap in manufacturing, fill current and future job openings, and learn how to improve perceptions and enhance the appeal of manufacturing careers.