As we move forward into 2004, the signs are good that we will have a better year in manufacturing. The trend for the last several years has been increases in productivity. We all know that some of that has come from harder work by fewer people. Still, the focus remains on gains in productivity as unemployment remains high but output continues to increase dramatically. Where will we get the next percentage points of efficiency that we need to stay competitive in a world market?
Many companies have put off major capital purchases due to sluggish sales or uncertainty about the future. Can the need for new equipment or systems be put off for much longer? If business does surge in 2004, will we be ready? Additional capacity does not seem to be a driving issue just now. It is fairly obvious that we have too much capacity already in many manufacturing sectors. But there are many other goals that should be considered. Efficiency, environment, cost reduction, working less hours, and quality are critical goals to the future success of business.