To regain a competitive edge, manufacturers must make a fundamental shift in the way that innovation is perceived and delivered.
Innovation is a key factor in the strength of both the manufacturing industry and the U.S. economy as a whole. Much of the new technology in a given industry is invented by manufacturers, so the importance of innovation in the industry cannot be overstated. Factors like globalization, advances in technology and regulatory changes are reshaping the competitive landscape -- and the ability to spot problems or opportunities and take innovative action is surging in value.
At the same time, innovation in the industry seems to be slowing down. According to a study prepared for the Council of Manufacturing Associations and the Manufacturing Institute, manufacturing output is lagging, as is total plant and equipment investment. There is a growing shortage of skilled workers, and the U.S. pre-eminence in R&D is being challenged. In short, U.S. manufacturing is falling behind.
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