News

The ability of information technology to improve efficiency and raise productivity is expanding to the next level of digital transformation: the top line of the profit-and-loss statement. Manufacturing companies are discovering, developing and...

Capital expenditures can be a big hit to the bottom line, especially when they are unexpected. A lease or a loan is often needed so you don’t have to drain the savings account, and finding the best interest rates is difficult if...

It’s an interesting phenomenon that, in an economic downturn, companies always find expenses that can be cut without impairing customer service or production. If you ask yourself why, it’s obviously because the company has been paying...

Manufacturing has a perception problem. And it could be costly in the future. As Baby Boomers retire by the bucketful, a shortfall of 2 million manufacturing workers is predicted in the next decade. And most of the kids aren’t...

An average business hears from only about 4 percent of unhappy customers. The other 96 percent don’t complain – they just go somewhere else. The fundamental challenge facing manufacturers and distributors today is this: What does it...

The American patent system is the underpinning of our economy. Since the early 1800s, the ability to create, register and benefit from an original idea has produced innumerable businesses, jobs and wealth. In 2014 alone, more than 8.6 million...

Thomas Edison made 1,000 attempts before he successfully created the light bulb. That seemingly small item transformed our standard of living and led to tens of thousands of other new products. Perhaps the process would have been faster if...

As technology continues to move faster than any of us could have imagined, the next big innovation is on the near horizon – cars that can drive themselves. As early as 2017, partially autonomous vehicles (AVs) with autopilot and traffic jam...

Trends in manufacturing for 2015 can be summarized in two words: connection and communication. Companies are leveraging technology to enhance production and customer service, and the on-shoring trend (also called next-shoring) appears to be...

The manufacturing landscape is ever-evolving. And so is the role of accountants. Unfortunately, colleges and educational institutions are not keeping pace, and although the majority of degreed accountants work in private businesses, they are...

Top American manufacturers are intent on bringing production back to the United States from China, according to new research by Boston Consulting Group. The study found a 24 percent increase among manufacturing executives who intend to bring...

Improving plant performance is an effort that includes both growing revenues and cutting costs. Almost half of manufacturing executives are focused on demand forecasting and inventory management, which are two sides of the same coin, according to...

Every company has excess inventory from time to time. It may have become obsolete, it may be a second, or it may have resulted from overproduction. The likelihood is that it could be of use to some party but is not saleable or there is no known...

No matter how lean your operation is, your company will likely end up with excess inventory at some point. The culprit may be purchasing too much or overly optimistic forecasting. But unforeseen shifts in the marketplace or technology may also...

The use of robotics in industry is expected to more than double during the next decade, as robots become cheaper, more sophisticated and more energy efficient, according to new research by Boston Consulting Group. Worldwide spending by industry...

One in five manufacturers worldwide has suffered a loss of intellectual property during the last year, according to a new study of nearly 4,000 IT managers in 27 countries by Kaspersky Lab. The most common cause of data loss was through the use...

After several years, multiple drafts and numerous letters from interested parties, the Financial Accounting Standards Board and the International Accounting Standards Board have issued guidance on when and how to recognize contract revenue. The...

Cell phones are one of the most used means of communication in manufacturing plants across the country, but they are falling short for day-to-day operations, according to a new study. One-third of the small, medium and large manufacturers...

A shortage of skilled and highly skilled workers in the manufacturing trades is becoming a severe problem that is impacting four out of five American manufacturing companies. The skills shortages have created increased overtime, production...

Decades-old perceptions about which countries offer the lowest cost of manufacturing should be revisited considering changes in the global economy, according to new research by The Boston Consulting Group. A number of countries that were leaders...