Manufacturers Analyze Investment Decisions BY GREG KISHBAUGH
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The Manufacturing Institute, the workforce development and education affiliate of the National Association of Man- ufacturers, in partnership with Cognizant, released a study that examined the different approaches manufacturers take in making investment decisions. “As manufacturers continue to evolve, the nature of work and skills must adapt to meet the needs of the changing industry,” said NAM Chief Economic and Director for the Center of Manufacturing Research Chad Moutray.
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“Manufacturing leaders must prioritize investments to best position their companies in a competitive market- place and set themselves up for success over the long term. Three investment priorities emerged across manu- facturer size and industry: increasing throughput and low- ering costs where possible, creating new opportunities for growth, and building a stronger, more resilient workforce. Nearly all the companies we interviewed emphasized the importance of investing in their workforce.” The study consisted of an online survey and in depth interviews of manufacturing leaders from June to August 2023. Making Priorities When asked about their top priorities for current dollars, nearly 74 percent of manufacturers reported building a ro- bust and trained workforce as a key area for investment, which fits in with the larger macroeconomic conditions of the tight labor market and shortage of available workers. When business leaders were asked how they would spend a marginal $1 million, 61.5 percent would invest in new equipment. These findings point toward a desire to make smart investments that will transform operations and the production process, while also ensuring that the work- force can adapt to such changes. Additional areas of focus for marginal dollar investment included investing in improved processes and operations (60.2 percent), optimizing existing equipment (53.4 per-
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18 October 30, 2023
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