March 31, 2016 – Future prospects are looking bright for the competitiveness in the US Manufacturing Industry which now ranks #2 internationally and is projected to become the most competitive by 2020. This was revealed in the recently released Global Manufacturing Competitiveness Index (GMCI) collaborative study by Deloitte Global and the Council on Competitiveness.
The GCMI study reaffirms the rapidly evolving manufacturing landscape that has dominated world order for the past 25 years. And now, with the full convergence between the digital and physical manufacturing worlds underway, we appear to be heading into a fourth industrial revolution which SYNCFAB is working on.
The study examined top drivers and various global forces shaping the manufacturing competitiveness of nations. From talent to health care systems, the study examines 12 drivers. Among these 12 drivers, 4 came out on top as the major determinants of global manufacturing competitiveness:
2. Cost competitiveness
3. Workforce productivity
4. Supplier network
While all the 12 factors might not be mutually exclusive to each other, they nevertheless reinforce each other and greater investments in one area leads to realization of indirect benefits in the other including CEO surveys of what they rank the most important drivers of global manufacturing competitiveness.
This article was adapted from Deloitte’s published findings from the GMCI Study.
Author: Deloitte and Council on Competitiveness
The Full Report can be accessed here.