New manufacturing economy
economic concept
The new manufacturing economy (NME) describes the role of advanced manufacturing in the rise of the New Economy. The term describes manufacturing enabled by digital technologies, advanced systems and processes and a highly trained and knowledgeable workforce. The new manufacturing economy integrates networks, 3D printers and other proficiencies into business strategies to further develop manufacturing practices.
Thomas Friedman references Lawrence F. Katz that hubs of "universities, high-tech manufacturers, software/service providers and highly nimble start-ups" are a needed economic development strategy. This is very similar to NME thoughts even though that exact term is not used.
The Pillars of the new manufacturing economy
Technology
Focus on geographic expansion, information technology and internet commerce are on the rise for industrial manufacturing companies according to the PricewaterhouseCoopers Q4 2010 Manufacturing Barometer. Such conditions compel companies to incorporate new technologies into business plans and to concentrate on the application of open-source product development in the creation of physical goods as a form of competitive advantage.
New technologies influence various industries to emphasize innovation as a business tool . Advanced manufacturing is feasible due to continuous improvement investments and modernization of the workforce, technologies and supply chains in order to increase global competitiveness, environmental sustainability and product customization to meet consumer expectations.
Workforce
Incorporating modern CNC equipment in new manufacturing processes requires trained employees with specific skills than were previously required in heavy industry.
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This entry incorporates text from “New manufacturing economy” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.