IQReport July 2020
ISM Report Indicates Manufacturing is Recovering
“The growth cycle has returned after three straight months of COVID-19 disruptions,” says the Institute of Supply Management (ISM®) CEO Timothy Fiore.
The June 2020 Manufacturing ISM® Report on Business released on July 1st reported that its pricing manager’s index for manufacturing rose to 52.6%, up almost ten points from May’s PMI® of 43.1%. June is the first time since March that the index has risen above 50%.
According to Fiore, “June signifies manufacturing entering an expected expansion cycle after the disruption caused by the coronavirus (COVID-19) pandemic,” he wrote. He added that the manufacturing sector is reversing April's heavy contraction, with the PMI® increasing month-over-month at a rate not seen since August 1980. Demand, as measured by the new orders, customer inventory, and order backlog indexes expanded, as did measures of market consumption.
To learn more, read the June 2020 Manufacturing ISM Report on Business.
2020 Manufacturing Industry Outlook: A midyear Update
The coming year promises to be an ever-changing environment for manufacturers as they try to regain their footing amidst continued volatility in costs and policy decisions. While the potential for uncertainty may continue, manufacturing leaders should increase resilience in their operations and double down on the core of their portfolios.
Industry advisory firm Deloitte's recently updated 2020 Manufacturing Industry Outlook focuses on three manufacturing industry trends to follow in the second half of 2020 that will help leaders navigate uncertainty, increase operational flexibility for the future, and respond, recover, and thrive in the second half of the year.
How Manufacturers Can Benefit from the Theory of Constraints
The Theory of Constraints (TOC) is a suite of management concepts that helps identify and eliminate bottlenecks in the manufacturing process to continuously improve production performance.
By understanding the constraints and bottlenecks that slow down processes, TOC provides manufacturers the insights necessary to find practical and effective solutions to decide:
- What to change?
- What to change it to?
- How to cause the change?
Eliminating the Guessing Game in Understanding Manufacturing Processes
The key for manufacturing companies to regroup and rebound in the second half of 2020 is to remove waste from every aspect of their business. Watch this short video to learn how Fabricated Extrusion Plastics manages every aspect of their business to drive higher productivity. Learn more!
How to Increase Agility and Responsiveness with Business Intelligence
Today's manufacturers have had to pivot quickly to adapt to demands brought on by COVID-19. Business Intelligence has played a vital role in providing the most successful manufacturers with insights necessary to efficiently and rapidly respond to these demands, allowing them to:
- Improve work center efficiency
- Fine-tune manufacturing processes and workflows
- Prolong useful life of shop floor equipment
- Optimize the use of factory and labor resources
Download the whitepaper, How Analytics & Business Intelligence Can Help You Excel at Manufacturing, to learn how Business Intelligence can be the catalyst to greater agility and responsiveness in your organization rebound and succeed in the second half of 2020. DOWNLOAD NOW!