IndustryWeek Identifies, Explores 'The New Manufacturing' That Redefines What
it Means to be a Manufacturer
(Business Wire; 09/16/98)
CLEVELAND (Sept. 16) BUSINESS WIRE -Sept. 16, 1998--"The New Manufacturing"
era redefines every aspect of how manufacturers are organized, managed and
operated, and places greater emphasis on the value and services provided to
customers, according to an in-depth examination by IndustryWeek of the
economy's latest turning point.
IndustryWeek's complete look at The New Manufacturing, including an
exclusive interview with writer and business guru Peter Drucker, can be
found at http://www.industryweek.com.
The purpose of companies has changed from making things or providing
services to creating wealth and value as a way to compete in an
increasingly global economy, IndustryWeek finds. The New Manufacturing
represents a complete overhaul of management and strategy, and forces
executives to develop new strategies to compete under a new set of rules.
"The fundamental definition of 'manufacturing' has changed," says
IndustryWeek Editor-in-Chief John R. Brandt. "It's more than what work
takes place on the factory floor. Today, it encompasses the entire
enterprise, and it's characterized by increased global competition with
rapid advances in and adoption of information technology. In short, new
manufacturers focus more on creating value for shareholders and customers."
Author Drucker agrees, saying: "Systematic production . . . will steadily
become more and more important and more and more central. If we redefine
manufacturing as 'the systematic process of production,' manufacturing is
indeed the most important part of any world-class economy."
Among the characteristics of today's New Manufacturing identified by
IndustryWeek:
-- Manufacturing organizations now rely on suppliers and customers
to contribute to the process, and products are developed
instantaneously with groups of experts from R&D, engineering,
production, marketing, sales, distribution and service
contributing in real time.
-- Knowledge and ideas are the new raw materials, meaning that the
New Manufacturing company's capital is composed of intangible
assets like organizational knowledge, ability to innovate, and
value-added services.
-- High quality at a low cost replaces the Industrial Revolution-era
beliefs that high quality is linked to high costs.
-- The idea that a company must own an entire production process to
be competitive has been discredited. Today, companies add value
by shedding costly processes that can be completed by partners.
-- The workforce is highly skilled, empowered, and expected to
contribute to continuous improvement.
-- Entrepreneurial, horizontal organizations in which information is
shared liberally up, down and across will be the leaders of the
new era.
-- To be truly global, companies must have productive assets in
multiple countries.
-- Information technology (IT) is inextricably linked to The New
Manufacturing era, and remains a key to continuous improvement
and expanding global economy. IT will continue to influence how
manufacturers organize and conduct business.
"The New Manufacturing will surprise those pundits who proclaimed
manufacturing dead or dying," Brandt says. "Manufacturers have created a
new vision of manufacturing, deployed new and innovative strategies, and
focused on the new task at hand - creating wealth in an increasingly
competitive, complex, fast- changing, global business environment."
IndustryWeek, which is the flagship publication of Penton Media, is a
management magazine that helps senior executives in manufacturing and its
supporting industries build, safeguard, and expand the wealth of their
companies. Now in its 28th year, IW has an audience of more than 800,000
readers. Copies of IW can be ordered through its customer sales and service
department at 800-326-4146.
Penton Media, Inc. (NYSE:PME) is a diversified business media company that
publishes magazines and electronic information products, produces trade
shows and conferences, and provides marketing and business development
products and services, including direct mail lists, research and custom
publishing. Penton serves the design/engineering; electronics;
food/hospitality; government/compliance; information technology; leisure;
management; manufacturing; mechanical systems/construction; and supply
chain/aviation markets.
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CONTACT: IndustryWeek John R. Brandt, 216/931-9443
jbrandt@industryweek.com Keith Jameson, 440/331-5400
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