As the world’s economy struggles to emerge from the shadow of the Great Recession, one industry is serving as a beacon. Manufacturing companies are a shining example of how willingness to innovate and adapt can lead to success.
After 10 years of flat growth, the manufacturing industry has emerged stronger, more nimble and better positioned to take on the challenges of the 21st century. In 2014, manufacturing revenue is expected to grow 4.4 percent, capital expenditures are expected to grow by at least 8 percent, and hiring will be up 2.4 percent.
Yes, the manufacturing industry is thriving, and its success has garnered interest by many people, including the media.
Recently, the vice president for sales of Product Development Solutions, Paul Geyen, was invited as a guest on Greater MSP Business, a television show broadcast in Minneapolis and St. Paul, Minn., that features leaders from companies on the cutting edge of industry.
Geyen was interviewed by host and legendary news anchor Cyndy Brucato about how precision machining services have evolved, the types of clients Product Development Solutions works with and the drivers behind the industry’s turnaround.
Geyen discussed the importance of getting products to market sooner rather than later. Companies, he said, are spending more and more money on research and development, which require quicker turnarounds so products can get to market faster with a higher return on investments.
Being nimble and innovative enough to help companies create quality components is why Product Development Solutions is leading the industry’s rebound. “It puts a lot of pressure on manufacturers like Product Development Solutions to really be that prototype-to-production solutions provider—that one-stop shop,” said Geyen.
Product Development Solutions has responded by developing in-house capabilities to support whatever clients are looking for; and these days, they’re looking for everything from precision machining services to low volume molding to CNC designs for industries ranging from healthcare to aerospace to defense.
At the end of the day, Geyen said, manufacturing companies need to do exactly what Product Development Solutions does — commit to innovation and remain focused on face-to-face service.