The Vanishing Machinist: A Looming Crisis in Machine ShopsBy Thomas (Tommy) Scanlan and Jason Busch May 2, 2024 When some people (of a certain generation) think of an iconic image of the American manufacturing worker, they conjure up a picture of Rosy the Riveter, that hallmark of WWII who kept US industrial production going when men of the finest generation the world has ever seen went off to defend freedom and liberty for all of mankind. But we would like to propose that just an important an icon of American production, the machinist, deserves a seat with Rosy in the Hall of Fame of manufacturing. And no, we’re not referring to Christian Bale in the namesake psycho-thriller from 2004, but everyday machinists. Once the backbone of the US industrial sector, these skilled workers, masters in the arts of metalworking, machine repair, and maintenance, are gradually fading from the workforce. Machinists are trained, not educated. A machinist … [Read more...] about The Vanishing Machinist: A Looming Crisis in Machine Shops Industrial News Machinery and Equipment Publisher Page
Should You Trust AI in Manufacturing? April 26, 2024 In our day jobs, we analyze, build and invest in technologies that leverage AI and machine learning to do things such as optimizing procurement cost savings strategies based on an underlying price forecast for a particular grade of metal. This can tell manufacturers when to lock into long-term agreements with a supplier, when to float the underlying material price via an index, when to buy on the spot market, etc. We’ve found AI (especially neural networks for price prediction) to be a pretty exceptional tool in our technology crib for building solutions which enable manufacturers to do things they could not previously accomplish with the same degree of efficiency, speed and consistency — not to mention delivering a superior outcome. Moreover, in one of the companies we run, we estimate that we are doing the work of at least twice the … [Read more...] about Should You Trust AI in Manufacturing? Global and International Industrial News Publisher Page
Whatever Happened to ESG? March 21, 2024ESG (Environmental, Social, and Governance) investments were the "hot" new thing in recent years. Investopedia defines ESG investing as referring to "a set of standards for a company's behavior used by socially conscious investors to screen potential investments." Supporters of ESG investing claim it improves customer satisfaction and loyalty, reduces the chance of supply disruptions, enhances hiring and retention, and helps increase the stock price by adding ESG investment funds to the list of potential investors. These claims may or may not be true. As the saying goes, "it's complicated." But even those skeptical of ESG who focus their own efforts on operational efficiency and working capital, will find common ground with another claimed benefit for manufacturers investing in it — reduced waste. This can include implementing … [Read more...] about Whatever Happened to ESG? Industrial News Publisher Page
How To Fix The Manufacturing Talent Gap February 16, 2024At a recent monthly meeting of local executives that we participate in, a recurring theme emerged: a significant loss of talent and skills in manufacturing, challenging to replace with new hires. A primary reason for this talent gap is demographic: the retirement of the Baby Boomer generation. Some sources indicate that 10,000 Baby Boomers reach retirement age daily, though not all are leaving the workforce immediately upon eligibility. Pew Research Center reports that by the end of 2021, nearly 50% of adults over 55 had retired. However, among those aged 55-64, less than 20% had chosen retirement. This specific age group is increasingly impacting manufacturers, many of whom are inadequately prepared in knowledge management to transfer these workers' 40+ years of experience to new recruits or systems. Deloitte Consulting and … [Read more...] about How To Fix The Manufacturing Talent Gap Industrial News Manufacturing and Supply Chain Publisher Page
Hybrids Are Hot! January 5, 2024 You’ll notice the special new shiny cover the SR Catalog received this month! This is in celebration of the upcoming 100th year of Surplus Record printed catalogs, as we move forward into 2024. Our actual 100-year anniversary is in November 2024, so keep an eye out for a special edition that month! While we generally focus on a variety of topics, this edition takes a special look at a rapidly evolving sector in the automotive industry. This month, we turn our attention to a technology that many had written off in recent years but is now surging: hybrid vehicles. Remember the humble first-generation Toyota Prius? Originally driven primarily by environmental enthusiasts and tech- geeks (apologies for the generalization), the Toyota Prius ushered in a new era of hybrid drivetrains featuring gas and electric capabilities. Today’s market … [Read more...] about Hybrids Are Hot! Industrial News Publisher Page