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?
Industry News
New vs Used Electric Motors: Which is Right for You?
Choosing between new and used electric motors involves more than just comparing price tags. It's a decision that impacts not only your immediate budget but also the long-term efficiency and reliability of your machinery. Whether you're running a small workshop or managing a large industrial operation, understanding the pros and cons of new versus used electric motors is crucial in making an informed decision that aligns with your operational needs and financial constraints. Benefits of Used Electric Motors Purchasing used electric motors vs new offers several advantages, especially for businesses looking to balance cost-effectiveness with performance. Key benefits include: Benefits of New Electric Motors Opting for new electric motors brings distinct advantages, ensuring that businesses are equipped with the … [Read more...] about New vs Used Electric Motors: Which is Right for You?
Tracking the Manufacturing Slowdown
Recent economic manufacturing data suggests a US economy in a downturn (and likely, overall, in recession). In March, ISM’s Manufacturing Index declined for the fifth month in a row (after growing for 28 months before the decline commenced at the end of 2022), at a level signifying material economic contraction and a likely recession. Overall, every single sub-index comprising the overall ISM Manufacturing PMI contracted for the first time since May of 2009. In its latest report, ISM suggests that the PMI stood “at its lowest level since May 2020, when it registered 43.5 percent.” Particularly bearish in the report was the “New Orders” sub-index which “remained in contraction territory at 44.3 percent, 2.7 percentage points lower than the figure of 47 percent recorded in February.” According to ISM and Reuters, buyer anecdotes are … [Read more...] about Tracking the Manufacturing Slowdown
The Future of Productivity and Growth in U.S. Manufacturing
With many technological advancements and changes happening in the manufacturing industry, it can be hard to keep up. To put it simply, the future of manufacturing looks very promising. In fact, more than 670,000 manufacturing jobs have been added since 2021, according to Spectrum News. So, what does the future of productivity and growth in United States manufacturing look like? Let’s answer some looming questions about the manufacturing industry. How Is Manufacturing Changing? In recent decades, the United States seemed to be in danger of losing its position as a world-leading manufacturing economy. This can be contributed to design services and software activities rather than actual physical production. However, there are some recent trends that point to the potential for a growth resurgence. Today, manufacturing in the United … [Read more...] about The Future of Productivity and Growth in U.S. Manufacturing
Top 8 Mistakes to Avoid when Selling Machinery Online
Are you facing trouble while trying to sell machinery onlinebecause you think the market is unprofitable? That's not true; selling machinery online is a great business considering it provides the vendors a chance to earn a greater profit. Companies have ever-changing schedules, and providing them with good-quality machines for the right price can bring you more clients quicker than you think. There's a long list of clients, especially in the industrial sector, that you can attract. Since selling machinery online is accessible to buyers worldwide, you have a greater chance of making more sales. Top 8 Mistakes to Avoid when Selling Machinery Online Despite the amazing potential of the online market for machinery and other equipment, you might still need help selling your machinery online. There are various reasons why you might … [Read more...] about Top 8 Mistakes to Avoid when Selling Machinery Online
