New whitepaper titled "Unleashing Business Model Innovation in US Manufacturing" now available
TROY, Mich., Nov. 20, 2023 /PRNewswire-PRWeb/ -- The US Center for Advanced Manufacturing, in collaboration with the World Economic Forum, has released a new whitepaper titled "Unleashing Business Model Innovation in US Manufacturing," that outlines the need for the U.S. manufacturing sector to embrace transformative strategies to address the challenges posed by evolving global developments, such as AI advancements, debt crises, and resource scarcity concerns.
"The manufacturing industry plays a crucial role in driving economic growth, innovation, and competitiveness within the United States and new technologies offer growth opportunities, but those opportunities are generating an unprecedented need for change," said Cynthia Hutchison, CEO of the US Center for Advanced Manufacturing. "Leaders of U.S. companies need to completely rethink how factories operate and the way they deliver value to their customers."
The US Center interviewed industry leaders from top performing manufacturers to unlock new business models in manufacturing and share success stories and best practices around establishing an innovation mindset in a manufacturing environment.
This whitepaper identifies the current obstacles faced by manufacturers and emphasizes eight common barriers to adopting new business models:
- Lack of strategic planning
- Approach to scaling proven value
- Outdated infrastructure
- Resistance to change
- Organizational siloes
- Talent shortage
- Fragmented data systems
- Insufficient collaboration across the sector
In response to these challenges, the US Center is also introducing a playbook tailored to the U.S. context, aimed at encouraging the adoption of innovative business models in the manufacturing sector. The playbook will include seven strategies pivotal to business model innovation. The whitepaper delves into four of the seven priority areas, providing comprehensive insights, implications, and case studies to guide industry leaders on implementing these strategies effectively.
The four priority areas in the whitepaper include:
- Understanding current business models to identify growth levers
- Addressing the industry challenge of talent and skill shortages
- Building the right culture for change
- Establishing strategic partnerships across the sector
"Unleashing Business Model Innovation in US Manufacturing" is available for download at https://www.weforum.org/publications/whitepaper-unleashing-business-model-innovation-in-us-manufacturing/.
Moving forward, the US Center, in partnership with the World Economic Forum, will support the manufacturing community by fostering innovative thinking and the development of new business models. By embracing change and fostering economic and societal growth, the US manufacturing sector can adapt to the dynamic global landscape and maintain its position as a key player in the global economy.
For more information about the US Center for Advanced Manufacturing or the latest news on the innovative business models playbook, visit https://www.usc4am.org/.
About the US Center for Advanced Manufacturing
The US Center for Advanced Manufacturing was launched in 2022 as part of a World Economic Forum initiative to advance research and understanding of compelling and forward-looking Industry 4.0 concepts. The US Center, one of 15 centers in a network of global advanced manufacturing hubs spanning four continents, engages key stakeholders in the American manufacturing ecosystem to help accelerate Industry 4.0 adoption and unlock productive innovation and sustainable inclusive growth. The Center is housed at Automation Alley's Troy, MI headquarters. For more information, visit https://www.usc4am.org/.
Media Contact
Nicole Kampe, US Center for Advanced Manufacturing, 248-457-3301, [email protected], https://www.usc4am.org/
SOURCE US Center for Advanced Manufacturing
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