Manufacturing still makes significant contributions to innovation, trade and productivity, the McKinsey Global Institute said in a statement, but companies and countries will benefit if they can adapt to a changing and uncertain manufacturing environment. The institute released its report on manufacturing, titled Manufacturing the future: The next era of global growth and innovation, on Monday.
“New markets and innovations in materials, information technology, and processes present a whole new world of opportunity for manufacturing companies and the economies where they set up shop. But it’s a much more challenging environment than before the Great Recession. Manufacturing companies need to develop new muscles. They will have to have the vision and commitment to place the big bets needed to exploit long-term trends such as rising demand in emerging markets, but they also have to have the agility to manage near-term uncertainties,” Katy George, a director in McKinsey’s operations practices, said in the statement.