The manufacturing industry is undergoing one if its most significant transformations in decades. The years of industrialized nations gaining significant economic advantages from shifting production to low cost, developing nations are coming to an end. Today’s economic landscape and rising wages in formerly low-cost countries make offshoring less attractive.
Developed nations are now “right shoring” their operations and adopting “design anywhere – build anywhere” strategies that allow them to shift work across the globe and produce closer to raw materials or customers. Manufacturers in emerging economies are moving up the value chain to develop more innovative, high quality products. These shifts are causing many changes and creating many opportunities. They are also introducing new competition and new threats.