Industry professionals have been presenting information to over 600 manufacturing leader attendees on the manufacturing economic outlook and sharing details of successful business practice implementation between networking events set against the Hawaiian backdrop.
Roland Martel, a vice president with ITW tool manufacturers, revealed to attendees how his company followed the “80/20” rule, or the Pareto principle, which states that 80 percent of a company’s sales come from 20 percent of its customers. In order to better target automobile manufacturing companies, ITW has invested in tooling facilities local to vehicle production customers.
In a separate general assembly presentation, Oxford Economics Chairman John Walker and Clearview Economics President Ken Mayland discussed the industrial economic outlook. Walker focused on the positives in 2013: Japan is recovering from recession, the Eurozone is becoming more secure, and China is stabilizing. Additionally, economic downturns recently experienced in domestic indebtedness and the housing market have turned around.
However, both Walker and Mayland agreed that uncertainty over the sequester posed challenges for manufacturers in the future. Walker noted that he did not believe the full sequester would be implemented, nor would it devastate the economy, but it would slow growth. Mayland agreed that the sequester would slow growth, especially combined with higher personal taxes, but he believed the economy would stabilize around these changes by mid-2013.
You can watch this video preview of The MFG Meeting to see other events going on in Hawaii.