Live from IMTS 2018, Jim and Jason talk with Steve Kline, Director of Market Intelligence at Gardner Media Business, Inc. to answer the question “does manufacturing data matter?” Steve has generated forecasts for his family owned business and for the metalworking and plastic industries. Gardner Media Business produces media for the durable goods manufacturing industries.
The current reality of manufacturing by the numbers
During the interview, Steve Kline gives his assessment of the manufacturing industry. There has been a renaissance in manufacturing over the last few years. Steve says that he is surprised at the current trajectory of the industry. In the best way possible, the market isn’t following a typical pattern, with the machine market seeing growth for nearly eight years in a row.
Why does data matter to manufacturers?
Steve will be at MTForecast to talk to manufacturers about data related to machine tool spending, types of machinery and the buying market specific to location and company size. He explains that data matters because it helps you budget for machine tool pricing. Knowing the supply and demand of a particular tool will help you know whether prices are negotiable or if it is a seller’s market As a buyer of machine tools, data can help you plan, budget and manage expectations.
In his company’s research, Steve Kline says that they look at six specific areas of tooling data including turning, machining centers, grinding, screw machines, and EDM. Every category is expected to experience growth in the next year. Horizontal machining centers are in particularly high demand. Even though they are a more expensive option, they better meet the needs of manufacturing customers. Listen as Steve explains the other areas of machine tool growth during this interview.
How can a leader interpret manufacturing data as an evaluative tool?
While it is widely accepted that data is important for business leaders, how to use that data is not always as clear. How accurate are the numbers? How are leaders to interpret the data in a way that helps guide their decision making? Steve Kline offers some advice on how to leverage the information that their research delivers. His main message is to focus on trends and not on individual numbers. Looking for patterns can help owners make educated decisions that will positively impact their future stability and growth.