Productivity has been declining for more than a decade and it is time we try and move the needle.
According to the Bureau of Labor Statistics (BLS), from 2010 to 2019, labor productivity growth in U.S. manufacturing fell. It was the first time since the BLS started measuring this in 1988 and likely the first time in American history. Not only did manufacturing productivity not grow over 10 years, but it actually declined. This means that more workers were needed to produce the same amount of output. The result is higher prices, lower wage growth, and less U.S. global manufacturing competitiveness.
IndustryWeek published an article posing the question,
What about new technologies we keep hearing about, framed in terms as “Industry 4.0” and the “Second Machine Age”? They are often costly, with limited performance. This is one reason why few companies are adopting them.
The good news is, he regained our excitement when he later stated,
“This is not to say that these technologies will not get cheaper and better. Surely, they will. But they don’t appear to make a big dent in productivity now.”
We are thrilled to share the time has come!
Notiphy digitizes processes to help businesses eliminate paper which helps provide an ROI through improved efficiency and productivity.
And most importantly, we are budget friendly.
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Let’s be more efficient together.