In the last few months there have been several articles referencing the new era of manufacturing. There seems to be a race to see who can aptly name this manufacturing renaissance, and there have been a couple of blogs that have unashamedly thrown their hats in the ring. But let's not focus on the name, let's focus on what it actually means.
The Industrial Revolution actually took place from around 1760 to 1840. It was a time characterized by production processes moving to machines, and the use of coal. The second Industrial Revolution began around 1850 and was famous for steel production. These new technologies created growth, and essentially ushered us into the next century of ideas.
I have said this before, "Innovation that excites people, creates new careers, and intrigues investors is good." The concept has always been the same. There are always entrepreners and investors, irregardless of the century, decade, or year, and they are constantly looking for the next big thing.
And while manufacturing may not be taking center stage these days, it doesn't mean that it's dead. Earlier this year, I pointed out an interview with Joe Atikian where he very simply states, "The main focus is on the continuing shift between industry sectors: agriculture, manufacturing, and services. The lines are blurry, but the trends are clear. In the most advanced economies, the share of agriculture has stabilized, the manufacturing share is declining, and the services share is rising. The biggest surprise to most people will likely be that all three sectors have always been growing and continue to grow today. It is only the relative proportions that shift."
So, as we look at the most recent manufacturing renaissance, we have to remind ourselves that it has continued to exist and evolve through bubbles bursting, and extreme prosperity. That is the nature of manufacturing.
The most recent evolution really has put a microscope on how technology has revolutionized and streamlined the manufacturing process. Conceptualization, development, and realization of products has never been this intuitive and accurate. There is more visibility throughout an entire production process because of innovative ERP Software and developments.
So, here is my shameless attempt at naming the most recent industrial renaissance: IRP-3
Welcome to the Industrial Revolution, Part Trois.