January 28, 2021
The coronavirus pandemic brought on one of the most sudden shifts in US economic history. We went from record-low unemployment and continuous economic growth to tens of millions of unemployed and trillions of dollars in the economic loss within major manufacturing industries. The fortunes of the US economy shifted in just a few short weeks.
While there have been signs of recovery, there have also been signs that at least part of the current recession’s losses could become permanent – a long term hill for the US economy to climb. That result is a significant amount of economic stress that companies must absorb at the same time that they are implementing health containment initiatives and new processes to protect employees and keep their doors open.
To that end, many are now attempting to capture savings wherever they can to reinvest in those initiatives. Whether coronavirus remains for six months or years to come, it’s vital that systems be put in place that protects against the kind of losses that many have suffered this year.
Now is the time to look for these types of savings throughout the organization. In the past, there were a limited number of belt-tightening activities that would enable companies to prepare for these situations. Technology now makes it possible to go further, and while big technology initiatives are too much, you can start small, leveraging foundational changes with minimal investment to reap significant ROI and streamline operations ahead of a potential recession.
Click here for full research and analysis on:
- A Bottom-Up Approach to Technology
- Productivity Gains
- Digital Work Instructions
- Digital Checklists
- Digital Andon Cord
- Process Improvements
- Going Lean, to Generate Fast Results
Oliver Theiss is co-founder and CRO of Andonix, a Detroit based Industry 4.0 technology company that built the essential connected worker platform for people who don’t have the choice to work from home. The platform consists of two SaaS solutions: Safely Pass, which helps companies digitize their workplace safety and health compliance protocols to achieve new levels of performance at lower costs, and Smart Work Station, which generates a 10x ROI by elevating operational productivity, quality, and training.
Before entering the software world, Oliver developed his professional career in the automotive industry. He has extensive commercial and operational experience, having participated in 2 corporate mergers, and led restructurings, divestitures, and joint ventures in different countries including China, France, Mexico, and Brazil. In his last role, he managed the global automotive division at General Cable Corporation – a Fortune 500 company.