By James M. Borneman, Editor In Chief
It is over. With the 2024 election in the books, the road is clear — or clearer — to chart a course into 2025 and beyond. Whether the candidate you supported won or lost, it is reassuring to know the election was held without any major disruptions; a definitive outcome was achieved with both the electoral college and popular vote — for the first time in a very long time — aligning; and all signals now pointing to a peaceful transition of the government.
The table is set for clarity and reduced risk in planning short-term, mid-term and long-term strategies — from raw material suppliers, manufacturers and retailers —through all sectors associated with today’s integrated supply chains.
Sure, there is always room for a political discussion, but with a known quantity — of either stripe — set to take charge for the next four years, strategic risks are reduced and there is an improved ability to anticipate the business climate affecting the industry.
For manufacturers, this may be a bright spot. The opinion that lower energy costs, a pro-U.S. manufacturing sentiment and improved emphasis on nearshoring may be in the cards is palpable.
Retailers and sectors that have chosen to rely on imports may need to reevaluate their positions. And suppliers of inputs, machinery and technology may need to shift gears to realign with changing industry forecasts.
It is an opportunity to reboot. Consider the level of certainty entering decision making, mitigating planning risk and — probably — a business-friendly environment for many.
There will undoubtedly be some dust-ups on the way, with tariff talk on the horizon, regulation and taxation front and center, and globalism’s effects under scrutiny.
However, this clearer environment coincides with a plethora of game-changing technologies maturing — think artificial intelligence (AI), machine learning and commercialized circularity.
This could in fact be the forefront of a new era of manufacturing boosted by the lessons learned during the pandemic, the awareness of supply chain vulnerabilities and the giant steps made in technology influencing all facets of daily life.
It is a time to be embraced — one of openness to opportunity and of acknowledgment of the persistence of technology to innovate and reinvent the future.
Of course, it is not all hearts and flowers. The realities of making manufacturing work in the current environment is not for the faint of heart. The promise of technology is not always easy to manifest and make an immediate impact, but the potential is there, and the test cases have shown positive results.
Will AI make your company more efficient, more responsive to the marketplace, and a better place to work for your employees? Will confidence in a firmer planning horizon make your ability to commit financial resources embolden a growth story for your company? Will the company have fresh eyes on the future and embrace opportunities with confidence?
As the nation enters 2025, there is no doubt that the environment has changed. Impacts on various sectors of the industry will differ and need adjustment.
Maybe — just maybe — the question won’t be to invest in new machines and technologies or not, but rather, to pay in cash or bitcoin!
2024 Quarterly Issue IV
