MiMfg Magazine April 2018 | Page 13

April 2018 standards, financial concerns, and shifts in the skills, training and talent needed to do these jobs.” The other challenge manufacturers already face is the new threat they never had to think about before. New technology means new weaknesses. Cybercrime is at an all time high — the FBI estimates more than $400 billion in intellectual property leaves the U.S. each year due to breaches. Just as manufacturers never had to think about autonomous vehicle technology or the Internet of Things in the past, they also never had to consider protecting their business from criminals capable of accessing their most protected data with a few clicks of a mouse. Locating Available Resources & How to Win at Industry 4.0 You don’t know what you don’t know. Whether you consult an expert or research on your own time, the sweat equity you and your team put into the business is too important to risk losing everything. “Small manufacturers need to be asking ‘what’s the relevance to integrating informational technology (IT) with operational technology (OT)?’ and the honest answer they’ll find is if you think you don’t need IT, the big fish are going to eat you,” said Behen. “Everything surrounding Industry 4.0 is making it possible to be faster and more efficient. If you are choosing not to innovate, you are going to get run over by the competitors, large and small, that do.” For most experts on Industry 4.0, the time and investment will add up on the front end, but the return is there and the risk of not changing with the times is often too great. According to UHY, the average lifespan of an S&P 500 company has decreased by more than 50 years in the last century from 67 years to just 14 years today. Companies can no longer afford to wait on choosing their long-term path and, if enough time passes, your options could disappear and your company’s future could be decided for you. “I’m a proponent of investing in tech upfront to capitalize on those returns and efficiencies as soon as possible,” offered Behen. “Today’s technology ‘decade’ is really 18 months, so the longer you wait, the further you fall behind and you can very quickly find yourself incapable of making up that ground.” Your company can utilize these easy tips to make your transition into Industry 4.0 painless in the short-term and profitable over time: • Determine your appetite to put in the time and effort. Changing who and what you are isn’t easy and won’t happen overnight. Embracing a new direction is a months-long, years-long and decades-long process. MiMfg Magazine Ten Skills for the Future Workforce 1. 2. 3. 4. 5. 6. 7. 8. 9. Sense-Making: ability to determine the deeper meaning or significance of what is being expressed Social Intelligence: ability to connect with others in a deep and direct way, to sense and stimulate reactions and desired interactions Novel & Adaptive Thinking: proficiency at thinking and coming up with solutions and responses beyond that which is rote or rule-based Cross Cultural Competency: ability to operate in different cultural settings Computational Thinking: ability to translate vast amounts of data into abstract concepts and to understand data-based reasoning New Media Literacy: ability to critically assess and develop content that uses new media forms and to leverage these media for persuasive communication Transdisciplinarity: literacy in and ability to understand concepts across multiple disciplines Design Mindset: ability to represent and develop tasks and work processes for desired outcomes Cognitive Load Management: ability to discriminate and filter information for importance, and to understand how to maximize cognitive functioning using a variety of tools and techniques 10. Virtual Collaboration: ability to work productively, drive engagement and demonstrate presence as a member of a virtual team. Source: UHY LLP, an MMA Associate Member company since 2008. • New technologies bring with them new standards and requirements. Consult financial and business risk experts to ensure you are asking the right questions. • Don’t try to do too much too soon. Develop your new direction the same way you’d eat an elephant — one bite at a time. • Recognize the need to hire new types of skilled workers. (Check out the sidebar above for skills worth investing in) • Make your company culture a top priority. A great culture will attract great talent every time. 13