Every economy goes through the cycle of growing from an agrarian to an industrial and finally to a service-dominated economy, which in turn leads to dependency on economies that can fulfill their product needs. This has led companies to compete globally to produce goods, which are acceptable as per the global norms.
The global manufacturing scenario has put manufacturers under constant pressure to deliver innovative products, reduce costs, and provide rapid response to customer demand. In order to be sustaining in this highly dynamic and competitive market and overcome these challenges, many organizations have embarked on their World Class Manufacturing (WCM) journey. China and India, two of Asia's largest economies have shown tremendous resilience after the impact of the global recession, amply reflected by the rising manufacturing Purchasing Manager's Index (PMI). While India's PMI has jumped up to 55.3 in June from a low of 44 in December 2008, China's PMI has risen to 53.2 in June from a low of 38.8 in November.
Frost & Sullivan's research on Perceptions of World Class Manufacturing provides insights into how Asian manufacturers have perceived the concepts of WCM. This research examines in detail the current initiatives, future plans, and business strategies of manufacturers.
The study comprises three major sections. Section I introduces WCM, its history, principles, and benefits. Section II unpacks the analysis of responses to the questionnaire on Perceptions of WCM and is the core of this research. Finally, in Section III, conclusions and recommendations are made as to where the Asian Manufacturers are right now in their journey towards achieving WCM status.
According to Mr V. Madhusudan, Program Manager, Manufacturing & Process Consulting Practice, Frost & Sullivan, South Asia and Middle East, “The intent of the research was to understand the perceptions of Asian manufacturers about their current initiatives, future plans, supply chain focus, asset care management, importance of IT deployment and the focus on industrial safety".
A few findings of the research state that cost reduction is the most important priority, selected by 70 percent of the respondents. Supply chain management is cited as the most important by nearly two-thirds of the respondents. Investment in new manufacturing equipment is not considered as important at present by less than a third of the respondents. The response for Six Sigma clearly shows that Asian manufacturers are way behind in implementing Six Sigma initiatives, with 40 percent of respondents citing that they would consider doing it in the future and over a fifth planning to implement.
Almost all the respondents have embarked on their WCM and Lean journey and achieved significant progress in their initiatives. Interest in WCM among the Asian manufacturers has been constantly growing over the years with more manufacturers embarking on WCM initiatives.
If you are interested in a copy of the virtual brochure, then send an email to Caroline Lewis at caroline.lewis[.]frost.com with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a virtual brochure will be sent to you by email.
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