Live from IMTS 2018, Jim and Jason talk with Steve Kline, Director of Market Intelligence at Gardner Media Business, Inc. to answer the question “does manufacturing data matter?” Steve has generated forecasts for his family owned business and for the metalworking and plastic industries. Gardner Media Business produces media for the durable goods manufacturing industries. Connect with us:www.MakingChips.com/contact The current reality of manufacturing by the numbers During the interview, Steve Kline gives his assessment of the manufacturing industry. There has been a renaissance in manufacturing over the last few years. Steve says that he is surprised at the current trajectory of the industry. In the best way possible, the market isn’t following a typical pattern, with the machine market seeing growth for nearly eight years in a row. Why does data matter to manufacturers? Steve will be at MTForecast to talk to manufacturers about data related to machine tool spending, types of machinery and the buying market specific to location and company size. He explains that data matters because it helps you budget for machine tool pricing. Knowing the supply and demand of a particular tool will help you know whether prices are negotiable or if it is a seller’s market As a buyer of machine tools, data can help you plan, budget and manage expectations. What machine tools are in demand? In his company’s research, Steve Kline says that they look at six specific areas of tooling data including turning, machining centers, grinding, screw machines, and EDM. Every category is expected to experience growth in the next year. Horizontal machining centers are in particularly high demand. Even though they are a more expensive option, they better meet the needs of manufacturing customers. Listen as Steve explains the other areas of machine tool growth during this interview. How can a leader interpret manufacturing data as an evaluative tool? While it is widely accepted that data is important for business leaders, how to use that data is not always as clear. How accurate are the numbers? How are leaders to interpret the data in a way that helps guide their decision making? Steve Kline offers some advice on how to leverage the information that their research delivers. His main message is to focus on trends and not on individual numbers. Looking for patterns can help owners make educated decisions that will positively impact their future stability and growth. Here’s The Good Stuff! Manufacturing News: Manufacturing Day is Friday, Oct. 5 Introduction of Steve Kline, Director of Market Intelligence at Gardner Media Business,Inc. The current manufacturing market What does the data matter and what does it tell about the manufacturing industry? What machine tools are in demand right now and which machines can be found on a bargain? How should manufacturing leader interpret the data as an evaluative tool How accurate has Gardner Media’s forecast been over their 40 year history? How can manufacturers be prepared in the event of another economic downturn? Tools & Takeaways MTForecast Conference Industrial Inbound Summit This Week’s Superstar Guest Steve Kline Connect With MakingChips www.MakingChips.com On Facebook On LinkedIn On Instagram On Twitter On YouTube Subscribe to Making Chips on Apple Podcasts, Google Play, Stitcher, or Spotify

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.