MIT: American businesses need to enhance industrial ecosystem
A new report from the Massachusetts Institute of Technology (MIT) revealed the United States needs to enhance its "industrial ecosystem" and enhance processes in manufacturing, research and skilled labor in order to remain competitive and encourage domestic growth. The Production in the Innovation Economy (PIE) report revealed various industries need to determine how to best collaborate and mitigate risk in order to experience growth once more. It also discussed how keeping manufacturing domestic and working closely with other American companies can prove to benefit businesses.
"It has been suggested by previous reports that sustaining the strength of U.S. manufacturing is essential to America's future; a strong advanced-manufacturing base is crucial to national security," said Rafael Reif, president of MIT, as quoted by MIT News. "But as the PIE report makes clear, local production is very important to sustaining a vibrant innovation ecosystem in a region. Thus, we must also take steps now to regain U.S. manufacturing momentum if we want to sustain the nation's signature economic advantage: innovation."
The report found being part of a more diverse and innovative environment could lead businesses to see more expansion and possibilities in the future. This could bring in more sales for firms, sparking their need to implement more effective cash management solutions as they grow. Being more innovative about how they handle cash can make them better able to serve business clients or individual consumers. Better solutions can lead to stronger profits, which a firm needs to properly account for. Having the technology in place that allows enterprises to have proper currency management as well as employing the latest solutions can greatly assist businesses as they work to succeed and expand.