On June 7, Sareet Majumdar, President at ICTC Global Manufacturing Solutions spoke at BDO’s Mid-Year Accounting and Tax Update. The theme of his keynote focused on present-day U.S. manufacturing and its utilization of technology. Sareet described the U.S. manufacturing transition in regards to the use of smart technology and its implications for future manufacturing jobs.
Sareet believes that the true unit of measurement for success in the manufacturing world should lie within the quality of jobs instead of the quantity of jobs, such as the quality of what is being designed and manufactured within the United States. He goes on to explain how the Internet of Things (IoT) is the key to future manufacturing in America as well as the “uberization” of everything. The “Internet of Things” is the creation of products utilizing intellectual data. This concept is vital because it places intelligence within everyday devices. An example of this is Nike’s project of putting sensors within clothing to monitor heart rate, heartbeat, amount of calories burned, etc. The idea of implementing intellectual data within products will in turn shape the future model of U.S. manufacturing while increasing the efficiency within many industries through cost-effectiveness.
Sareet went on to share the story of a company called LumaStream, Inc., which provides the lighting industry’s most sustainable Intelligent LED Lighting Systems for commercial, residential, hospitality and exterior lighting applications. Most other lighting is assumed to last 20-25 years but in fact, only lasts 3-5 years due to the depletion of the power supply module. LumaStream uses lighting that will last 20-25 years, and is therefore highly cost-effective. LumaStream patented the technology and due to its sensitive intellectual data, is not fully manufactured offshore.
Furthermore, ICTC’s bus project exemplifies a perfect example of intellectual data through the “Internet of Things”. This project is implemented in Texas where the unlawful passing of a school bus is being video-taped live using cameras. As many are aware, when a school bus’s stop sign comes out, other drivers are required to stop, however, many do not. The cameras send the information to be examined by video cops, and a $400 ticket is then sent to the violator. The box above the bus’s stop sign contains cameras with audio and video capabilities connecting to a cable chord that leads to a computerized unit with cables throughout, with additional cameras in the back of the bus. These cameras have the ability to catch any bullying that occurs on the bus as well as monitoring the driver for speed and duration of each stop. This technology assists in creating accountability for those driving unsafely and ultimately maintains the safety of the children.
Additionally, because manufacturing is becoming increasingly automated, future opportunities lie within smart manufacturing and devices. Sareet explains that there are amazing opportunities in American manufacturing through intellectual property. Furthermore, due to America’s free-flow of capital, it is able to remain at the forefront of manufacturing. A contributing factor is the ability to buy businesses as well as investing in technology such as software development and apps. However, in order to hold this competitive manufacturing advantage, the U.S. must maintain a strong educational system that will promote designing and engineering. It is only after the successful development of these prototypes by a well-educated work force that they can be manufactured elsewhere.
The future of U.S. manufacturing lies within the implementation of the intelligent design and engineering. With higher education, there is an increased potential to develop the apps and smart devices, which will lead towards more GDP value for the American people. This reinforces the idea that the U.S. should focus on the quality of jobs and future manufacturing opportunities, rather than the quantity. As long as the Untied States is able to maintain capital growth as well as incentivize business people to invest in new ideas, the U.S. will be successful for many generations to come. Ultimately, it is vital for America to cultivate creativity and innovation in order to remain at the forefront during this new stage of manufacturing.
For more information, visit ICTC’s website!
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This post was written by Elevate, Inc.