by Ty Haines

Manufacturing market diversification is one key to building recession resistance. We know the depth of this last recession meant only a few companies in our network enjoyed continued strong, double-digit sales and profits growth through 2009. These companies, for the most part, were serving wisely selected markets or had great luck in one market. Last year’s Manufacturing Summit created the New Markets Initiative which is growing now with help from the Cleveland Foundation.

New Markets, Supply Chain Strategy, expertise has expanded from just my experience on and off-shore to include several professionals now on staff at WIRE-Net. This is part of a plan that our Manufacturing Advisory Committee has embraced to help increase sales in order to retain and grow companies. Coming up:

1. 6/23 Innovation Celebration: fulfills a second outcome of the Summit and continues our efforts to define needs of OEMs and higher tier buyers and match them to supplier capabilities with a ‘buy local’ theme. More information at link here to Mark’s article and/or our webpage on the event.
2. Research is due to start in May 2010 with an area University to help us identify the next emerging markets that will benefit the most companies in our networks. Contenders include: Alternative Energy (besides wind power), Medical Products and Water Supply Systems & Engineering. Wind continues its supply chain coverage expansion through GLWN, link here.
3. WIRE-Net’s creation of a pilot searchable sourcing or supply (processes & capabilities) database was funded by ODOD for our GLWN program. Systems Analysis is in process for expansion to include other select markets by Ohio University before August 2010. (Your company capabilities from our 6/23 exhibition event will be used to test the enhanced database near this December.)
4. MAGNET is applying for partnering funds with WIRE-Net to help provide participating manufacturers with group learning (lower cost) or custom consulting (faster to market, higher cost) with the intent to teach a process that may be repeated in the future by participants.
5. A request for funding to carry this WIRE-Net program throughout the areas of the Greater Akron Chamber, Kent Regional Business Alliance and University of Akron Research Foundation are being carried under the NEOSCORES acronym by Congressman Tim Ryan’s office for 2011.

Contact Ty Haines, Vice President of Manufacturing Services for WIRE-Net at 216.920.1957 to learn specifics about how your company can benefit.