In The New Industrial Revolution: Consumers, Globalization and the End of Mass Production, author Peter Marsh lays out the seven secrets of success in the new (and better) era of global manufacturing:
- Environmental Imperative - Companies use "green" thinking to sell more products and invent new ones.
- Networked Manufacturing - Companies are making more effective use of global supply chains and talent, using people where they are most cost-effective geographically. This makes them more nimble at spotting trends.
- Technological Acceleration - Companies are becoming more adept both at improving individual technologies and using them in combination with others.
- Cluster Dynamics - Even as supply chains become more geographically diverse, manufacturers are becoming more reliant on certain "clusters" of local suppliers and "technology partners", many of them located in high-cost countries.
- Niche Thinking - Changes in technology mean more business for boutique, specialist businesses with emphasis on design and top-flight manufacturing.
- Personalized Production - Making things in small batches tailored to a customer, perhaps even one at a time, is starting to become routine.
- Industrial Democracy - More countries have become capable of top-class manufacturing and product development, giving manufacturers greater choice over where to produce. China, now the world's biggest manufacturing country, has made the greatest strides.