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Risk-management technology is beginning to help manufacturers cope with the supply-chain upheaval caused by the COVID-19 pandemic, said Thomas Derry, CEO of the Institute for Supply Management: “We are a lot better at managing risk than even 10 years ago.”

Manufacturing economic expansion eased in September while remaining at strong levels overall, the Institute for Supply Management said today.

Peter Drucker, known as the father of modern management, was quoted in a 2006 article in Forbes as saying, “Because the purpose of business is to create a customer, the business enterprise has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.”

Teenaged Jamie Yelle daydreamed as he pushed a broom across the floor of his father’s machine shop. As he cleared a path through aluminum chips, filings, and scraps of metal around the machinery, he imagined what the company would look like if he were at the helm.

To grow in today’s manufacturing world, shops need to consolidate operations, automate, increase efficiency, capture and analyze data and more, in order to fully leverage opportunities in thriving industries, such as aerospace.

Tacoma, Washington-based Tool Gauge manufactures precision metal and plastic components and assemblies for the aerospace industry.

Christoph Fedler, project director for equipment management at Rolls-Royce Germany, was facing a challenge: He needed to increase the available capacity of the prime discipline at the Oberursel facility, namely micrometer-precise grinding of curvic couplings.

To speed production and increase worker safety in the aerospace industry, major manufacturers are willing to pay a higher price for quality equipment.

Composite materials consist of fibers—in the aerospace industry, they are typically glass, carbon or kevlar—suspended in a matrix of epoxy resin.

When the COVID-19 pandemic hit, many aerospace and defense manufacturers realized they were not resilient enough to withstand the resulting challenges in their supply chains.