production and respond to customer needs without compromising quality. Many companies make sourcing decisions based solely on price, often resulting in a 20-30 percent miscalculation of actual offshoring costs. The Total Cost of Ownership (TCO) estimator is a free online tool from the Reshoring Initiative that helps companies account for all relevant factors — overhead, balance sheet, risk, corporate strategy, and other external and internal business considerations — to determine the true total cost of ownership. SMART ADOPTION OF AUTOMATION AND TECHNOLOGY Technology and automation are critical enablers of manufacturing competitiveness. From robotics and cobots to data analytics and AI-enabled systems, the innovative use of technology can improve process efficiency, enhance quality and build agility. Yet technology only delivers when it empowers people,rather than replaces them.AME’s programming emphasizes the symbiotic relationship between people and technology. While smart technologies 133 BUSINESS VIEW MAGAZINE VOLUME 13, ISSUE 01 ASSOCIATION FOR MANUFACTURING EXCELLENCE (AME)
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