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According to a recent report by PwC, 79% of investors believe that ESG (Environmental, Social, and Governance) risks are an important factor in investment decision-making. This highlights the growing importance of ESG practices in today’s business environment. As organizations strive to meet ESG requirements, the role of Diversity, Equity, Inclusion, and Accessibility (DEIA) has become integral to these efforts. DEIA is not just a standalone initiative but a critical…

A recent study by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 36% more likely to have financial returns above their industry medians. This compelling statistic underscores the critical importance of diversity, equity, inclusion, and accessibility (DEIA) in the manufacturing sector. As we approach Juneteenth, a pivotal moment in our nation’s history marking the end of slavery in the United States,…

The average cost of BEC attacks filed last year was $135,000, according to the FBI’s Internet Crime Complaint Center (IC3) 2023 Internet Crime Report Business Email Compromise (BEC) is a serious threat to the manufacturing industry, as it can result in financial losses, data breaches, and reputational damage. Here's how BEC works and its impact on manufacturing: Definition: BEC is a type of cyberattack where criminals use social engineering and email…

According to a new report by materials supplier Avery Dennison, despite efforts to sell excess goods to consumers, nearly 8% of surplus stock worldwide is ultimately wasted, resulting in $163 billion in lost inventory each year. This alarming statistic underscores the critical need for manufacturers to adopt better inventory management practices to improve their balance sheets. By implementing lean manufacturing principles and optimizing inventory efficiency, companies can significantly reduce…

Catalyst Connection, in partnership with the Allegheny Conference on Community and Economic Development,  is releasing the 2024 State of Manufacturing Scorecard and Brief which shows that the region’s manufacturing sector is strong and that there are opportunities to become a more significant engine for economic growth. The Brief confirms our experience that manufacturers are adding jobs with high average wages and supporting indirect and induced jobs at a rate…