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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…

The 2024 MFG Works Summit was a resounding success, held this past Wednesday, May 22nd. The energy and enthusiasm that filled the room were truly inspiring, showcasing a remarkable level of engagement and collaboration among all attendees. We trust that those present not only enjoyed the day but also walked away with a wealth of new knowledge and connections that will benefit them in their professional journeys. The event…

Women make up nearly half of the working population in the United States but are underrepresented in the manufacturing industry. According to Women in the Workplace, women constitute approximately one-third of the manufacturing workforce and only 24% of manufacturing C-suite positions.   Manufacturers have been aware of the employment gender gap for years, yet the dynamic remains largely unchanged. This is, in part, because organizational culture in America is often…