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Harvesting the Value from Risky Technology Adoptions

Adopting new technology costs money, time and resources. When the results are disappointing, how can businesses still harvest value? By learning lessons. For example, an earthquake in Japan a decade ago prepared Toyota for the shortage of semiconductors brought on by the COVID pandemic. A repository of lessons learned has considerable value. NASA and the Department of Energy both feature such implementations. Partnering with universities or Manufacturing USA is a way to harvest knowledge with limited risk. Ultimately, the goal of harvest value from risky technologies should be to convert data into knowledge, then knowledge into action.

Key Takeaways:

  • Technology adoption is challenging because it’s expensive, time-consuming, and resource-driven.
  • Unlike other industries, auto manufacturers withstood the recent semiconductor shortages with ease.
  • Manufacturing USA is a national organization of manufacturing institutes that is focusing on increasing manufacturing in the U.S.

“The idea of a lessons-learned repository is a concept everyone is familiar with, though many believe it is a trivial tool or undervalued.”

Read more: https://www.amtonline.org/article/harvesting-the-value-from-risky-technology-adoptions

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