What is that one revolution that changed the world’s spectrum? The industrial revolution, of course. Economies around the world are heavily dependent on industrial progress. The shift to new and efficient processes through industrial advancements has impacted the world tremendously. Due to industries, the world has seen improvement in job creation, transportation progress, increased manufactured goods, improvement in living standards, and communication.
Industries have played an integral role in maintaining sustained growth while transforming the economy. Industrial progress gets often linked to more jobs, more wages, more money, and more opportunities. For every country, the industry holds a significant strategic position. Achievements in the industry lead to a substantial influence on economic growth and country welfare. Since it plays such a huge role in a country, it is pivotal to understand the metrics to gauge its overall progress. Some of the key metrics include:
- Human resource quality
Automation may be the most significant achievement by humankind, but the workforce will always be irreplaceable when it comes to its progress. Human resources play the most significant role in industrial progress. Due to industries’ significance in the economy, universities offer degrees specific to industry needs, such as industrial distribution. This bachelors program gives you an insight into the supply chain and distribution channels necessary to provide end-products to the end consumers. Several other educational programs combined with workers’ ability, willingness to work, and suitable environment are critical metrics for any industry to progress.
- Technological advancements
The technological revolution is now central to industrial progress as it gets directly linked to industrial productivity. The production process has evolved due to the application of mechanical improvements. It has accelerated the pace of industries globally. There are several metrics in the technology domain that can affect industrial progress. These include technical know-how, degree of mechanization, product design, the introduction of automatic and semi-automatic machines, product integration, better morale, enhancement in production processes, and integration of specialization of higher degree. All these applied with a qualified workforce can be a game-changer for any industry.
- Financial support for achieving progress
For any industry to expand and achieve optimal use of its resources, finance is required. Adequate resources of finance are required for technical improvements and incorporate modern training for the workforce. For introducing mechanization, industries require hefty capital. In addition to automation, the money will be necessary for advertisement campaigns, development and research activities, machinery and plant management, and improved workers’ working conditions. All these activities are integral for the industry to flourish. Intensive capital input by the government will make a more significant difference.
- Professional managers to run the show.
An industry may have the most qualified workforce and the latest technology to mechanize the processes, but it cannot have the desired results if they are not well-managed. That is where a professional manager is required. Well qualified managers can make efficient use of modern technology introduced in the industry. Most industry organizations operate on a large scale; the professional managers must have the judgment, imagination, and willingness to take risks and initiatives.
Along with devotion to their profession, the industries need managers to understand the industry’s social responsibilities, customers, workers, government, suppliers, and society. The industry’s progress gets heavily influenced by managers with human relations and technical skills, and conceptual awareness.
- Government policy – Most crucial metric!
What is the government doing to support an industry? That matters the most as far as the industrial progress is concerned. The government can either make or break the industry with its policies. For an enterprise to flourish, the government needs to implement policies that make the conditions favorable for investment, saving, conservation of national resources, and capital flow from one industry to another. Some industries get incentives and protection based on the national interest, as it is imperative for development. The industrial policy drafted by the government should ensure that taxation does not discourage industry progress. The government’s policies should also ensure that organizations within the industry don’t turn monopolistic as it will jeopardize both the consumers and workers.
- Natural factors
Industrial progress gets undermined by natural factors such as geographical, physical, and climatic. However, these factors become crucial metrics based on the industry nature, services, and goods produced and how well the physical conditions can get controlled. For instance, the external and geological factors are significant to consider when it comes to the coal mining industry. The depth of coal mines, region’s topography, coal seams thickness, and coal quality are important metrics determining the industry’s progress.
Remember that industrial progress is an ongoing process as the technology is evolving. As the population is increasing rapidly across the globe, the demand for services and goods will only increase in the future. It makes more room for further innovation while increasing financial opportunities. So it is essential to follow the metrics to determine the trend of every industry and design policies to make it favorable for organizations.