It can be difficult for organizations to keep up with the rapid pace of technological change. However, software professional Cathal Lathrop wrote on EBN Online that those who do can achieve improved business models. Inventory management systems and other manufacturing technology can help organizations take a more strategic approach than they have been able to in the past. Companies are already working to manage the end-of-life phase of device use, he said.

“The advent of cloud-based inventory management systems, which allow distributors to track and manage inventory from a single system across the globe and in real time, has also brought about more flexibility for materials management and warehousing/fulfillment teams by allowing real-time global access to inventory information and management,” Lathrop wrote.

Developing these systems in-house can help meet growing customer needs and allow innovators to take advantage the growing market for end-of-life components to better keep up with technology.

More are investing in technology as well, according to Industry Week. A report from The Association for Manufacturing Technology found a 13.6 percent growth in manufacturing technology orders in May 2013, bringing the year-to-year total to just over $2 billion. Patrick McGibbon, AMT vice president of industry intelligence said this was a welcome sign for the industry.

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