The Future Of Manufacturing Flashcards
Value chains
noun
The series of stages involved in producing a product with each stage adding value to the product
* We employ value chain analysis in order to improve all our products and services.
* Apple has very comprehensive and competitive value chains.
Recipe
noun
A formula / set of instructions on how to make / do something
* If you follow this particular management recipe you ought to see better results.
* I’m not sure if we should follow the same recipe as last time.
Context
noun
A situation within which something happens
* It’s important to understand this matter within its context.
* Words can have different meanings depending on the context in which they are used.
Disrupt
verb
To change the traditional way that an industry operates
* AI is busy disrupting most tech sectors.
* They have been very effective in disrupting the HR industry.
Geopolitics
noun
Where countries are geographically and how they affect and interact with one another
* Many geopolitical tensions arose from Russia’s invasion of Ukraine.
* Geopolitics are in a state of constant flux.
Upskilling
noun
When an employee undertakes learning to expand their existing skillset in order to enhance their performance in their current role
* Upskilling initiatives are our main focus this year.
* They have been investing in upskilling programs for all of their engineers.
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Reskilling
noun
The process of learning new skills so that a worker can do a different job within the same company
* It’s very important for employees to be motivated in order for reskilling programs to be effective.
* Reskilling our workers is crucial.
Unleash
verb
To set something in motion forcefully
* That mistake unleashed a firestorm in the media.
* The war will unleash major changes in the world.
Scale
verb
To make something grow bigger
* They have managed to scale their business internationally.
* Scaling this technology gradually will be tough.
Supply network
noun
The system of people and things that are involved in the production and delivery of goods and services to customers
* Our supply network needs a complete overhaul.
* We are using AI to track each step of our supply network.
Adjacent to …
adjective
Close / next to …
* Our manufacturing is adjacent to several new technologies.
* My house is adjacent to a restaurant.
Academia
noun
The world of colleges and universities
* He has spent most of his career in academia.
* Academia has been negatively affected by online learning.
Digital maturity
noun
The ability to quickly respond to opportunities in the market based on current technology
* Top management is finding it hard to reach digital maturity.
* Digital maturity will be the most important factor in their success or failure.
Aggregated data
noun
Putting many smaller pieces of information together in order to see the bigger picture
* The aggregated data tells us that we are running at a loss.
* It is important to look at the aggregated data first before making a decision.
