Shaping statistics for success in the 21st century: The needs of industry

Some key trends in industry are categorized according to one taxonomy (e.g,, design, engineering, validation, manufacturing, and so on) and used to highlight challenges and opportunities for the statistical profession. The major emphasis is on delineating trends and needs with respect to industry. These needs may or may not coincide with the needs of academia or government. The key driving force for industry over the near future will be shortening of product development lead-time. The major enabler to meet this challenge will be information technology. The article concludes with some recommendations on how to enhance an academic statistical program.