There’s no shortage of theories out there about what it’ll take to turn the economy around. But this sounds like one of the more plausible.

The formula for success comes courtesy of a new IDC Manufacturing Insights report.

It ID’d the key components to a rebound:

Where: the manufacturing sector

What: a renewed push for operational excellence

Who: Operations, with a big hand from IT.

“Operational excellence” certainly isn’t anything new. And it’s something most manufacturers should be striving for anyway.

But after these rough two years, companies have been operating in survival mode – improvements haven’t necessarily been top-of-mind.

The best way to achieve this change of direction now is by focusing on three areas:

1. Improvements to quality
2. A plan for continuous improvement, and
3. Supply chain enhancements (demand sensing, forecasting and collaboration with partners).

And the internal partner that’ll need to work hard to support all of these? IT. Technology will factor heavily here.

Even if your business is in the service industry, this formula can help you.

After all, you probably have manufacturers as key customers or suppliers.

Talk with other top execs in Finance and Operations to see whether your partners are embracing this strategy: looking to collaborate more with you, addressing demand issues, etc.

Those are all encouraging signs.