According to data from the Department of Labor, manufacturing wages are rising at an accelerated rate in states that are at the forefront of the industry. Overall, manufacturing salaries have grown over the last year at a 1.6 percent rate, significantly below the average of the nation's private sector, which is currently at an annual rate of 2.3 percent. But in five states that lead America's manufacturing, wages have spiked: Texas (6.3 percent), Washington (4.4), Oregon (4 percent), Indiana (3.1) and Michigan (2.5).

Analysts say this is a result of a shortage of skilled labor, and they expect the situation to expand to other states over the coming months and years. That labor shortage, which has been a common theme for the industry in recent times, was one of the main issues that the recent Manufacturing Day events sought to address. Besides the dozens of events that were held on October 3, nine more will take place throughout Indiana until the end of the month, many directed at high school students in an effort to attract new talent.

Business outsourcing firm ADP, LLC says that the current situation is making life difficult for manufacturing companies by encouraging skilled workers to move to new jobs where they can receive better pay. According to its data, workers who changed employers saw their hourly wages rise an average of 4.2 percent in the third quarter, up from 3.6 percent a year ago.

Manufacturing ERP software can help companies navigate the industry's changing landscape. While a shortage of skilled labor is out of businesses' control, an effective ERP system allows them to better adjust to those circumstances by keeping close track of inventory and production costs.