This presentation was part of a panel discussion at the 1997 annual meeting of the American Statistical Association. Some of the key trends in industry are categorized according to one taxonomy (e.g., design, engineering, validation, manufacturing, etc.) and used to highlight challenges and opportunities for the statistical profession into the near future. The major emphasis is on delineating needs with respect to industry. These needs may or may not coincide with the needs of academia or government. The major driving force for industry over the near future will be shortening of product development lead-time, and the major enabler to meet this challenge will be information technology. The presentation will conclude with some opinions as how to enhance an academic statistical program.