The last two decades in Australia have seen many shifts when it comes to manufacturing. There are hardly any businesses that have not embraced at least some of the edges that the modern age is offering.
Keeping up with the world trends has brought Australia to the beginning of a fast-evolving period, and the sooner the businesses accept these changes, the better their production will be.
The Australian economy is gaining momentum at a fast rate. The business capital expenditure reports (CAPEX) highlight the blooming of numerous sectors as the local and global demand keeps increasing.
Here are some of the most prevalent trends likely to shape the future of the Australian manufacturing process.
Risk management is top priority
It is with extreme care that manufacturers have started dealing with the risks. Not only does it include the safety of employees, but it also revolves around bringing the production risks to a minimum in order to increase and maintain productivity.
ERM (Enterprise Risk Management) tackles the risks at all levels and helps mitigate issues connected with costs and efficiency. Inventory, cash flow, and asset management have seen increased valuation effects with the help of ERM.
It comes as no surprise that technology boosts all aspects of production and post-production. With the Industrial Internet of Things (IIOT), important manufacturing aspects such as connectivity, scalability, and safety have experienced their maximum. The widespread application of ICT (information and communications technology) is contributing to the workforce changes which have begun to mature.
Expenditures on machinery and equipment in the mining and construction industry have seen significant decrease through the use of durable equipment. This superior equipment includes specialized parts such as solid excavator rubber tracks or drilling rigs.
Energy-efficient equipment is built with precision and advanced engineering methods which help increase productivity and sustainability.
Protecting the system and its information has never been as important as it is now. Therefore, manufacturers are reaching out for the cloud-based solutions with the sole aim of protecting the system from data leakage, saving a lot of time and money in the process.
Multiple sources are unified into a single database helping executives monitor and control processes without having to survey them throughout.
Being environmentally conscious and responsible has become one of the manufacturers’ top priorities. With all the damage done to the world’s natural resources, environmentally-friendly practices are present in almost all operations.
Not only does this boost their public image, but it also raises awareness with the other members of the corporate environment. This is especially the case with energy-intensive industries which are looking into finding the optimum ways of reducing the harmful effects of the production process.
As there is an increasing global demand for Australia’s natural resources, low-carbon economy and sustainability are pivotal to preserving Australia’s natural integrity.
The importance of the supply chain
Supply chain management affects manufacturing on several levels. It helps predict and control distribution costs, boosts supplier and customer integration, and maintains the reliability of inputs. Managers are well aware of how much customer satisfaction can make or break a business. This is why they are putting additional efforts into perfecting the supply chain.
Slowly but surely, Australia is becoming a competitive export force. Its chances of becoming a globally competitive manufacturing country will not only create job offers, but it will also help it reach overseas markets.
Guest post by Carolin Petterson
About the Author
Carolin Petterson is a Business Lady and contributor for number of high-class websites. She loves to share her experiences and talk about practical solutions, but her specialties are sustainability, sustainable business and green living.
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