Australia’s manufacturing sector needs to adopt more digital technologies such as 3D printing and robotics to maintain its competency in the global market, according to a ReportLinker analysis.
In doing so, the report noted that the industry would transition from the current process of a large-scale, mass production model. The adoption of more digital resources will also encourage an industrial packaging company, equipment supplier and other businesses to create and design different products.
Aside from sustained competitiveness, the development and adoption of new digital technologies will help companies to maintain a turnaround time, especially during short lead times. They could also save on employee costs since demand for labour will decline with online tools, according to the report.
Another significant advantage of digital technology involves big data analytics. For instance, companies that use this will be more able to foresee any breakdowns in the manufacturing process, including machine failure. By gauging the possibility of such incidents ahead of time, manufacturers will save time and money from workflow disruptions.
Defence Spending Budget
If you remain unconvinced about the importance of digital technology, Australia’s almost $4 billion investment in weapons export strategy should serve as a reason. The government wants to become among the top 10 exporters of manufacturers, which it expects to be possible through the spending plan.
The country currently exports around $2 billion of manufactured weapons each year, which pales in comparison to countries such as the U.K and the U.S. These western countries ship more than $10 billion of defence equipment overseas per year.
The use of digital tools will be a game changer for the manufacturing industry in the coming years, so it is vital that companies invest in them to avoid being left behind from their local and global counterparts. What is your digital strategy for 2018?