The scenario of the manufacturing industry is changing with time and with the application of new technology. Different types of competitions are emerging with the changing requirements, capabilities and atmosphere of the supply chain. A big chunk of the manufacturing output has moved to the developed world. On the other hand, the actual production stages are becoming a matter of lower economic returns.
The access to higher value production mandates allows the firms to not only help themselves in growing, this is an advantage for the broader Canadian economy. However, in order to attract opportunities with higher value, companies need to assure that they have access to best talents in the country and advanced technologies.
The Benefits of Investment and the Driving Factors
The benefits of investment in business requires no explanation, it comes with several advantages like building a new company or upgrading the existing one or even acquiring a new company and most importantly creating employment opportunities.
Below here are some factors that drive investment:
Alongside the invention of new technology, it is equally important to apply those technologies in the practical field and this is where the Canadian companies are lacking. A recent research conducted by the Microsoft in 2015 by interviewing 700 C-suite executives regarding the application of modern technologies like cloud computing, internet of things (IOT) shows that 49% of the executives believe that it helps to have a better position in the competition. 85% of the executives say that they are not implementing technology adequately while 70% of them have admitted that cost s a factor behind this.
Leveraging technology for gaining effectiveness
Time has come for the companies to leverage technology to come up with more benefits and increase the efficiency level like what DHL and Don-Bur did in the year 2006. They jointly developed a teardrop, an aerodynamic trailer that can save fuel and CO2 up to 12%. This invention not only helped Don-Bur to manage the local recession successfully, they became one of the most successful trailer companies in the UK. They also increased the number of stuffs and it helped the local suppliers. This sort of approaches has become extremely important now.
The different and innovative ways to the application of new technology is underpinning the ability of supply chains. It is improving the efficiency of the companies as well. These improved technologies include robotics, 3D printing, sensor, internet of things etc. These technologies not only reduce the manufacturing cost, it reduces lots of other costs as well and offers a smooth manufacturing practice something that is sought by most of the global manufacturers.
It requires no explanation that the future of the manufacturing is the digital infrastructure and will be data-driven. The application of Internet of Things is going to be the future that will drive the new manufacturing practices. With the new devices online and increased volume of data, the manufacturers need the access to high speed networks.
However, it is pretty sad to see that Canada is presently one of the least interested countries to high speed internet service. The Digital Canada 150 Strategy has set a target of 20 Mbps download speed by the end of 2019 that falls short in large margin from countries like Germany, Denmark and Sweden where the download speed is 50 to 100 Mbps.
Prompt Assembly & Packaging Inc.