Technology is transforming the manufacturing sector. According to GE Capital's latest Mid-Market Report, technology is a $78.8 billion industry in Australia.
Manufacturing makes up roughly 40 per cent, or $31.2 billion of that figure. What this indicates is that manufacturers are increasingly embracing technology.
With this in mind, let's take a look at five of the key technology trends influencing the Australian manufacturing landscape.
While 3D printers have been around for a long time, it is only recently that this technology is becoming mainstream. An innovative new environment is created with the lower cost of 3D printers and the increased attention to the technology. This is an opportunity for Australian manufacturers to bounce back in a market that will be a multi-billion industry by 2020.
Like the environment the retail economy appears to be changing in a number of ways. From parallel imports to overseas brands....
I picked up a pack of vitamins today and noticed the batch number “020616” and use by “SEP 20” on the label. This is something I consume, so I rely on it being fit to consume. The company that produced it does their best to ensure that it is fit to consume. However, if something went wrong I would also want to be protected.
Traceability is something that consumers expect and that businesses all along the supply chain must cooperate to achieve. We do it in the hope that we will never need it. But if we do need it, we had better be doing it right.
With the rise of the global Chinese factory and the strength of our currency, manufacturing is under increasing pressure. Statistics provided by the Australian Government indicate that the share of manufacturing in the Australian economy has declined steadily: