Australia’s manufacturing industry would need to adopt more digital tools to remain competitive on a global scale, according to a ReportLinker analysis.
The analysis cited robotics and additive manufacturing such as 3D printing as complementary resources to digital manufacturing. Otherwise, the sector may fail to address changing consumer preferences driven by disruptive technologies.
The benefits of using more digital tools for manufacturing include a shorter turnaround time for production. It may even include creating better stainless steel pipe fitting and other materials.
Companies that aim to save on recruitment costs will also be able to do so since digitalised operations mean less demand for workers.
If you cater to the defence industry, planning to embrace more digital tools will give you an edge in seeking a contract with the federal government. Prime Minister Malcolm Turnbull recently announced a $3.8 billion funding assistance for exports of military arms.
An estimated 3,000 companies in Australia may seek to take advantage of the government’s funding package. They will, however, need to observe some export guidelines from the Defence Export Controls (DEC) before any sale, particularly lethal military equipment.
The production of export weapons will not also focus on deadly arms. Instead, it will have to aim at improving the efficiency of military operations.
The DEC will be keen to avoid selling weapons for the development or advancement of “chemical, biological or nuclear weapon systems” in certain countries, where the current state of affairs breach Australia’s foreign policies and humanitarian stance.
The government will also prioritise the sale of weapons that are compatible with those from Canada, New Zealand and the U.S.
Digital technologies continue to transform the manufacturing industry, so Australian companies need to keep up on investments in research and development to stay relevant and take advantage of new business opportunities that await them.