Feature

Over the past few decades, the world has witnessed the rise of Asia Pacific through its manufacturing capability, fueled by labor, economic and regulatory advantages. However, the world’s manufacturing powerhouse is now at a critical inflection point.

The Associations of Manufacturing Excellence has enlisted as a partner for IT consultancy SOCO’s upcoming event “Charging into the Future: Modern ERP for Manufacturers,” which will be held on 8 March. 

The Australian fabricated metal manufacturing industry has experienced subdued revenue growth over the past five years, despite a contraction of product sales to key building markets following the pandemic, according to this July 2022 report from IBIS World.

An aspect limiting the production of today's power hubs is the metals used in the blades, bearings and seals of their steam turbines, which tend to soften and elongate far before their melting point.

One of the major challenges for modern manufacturers in the post-pandemic era is the reliability of its supply chain. When building material and critical components used in the production line fall short, productivity drops, and operational costs can rise very quickly. In fact, a disruption can cost an organization 45% of one year’s profits over the course of a decade.

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Whilst it’s true that cars are no longer being made on Australian soil, Aussie manufacturing is still thriving across many other industries.

Over the last three years, manufacturers all over the world have had to dramatically shift their focus from efficiency to resiliency in order to weather unprecedented global events, such as the COVID-19 pandemic and the war in Ukraine. 

As the manufacturing industry evolves over time and competition increases, business leaders are forced to develop ways to remain competitive and drive growth. However, some business leaders seem to fall short of strategies to diversify lines of business to achieve sustainability.

Now more than ever, manufacturers all around the world are being pushed to test the limits of their current capabilities as they weather multiple disruptive global events, like the COVID-19 pandemic and the war in Ukraine.