With technology advancing at hyper-speed these days, so is the need for companies to stay innovative to keep in line with the competition. KPMG’s 2016 Global Manufacturing Outlook (GMO) reveals the rise in investment into advanced technology.
In order to survive in today’s society, in any type of business, you need to be able to keep up with the competition, and manufacturing is no different. Companies are adapting new technology and creating innovative products daily, and nearly 40% of all manufacturing executives interviewed said their companies are investing heavily in advanced manufacturing technology and turning to robotics as a way of advancing in the market.
3D printing is another area that is hot in the world of advanced manufacturing technologies and over 60% of companies surveyed are either already investing in this type of technology or soon will be. Since the introduction of 3D printers, the growth of sales and advancement of technology in them has been tremendous and, companies are making the most of these devices to adapt and aid their own businesses.
Manufacturers are very much aware of the importance of developing their own innovative products, and over half of those surveyed are looking to launch something new in the next 1 to 2 years in hopes to stay in the game and at least keep up with its competitions. But, the companies have also displayed big concerns for the future with some of the main ones being worried that with technology as fast-paced as it is, their product will not be deemed as current, and also competitors leaping ahead with some form of advanced technology.
With some new products constantly on offer and continuously improving, it is a concern for manufacturers as customer loyalty may no longer be what it used to. So, for the companies out there, it is a tough, competitive market, constantly evolving faster than the speed of sound, but for the consumer it is an endless shop of new and innovative products being offered at great prices to ensure the most prepared and up to date company wins the business and hopefully the loyalty!
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