Tag: oc

Midsize companies in the global industrial manufacturing sector are facing a transformative era driven by automation and artificial intelligence (AI). As industry leaders recognise, these technologies are reshaping the very foundations of manufacturing processes and workforce dynamics.

According to a recent study by Oxford Economics, midsized companies in the industrial manufacturing sector are setting their eyes on ambitious growth targets. The research, authored in partnership with SAP, revealed that 38% of industry leaders have identified market expansion as their top priority.

In a significant move to bolster its presence in the Australian and New Zealand (ANZ) region, Legrand, a global leader in electrical and digital building infrastructure, has acquired Australian Plastic Profiles (APP), a prominent player in the Australian PVC conduit market. 

Despite the transformative potential of artificial intelligence, many small to medium manufacturing businesses in Australia find themselves grappling with substantial challenges that hinder widespread implementation. 

At the recent HUAWEI CONNECT 2024, Zhang Ping'an, executive director of the Board of Huawei and CEO of Huawei Cloud, emphasised the importance of adopting an "AI-native" mindset for enterprises worldwide.

Over the past decade, more than 1,850 workers have lost their lives to traumatic injuries in Australian workplaces. Even more alarming, over 1.1 million workers have filed serious compensation claims for injuries resulting in more than a week of lost work time. That is approximately one in every 12 workers facing significant workplace injuries.

Artificial intelligence has become more than just a buzzword as it promises to revolutionise every other industry in the world, including manufacturing. In Australia, in particular, the hype surrounding AI and automation has reached a fever pitch, with many business leaders leveraging their resources to race towards adoption and implementation.

For business leaders in the Australian manufacturing industry, digital transformation is not just a buzzword—it is a necessity to stay ahead and maintain a competitive edge in operational efficiency. 

The Australian manufacturing sector is at a crossroads between keeping up with automation and technological evolution and the pressing issue of attracting and retaining a skilled workforce. 

The arrival of technological advancements in manufacturing has ushered in a new era of innovations and challenges for smart factories. For businesses in the era of Industry 4.0, data analytics serves as the driving force for revolutionising manufacturing processes and addressing new challenges that come with it.