After a disruptive year for manufacturing, the focus of the government and other economic stakeholders is to strengthen the manufacturing sector to create a competitive sovereign base in Australia. It is so important for manufacturers to invest in research and development (R&D) to stay relevant in the industry and innovate for the future.
The ability of a manufacturer to innovate and adapt to its customers’ requirements is vital. To respond to the ever-changing industry deamnds, many manufacturers find themselves investing in their research, design and test capabilities.
Andrew Keith, Engineering Director of Cressall Resistors said, “there is a solid relationship between the amount of effort put into research and development and the way a company performs.”
Clients should understand that R&D is integral to the overall process to ensure a design can transform into a product and at a certain price point.
Understanding R&D’s role in Manufacturing:
- To improve existing manufacturing processes that deliver substantial productivity, quality, or environmental benefits
- To develop new manufacturing processes, including new materials, coatings, methods, and practices associated with these processes
- To increase capacity through productivity improvements and cost reduction
- To improve and innovate functions crucial to manufacturing such as; quality systems, resource management, supply chain integration, and distribution, scheduling and tracking
- To gain knowledge on a targeted audience to enhance user experience
The research and/or development stage is often first in the development process and is typically not performed with the expectation of immediate profit. Instead, it is expected to contribute to the long-term profitability of a company.
The growth and stability of the manufacturing sector in Australia, relies to a large extent on embracing innovation which is essential for producing quality products at competitive prices.
By investing in research and development, manufacturers will strengthen their internal processes as well as strengthening the bond between suppliers, stakeholders and customers.
The Rise of Technology:
As manufacturing adopts Industry4.0 with automation and the rise of technology, R&D has contributed significantly to improving product quality, operational efficiency and productivity.
Process automation, integrating machines and processes, improved data analysis, agile delivery and technology are key areas which should be the focus of R&D as technology continues to infiltrate the manufacturing sector.
In the post-pandemic economy, product development initiatives will rely increasingly on advanced information.
Investment in R&D delivers enormous gains in a company’s technological growth, employee satisfaction and capabilities. Improved processes, innovative products and quality service are reasons why it is more important than ever for manufacturers in Australia and businesses providing manufacturing services to invest in Research and Development.
In conclusion, manufacturers need to invest in research and development as the costs and consequences of making misinformed decisions can be sever for the company and its future.