Business Growth Ideas for CT Manufacturers – Part 5: Technology
February 05, 2018
In this blog post, we look at ways in which advances in technology and automation can help manufacturers and enhance the value of their business.
The timing of technology and its many advances couldn’t be better for manufacturers in Connecticut. Technology and automation will be the key to competing and overcoming challenges in the years ahead.
Many of Connecticut’s manufacturers will need to look at how they can apply technology and automation to alleviate challenges resulting from skilled labor shortages or to enhance the capabilities of their production process. For those companies that are producing products, look to technology from outside your industry and look at where it could be integrated into your offerings as a way to differentiate a product.
Take the time to walk your facility and ask yourself what it would mean if you could automate some of the most repetitive steps or tasks, or what it would mean if you could take some of the risk of errors out of a process through automation, or if it would be helpful to automate the data capture required by customers. So much is available in the world of robotics, sensors and automation. It is becoming more and more affordable and there are more and more integrators with expertise to help you determine where you have opportunities within your process and what the timeframe is for payback on the investments.
Technology and automation also goes a long way in landing the talent who are looking for work in manufacturing. It shows candidates that you are investing in the business and committed to doing what it takes to compete with companies around the world. And, if you happen to be one of those business owners that is nearing retirement and looking to sell in the next few years, prospective buyers will judge you based on the investments you have or have not made in technology.
Technology facilitates innovation which drive business growth and it can be a driving force leading to better efficiency and a more competitive advantage. Leverage technology and automation to help grow your business.
In our next blog post, Part 6:Flexible, Cross-Trained Workforce of our Business Growth series, we look at how applying technology and automation alleviates challenges resulting from skilled labor shortages and can enhance the capabilities of your production process.
Part 1: Products of our Business Growth series
Part 2: Markets of our Business Growth series
Part 3: Pricing of our Business Growth series
Part 4: People of our Business Growth series
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