As South Australia’s only bank with a dedicated manufacturing team, BankSA is committed to supporting the manufacturing industry, which has certainly demonstrated resilience over the last few years.
BankSA’s most recent State Monitor consumer and business confidence survey showed that the manufacturing industry is feeling positive about many aspects of the economy including business stability, technology adoption and general mood.
And rightly so. South Australia has made the transition into advanced manufacturing with some strong players in the local industry making an impact globally.
This optimism was evident at the National Manufacturing Week expo held in Melbourne last month. The conference theme, ‘Industrial Evolution’, focused on opportunities for business to capitalise on the sector’s transformation.
These are some of my key takeaways from the week.
Manufacturing entrepreneurs: Young people are getting excited about manufacturing again particularly on an entrepreneurial level. The availability and affordability of 3D printing enables individuals to create one-of-a-kind products in a short amount of time - without heavy production costs.
Industrial Internet of Things: This exhibitor zone showcased machines embedded with sensors, switches or intelligent controls to make factories smarter and more efficient, reducing costs and improving workplace safety.
It’s not the stuff of science fiction - this type of technology has already made its way into our smart, connected homes, with the automation changing the way we control our appliances.
Growth in service-based manufacturing: The move from traditional manufacturing towards service-based business models means a shift in thinking and establishing the right support network to help your business grow. Being competitive in an era of advanced manufacturing means thinking about how you make your product, not what you make.
Manufacturing Academy launch: Technology is also changing the way we access information and learning – the meteoric rise of Massive Online Open Courses (MOOCs) from some of the world’s most prestigious educational institutions means that knowledge is now at everyone’s fingertips.
Offered by the Advanced Manufacturing Growth Centre, the Manufacturing Academy is a valuable online resource to support manufacturers across a diverse range of topics including product value, market reach and resilience.
BankSA goes above and beyond to ensure the manufacturing industry continues to thrive because we’re passionate about being a catalyst for growth in South Australia. Our team of experienced bankers support manufacturers and wholesalers with solutions in managing cash flow, mitigating risk and funding capital investment. Get in touch to find out how our expertise can help your business grow.
Todd leads the BankSA Industry Specialisation Team of industry banking specialists. He brings a wealth of experience from more than 30 years in banking to help support South Australian manufacturers.
0466 493 740