19th April, 2024
On day 2 of Australian Manufacturing Week in Sydney, @AuManufacturing hosted a breakfast awards event to celebrate the 50 Most Innovative Manufacturers in Australia.
MYOB was lead sponsor of the event, which was themed ‘It’s for everybody’, to reflect the need for innovation across all businesses.
Bruce Minty, Senior Product Manager at MYOB, was on a panel of five judges who reviewed the nominations.
“It was an absolute privilege to be a judge at this event,” Bruce says. “There is so much exciting work happening across the country.
“Seven of the top 10 manufacturers are, in fact, using world-first technology. And outside of the top 50, we identified eight more companies for high commendation.”
While the top 10 were largely high tech, high value companies with a clear focus on research and development, there is considerable diversity in Australia’s $100 billion a year manufacturing sector.
Digital transformation is an important first step for all manufacturers, Bruce says, and will provide the platform for the use of new and emerging technologies.
Speaking with @AuManufacturing on a podcast ahead of the event, Bruce spoke about the changes shaping the industry.
He cited an MYOB survey that identified manufacturers’ expectations for the industry over the next five years.
“The number one expectation is for increased automation of business processes and workflows over the next five years”, Bruce says.
He says this is closely followed by 43% of respondents expecting more competition in the sector.
“That’s partly because of government grants and potentially more manufacturers coming back to Australia because of global supply chain disruptions.”
The number three expectation was that there would be more acquisition or vertical integrations in the sector.
“Manufacturers acquire businesses to take ownership and control over their value chain, resulting in a more diverse business model,” Bruce says.
An enterprise resource planning system such as MYOB Advanced Manufacturing can help businesses move with the times and successfully navigate changing market dynamics.
“All businesses need solid foundations to be able to innovate,” Bruce says. “Huge congratulations to all the winners.”
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.