Business Outlook 2011 – Innovation Advantage
A recent publication, “Business Outlook 2011 – Innovation Advantage” that was put together by Canadian Plant magazine and Rogers Communications shed some interesting light on the manufacturing industry. It is based on a survey of manufacturing companies as well as a roundtable discussion with senior executives of leading manufacturing companies. Memex Automation was invited to participate as a supplier to the manufacturing industry, specifically David McPhail, President.
Some interesting notes about this outlook:
- 77% of manufacturers identified improving productivity as a major issue.
- 86% identified innovation is an important aspect of their competitive strategies.
- Most panelists agree lean manufacturing is key to productivity improvement and innovation but adoption among survey respondents is just under half at 49%, suggesting there is much room for improvement here.
- 91% of manufacturers have investment plans for 2011.
- Process improvement tops the list of priorities for 2011.
- Only about 40% of companies took advantage of the federal tax credit.
Much discussion was had about applying tax credits towards improving manufacturing productivity, all as a competitive advantage.
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