Why is Innovation Crucial for Manufacturing?
Innovation is a key component of economic growth and success and is of the utmost importance in manufacturing. After all, it leads to higher levels of productivity, efficiency and progress. Typically, innovation means to be on the lookout for something better, to see flaws and find solutions, to take an existing method and streamline it.
The manufacturing industry is constantly undergoing a period of change, be it from the emergence of new technologies to industry 4.0; this continuous transformation means that manufacturers need to keep innovating in order to stay relevant and ahead of the game.
Innovation Moves the Industry Forward
One of the reasons why innovation is so important is that helps to drive manufacturing. We understand it can be challenging to do something you’ve never done before or to test something new without being 100% certain of the results. However, the risks of not innovating are too great. Innovation will not only help your business to evolve and grow but also the industry as a whole; after all, the introduction and widespread use of new technologies or systems can completely transform the manufacturing process and the industry.
Innovation Offers a Competitive Edge
Companies that innovate get a competitive advantage, which also allows them to enter markets faster, and can more easily stand out from the crowd. When you offer the same products or services as other businesses in your sector, it’s vital to also be able to offer something unique that your clients that identify with. Many innovators take products that are already popular and make them better, which makes them stand out in the sector and improve the revenue of their company.
Innovation can facilitate and improve the growth of a business, whether you’re a start-up, a medium-sized company or a large business.
Innovation Helps You Meet Client Demands
By being innovative, you can also meet your clients’ needs and requirements. This is tied to the previous point; after all, by being competitive and meeting market demands, you can gain a competitive edge and stand out from the crowd. Because customers’ needs are ever-changing, they could be different tomorrow – for this reason, being able to adapt to changes in the sector and innovating, your company has a higher change of remaining competitive. Businesses that remain stagnant will not succeed in the long-term, as they may lose market share to competitors, lose important staff, see a decrease in productivity, and see their margins and profit fall.
Innovation Leads to Increased Quality
By offering better and more innovative products and services, you’re more likely to meet the needs of your customers which, in turn, can lead to higher sales and profits. Innovation is also a precursor to improved productivity and reduced costs, since it allows manufacturers to be more flexible and adaptable to market changes.
Important Innovations in the Industry
Perhaps one of the most crucial innovations in the manufacturing sector is the Industrial Revolution, which isn’t so much a single innovation as it is a whole process. This time period helped manufacturing enter a new era. Since then, the industry has never stopped evolving.
The discovery and development of investment casting were one of the most important innovations in the industry as well. This process, dating back, at least, 5,000 years, has allowed the creation of high-integrity, high-quality and highly complex parts that can be used in a variety of applications and sectors. For examples, castings can be found in the engines of cars or aircraft, or as the components that help an oil rig to work.
The Internet of Things, 5G and countless other innovations are moving manufacturing forward. In a few years or less, there will be other innovations to consider, as this is the nature of the industry.
It’s also important to consider that, in the manufacturing world, an innovative idea needs to solve a specific need while remaining cost-effective to replicate at the same time. Merely having original ideas is not enough – however, without them, we wouldn’t have innovation. So, while not all ideas will be feasible, it’s crucial to keep innovating and driving manufacturing forward.
As a UK foundry, we believe it’s vital that manufacturers nurture innovation in their businesses, in order to benefit from improved efficiency and remain relevant in an ever-changing industry. No matter what happens once Brexit day arrives, start taking steps to promote this innovation, such as putting processes into place to accept employee suggestions, encouraging risk-taking, rewarding innovation and celebrating success stories, looking for soft skills such as creativity from new employees, and more.
At Dean Group, we are constantly reviewing our processes. Whether we’re looking to become eco-friendlier through our casting processes and paperless systems or we’re investing in new technologies and people, we consider innovation to be a top priority. We continuously review our capital expenditure and invest to keep up with the industry or to develop industry leading manufacturing techniques. This way, we ensure efficiency and forward-thinking, which will lead us to better help our clients, no matter the industry they work in.‹ Back to NewsContact Us