{"id":57496,"date":"2021-01-07T19:55:00","date_gmt":"2021-01-07T19:55:00","guid":{"rendered":""},"modified":"2024-09-04T09:49:51","modified_gmt":"2024-09-04T13:49:51","slug":"how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment\/","title":{"rendered":"How Manufacturing Companies Can Become More Competitive and Efficient in Today&#8217;s Environment"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How Manufacturing Companies Can Become More Competitive and Efficient in Today&#8217;s Environment<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-395.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-395.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-395.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-395.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Manufacturing Companies Can Become More Competitive and Efficient in Today&#8217;s Environment &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 7, 2021 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Advanced manufacturing isn&#8217;t just about technology. It&#8217;s about how the innovative management of technology can improve materials, processes, and products \u2013 and how it can enable companies to react and pivot in a changing landscape.<\/p>\n\n\n\n<p>Advanced manufacturing is more than a matter of just adopting cutting edge technology. Understanding how to meet manufacturing objectives and unique industry challenges requires a highly collaborative approach between business and technology \u2013 and this is where NGen comes in. A not-for-profit organization that matches manufacturing companies with new technologies, NGen is leading advanced manufacturing supercluster initiatives in Canada to give Canadian companies a competitive edge. They do this in large part by building collaboration across the ecosystem.<\/p>\n\n\n\n<p>NGen&#8217;s mission is to position Canada as a world leader in advanced manufacturing, for the benefit of Canadians. They&#8217;re doing this by promoting Canada&#8217;s manufacturing capabilities \u2013 both within Canada and internationally; by connecting innovative products and techniques across companies and sectors; by helping to support the development of a highly skilled workforce; and co-investing in industry-led projects that deliver tangible outcomes in manufacturing.<\/p>\n\n\n\n<p>And since March, they have invested approximately $80 million in direct support for companies that are manufacturing sustainable, globally competitive products in Canada to fight the pandemic \u2013 such as respirators, test kits, sanitizing products, masks and more.<\/p>\n\n\n\n<p>In a recent conversation, NGen CEO Jayson Myers shared some insights on the impact of COVID-19 on Canadian companies, what healthy businesses are doing right, and where advanced manufacturing will play a role going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Impact of COVID-19 on Canadian manufacturing<\/h2>\n\n\n\n<p>COVID-19 has inflamed challenges that existed before the pandemic, and brought to life some new risks. In particular, the resilience of an extended supply chain model has been tested. At the same time, COVID-19 has also opened up many opportunities for Canadian companies to look beyond their existing offerings. Companies that were producing automotive parts, for instance, have pivoted to produce parts and products for medical devices. Distilleries have pivoted to create hand sanitizers.<br><\/p>\n\n\n\n<p>In short, companies have had to find new ways to deliver value to customers, and meet the changing needs of the public. \u201cCompanies that have been able to survive the downturn are those that have already invested in a digital transformation and for the upskilling of their labour force. They were able to quickly adjust their business model to take advantage of technology in new ways, and even partner with competitors in order to overcome supply chain constraints in the current environment,&#8221; said Myers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Collaboration is key to growth and resilience<\/h2>\n\n\n\n<p>In order for companies to create value differently, they must go beyond simply improving the efficiency of existing processes. \u201cNew ways of thinking about critical processes is necessary for generating value,&#8221; said Myers. \u201cKnowing what critical processes will generate value \u2013 and what won&#8217;t \u2013 is equally important.&#8221;<\/p>\n\n\n\n<p>And developing new processes \u2013 as well as creating new types of solutions for customers \u2013 requires a high degree of co-creation between companies in an ecosystem. \u201cA collaborative value network of technology, research, manufacturing, and even business and financial services must work together to develop new types of solutions for customers that are truly unique,&#8221; advised Myers.<\/p>\n\n\n\n<p>Too many digital transformation projects fail. He cited examples of companies that have invested in technology they don&#8217;t really know how to use \u2013 and as such don&#8217;t achieve the results they want. He also noted that technology companies may not always have the industry expertise or all of the ingredients to address the problem that a manufacturer is trying to solve. \u201cTechnology can help businesses do better \u2013 but it can have the opposite impact, too. It&#8217;s therefore critical to make the right decisions about technology. A lot of companies don&#8217;t know where to start \u2013 they see technology as overwhelming.&#8221; This is where collaboration comes in.<\/p>\n\n\n\n<p>\u201cWhen companies look at creating a partnership versus simply a vendor-customer relationship, they can achieve value that can&#8217;t be achieved on its own,&#8221; said Myers. \u201cWhen you bring the right groups together, you can achieve great things.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Advanced manufacturing \u2013 for pandemic readiness and beyond<\/h2>\n\n\n\n<p>NGen has been busy supporting projects to produce critical products required to fight the pandemic. \u201cIn the first ten days of lockdown in March we approved twelve innovative projects,&#8221; said Myers. But beyond the pandemic, he recognizes that advanced manufacturing solutions will still be required by companies if they want to compete and grow. \u201cWhen the pandemic disappears, manufacturers are still going to need to leverage advancements in automation, robotics and AI in order to compete,&#8221; he advised.<\/p>\n\n\n\n<p>Shortages and disruptions in supply chains have created opportunities for companies to seek new partnerships and reevaluate what capabilities they will need to meet new demands. \u201cWhen companies are able to work together to scale up and integrate technologies to meet manufacturing challenges, they have an opportunity to create a truly unique value proposition for their customers,&#8221; says Myers.<\/p>\n\n\n\n<p>And while investment in technology takes money, smart decisions should get the backing businesses need. \u201cCashflow has been the main focus for companies big and small through COVID,&#8221; Myers says. \u201cNonetheless, your banks will work with you to evaluate investments that will make your business more resilient and more sustainable.&#8221;<\/p>\n\n\n\n<p>NGen&#8217;s mission is to make sure that manufacturing stays in Canada \u2013 that companies are using the best technology out there in order to build capabilities, create products and ultimately deliver value that is unique and competitive enough to keep them in Canada.<\/p>\n\n\n\n<p>Thinking about accelerating the digital transformation of your business? The <a href=\"https:\/\/www.rbcroyalbank.com\/business\/beyond-banking\/go-digital\/index.html?promo_name=ENT_RBC_DNL&amp;promo_id=268831&amp;promo_position=body&amp;promo_creative=How Manufacturing Companies can Become More Competitive and Efficient in Today's Environment\">RBC Go Digital<\/a>\u2122 program makes it easier to gain access to digital technologies, adapt to rapid change and take advantage of the opportunities that are developing in the age of digital business.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-b10481ed-4ffe-4497-874d-b38648594265\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Manufacturing Companies Can Become More Competitive and Efficient in Today&#8217;s Environment &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/how-manufacturing-companies-can-become-more-competitive-and-efficient-in-todays-environment\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n         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