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Tim McLean Presents Optimistic Outlook for Manufacturing
TXM Managing Director has presented an optimistic outlook for manufacturing at a range of industry forums in August. At talks at the Society of Manufacturing Engineers in Sydney, the Society for
Australian Industry and Employment and the CEO Institute in Melbourne Tim has emphasized that after a decade of tough times the outlook for manufacturers in developed economies like Australia is positive. Chinese manufacturing costs are rising and China is increasingly being seen as a market opportunity rather than a threat. Wages and our exchange rate are moderating and the global economy is recovering steadily. Many of our global competitors such as the US, Japan, Germany and the UK are seeing strong growth in manufacturing.
To capitalise on this growth Tim explains that manufacturers need to innovate their product and service and enter new markets. To achieve this they need to be profitable, use capital efficiently and have the internal leadership, culture and processes to support growth. Lean Thinking therefore is more important than ever in enabling companies to build these internal capabilities.
Manufacturers at these events reinforced this view and recognized the need to focus on increasing the value they deliver to customers and improving profitability.