INNOVATIONS – KEY TO SUCCESSFUL MANUFACTURING
According to research conducted by McKinsey, 84% of managers claim that their future success depends on innovations. Apart from the fact that innovations help organizations stay relevant in a competitive market, they also play a crucial role in economic growth.
The ability to resolve critical issues depends on innovations, which is something developing countries need more than ever. By definition, innovation is an introduction of something new. Without innovations, there is no progress. It is truly the main reason of modern existence. Changes are inevitable and, in most cases, innovations create positive changes.
GROWTH OPPORTUNITIES IN THE MANUFACTURING INDUSTRY
Innovations in the manufacturing industry affect all aspects of conducting business. First and foremost, they facilitate more efficient production and, as a result, better quality of products and services.
Depending on their development strategies, companies can introduce innovations into existing systems at a different pace. The literature often states that innovations can be divided based on the degree of changes they bring about: incremental innovations, which encompass a gradual development and improvement of existing and tested products and processes, and radical innovations, i.e., crucial innovations that yield new quality.
The changes that result in innovations are mostly organizational and operative, i.e., they affect the work process optimization and production flow, but they can also be applied to other sectors related to control, administration, logistics and management.
According to research from 2017 conducted by “PWC”, sales growth is the main metric for innovations, since their successful implementation often allows companies to achieve a double-digit annual sales growth rate.
INNOVATIONS AS A TOOL FOR INCREASING COMPETITIVENESS
In the highly competitive market of manufacturing industries, innovations can have an important impact on a company’s relevance in the market. Innovations may boost the duration of a manufacturing process, efficiency, the period between many operations and quality, in order to facilitate the following:
- – Faster market positions of the product
- – Creating a unique selling proposition
- – New business and development opportunities
- – More efficient utilization of manufacturing capacities
- – Stock management
- – Increased sales and profit
One of the key methods of maintaining a competitive position in the manufacturing industry is to apply new technologies, digitalization and automatization, thus incorporating innovations as an integral part of business conduct, which enables companies to grow and assume the position of market leaders.
When it comes to optimization of manufacturing processes, the Pobeda Industrial Park offers a great solution, which supports expansion plans and features all prerequisites for successful business conduct, by providing adequate workspace, which allows businesses to focus on process optimization.
The Pobeda Industrial Park covers 38 hectares and boasts more than 110.000 m2 of manufacturing workspace, as well as 17 hectares of land for additional growth. With its reliable infrastructure, suitable for all types of manufacturing, the park provides companies with a large development potential.