Strategy to innovate manufacturing companies

With the quarantine and economic change, manufacturing companies are considering implementing technological innovations in an increasingly globalized world. 

It is necessary to develop a technological strategy that is flexible in the face of change in order to guarantee a progressive, worldwide recovery with differential value in the face of competition. 

Projecting the benefits of technological innovations

According to James Hernández, Co-Founder and President of Trust Corporate, for a company to implement an innovation, it must identify the need and evaluate the costs involved, whether from a technological, process, or product standpoint. With this evaluation, a costs estimate is made to assess if it is better to implement it internally, or by means of outsourcing. 

Once the costs are obtained, manufacturing companies make an estimate of the consumer impact on the purchase of the final product.

When the cost of the product is obtained an estimate is made of the direct impact of the new product, for example, on the methods of technologization of the process in sales. 

The cost of not innovating technology

Not innovating constantly in product manufacturing in a globalized world, so full of constant technological advances and so technified, will, if there is no technological innovation in processes for new or existing products, cause the product to disappear, no matter how good the product is.

In order to evaluate whether the cost of incorporating technology is affordable, the three intersecting fundamental areas within an organization must be considered: production or operations, marketing, and finance. 

The production-operations area has to determine the operational viability of the product and, in turn, of the innovations. This is linked to the finance-accounting process as costs must be established, not only for the operations process, but for every process in the organization. 

Once the product itself is obtained, the marketing area determines the sales estimates needed to surpass the breakeven point, and achieve the profit results expected by the organization in order to generate growth projections within the company.

The financial area will monitor all parts of the process, because the more knowledge it has of the processes, progress and results, the better it will be able to control the company’s finances and carry out better resource management to be able to achieve or surpass the organization’s expected results.

With the implementation of the aforementioned process, the company will have the opportunity to create alerts in the event of any discrepancy between the production unit’s proposal and the marketing unit’s proposal, which directly affect the organization. 

Oradel, driving innovation in the manufacturing industry

One of the competitive advantages of Oradel Industrial Center is its vast land reserves that allow for lot development from 3 hectares to more than 100 hectares, so manufacturing companies establishing their operations can rent or buy industrial buildings according to their needs. This allows them to have the necessary space to implement technological innovations in their processes and operations.