The modern world runs on technology. Just look at how many of us are dependent on our mobile phones as we bring the gadget everywhere we go. It has become the map we open when we need to go to our favorite mall, the personal assistant to remind us of our upcoming appointments, and the know-it-all friend to tell us the name of the latest K-drama featuring an unlikely pair of divorce lawyers. It’s hard to imagine a life without all the handy technological advances we’re currently using for a more convenient life.
It’s no wonder then that electronic manufacturing has become an attractive industry for many aspiring businesspeople. There’s no decrease in the demand for circuit boards, microchips, and other nuts and bolts that make up the technology of the world. It’s amazing to think that tiny particles called electrons have fueled large and small types of machinery that is instrumental for everyone’s lives.
No other industry also experiences the same kind of fast changes and upheavals. Technology, by its nature, has short product life cycles and trends since there’s always something new appearing in the market. To survive the competitive environment, electronic companies should be able to consider the following factors:
1. Do I have a plan for production and delivery during a crisis?
The pandemic has taught everyone how everything can change in the blink of an eye. Your business might be strong the previous year but is now barely making ends meet this year. This sentiment is felt by tech companies, clothes retailers, and equipment manufacturers as they are the most vulnerable to the shock waves caused by the pandemic. Supply chains were disrupted as countries closed their borders and production levels decreased due to quarantine and social distancing measures. Companies now realize the importance of having a business continuity plan in case of disease outbreaks in the future. Diversification of suppliers might cost more in the short-term but can save the business during exceptional circumstances like what’s gripping the world.
2. How can I promote continuous innovation?
Innovation should be the name of the game of electronics manufacturing as new lines of smartphones, laptops, and fitness bands are being released every year. Keeping up with the demand and stringent requirements will be difficult if a company doesn’t continuously try to optimize their processes. Products must be launched as soon as they can while not sacrificing quality. Manufacturers should integrate automation and artificial intelligence in their business if they want to meet the increasing demand for technology.
3. How can my business be more eco-friendly and energy-efficient?
The effects of climate change are becoming apparent year after year, with wildfires and extreme weather becoming commonplace around the world. Electronics also contribute to this phenomenon due to being made from materials that are harmful to humans and the environment when burned. The handling of e-waste is still a new policy for some governments, with standards and regulations being drafted recently. It is the responsibility of electronic manufacturers to assess their processes on manufacturing, disposal, and energy use. They should be proactive in implementing e-waste mitigation policies throughout the company.
Electronics manufacturing companies must consider many factors, from supply chains and innovation to handling e-waste, to keep up with the evolving technological industry. Failing to do so might spell disaster to the business as competition grows fiercer.