2.SITE BANNER MSEG Skin 160x1200 pixels Maximum file weight 35k 1

 

2.SITE BANNER MSEG Skin 160x1200 pixels Maximum file weight 35k 1

 

 

3.SITE BANNER MSEG Banner 600x108mm Maximum file weight 45k

 

Tuesday, 13 April 2021 11:45

Australian manufacturers say reshoring by 2023 is likely due to market volatility, according to PROS survey

By

Investment in digital selling is imperative for long-term success, but most are underprepared, with 55% of manufacturing intending to bring operations back to Australia within the next three years, while 70% of survey respondents believing Australia has the technology, people and economy to support the industry boom.

PROS. https://www.pros.com The company says it is a provider of SaaS solutions that optimise every shopping and selling experience, via AI-powered solutions.

One in two Australian manufacturers responding to the survey (55%) intend to reshore their operations to Australia by 2023 following market volatility caused by the COVID-19 pandemic and international relations with neighbouring countries, according to the new PROS survey.

The Australian Manufacturing Outlook survey revealed "confidence in that the Australian economy is growing, with more companies signalling they intend to bring manufacturing operations back to Australia. Nearly one quarter (22%) of respondents have already reshored their operations, with nearly half of companies’ overall manufacturing capacity (48%) targeted to return to Australia by 2023.

"Western Australia, Northern Territory and South Australia are poised to lead the nation’s charge on reshoring over the next three years according to respondents, with a focus on creating local jobs and growing priority sectors such as lithium batteries, defence and space, and capitalising on their respective geographic advantages."

"The rise to reshore has been driven by the need to future-proof critical supply chains in the face of market change and disruption, to minimise risk and protect jobs in key industries. This is coupled with the Australian Government’s support through the Modern Manufacturing five-year plan and strong consumer preference (89%) towards our nation producing more products, according to research conducted by Roy Morgan

"Three-quarters of those surveyed (78%) believe Australia possesses the technology, people and economic strength to support the creation of an agile manufacturing base, which would better protect and reinstate the local production of goods. Recent quarterly GDP data (released in December) also revealed a growth of 3.1%, as Australia pushed through the height of the pandemic.

"However, Australian manufacturers are underprepared to compete in a digital economy, with 82% of survey respondents still in the planning process or yet to implement eCommerce channels to sell to domestic or international buyers; only nine% also have market-aware, dynamic pricing strategies."

Haley Glasgow, APAC Head of Strategic Consulting and Alliances at PROS said: “The economic recovery is well underway, but Australian manufacturers must equip themselves with eCommerce and dynamic pricing capabilities, otherwise we risk not only stalling the economic growth already achieved but missing the right moment in history to reclaim our manufacturing heritage.

“Australia is incredibly well-placed to leverage smart technologies like artificial intelligence and digital selling channels to overcome the competition challenges from imports and online sources. But to reinvent themselves, investment must be made by the government, industry and companies themselves.

“Accelerating the sales process with AI-powered insights can also deliver prescriptive guidance on product recommendations, identify cross-sell and up-sell opportunities and proactively mitigate churn risk. This investment can improve the buying experience, order accuracy and accelerate business growth as the economy recovers,” Glasgow continued.

In support of strengthening self-reliance, we're told "nine in ten (90%) Australian manufacturer respondents are confident their company has access to a skilled Australian workforce capable of producing, marketing and selling its products through traditional and digital channels.

"Prior to the pandemic, multinational glass manufacturer Saint-Gobain had a traditional approach to purchasing and selling, completing only 10% of its orders online. Now, more than 80% of orders are conducted through AI-powered digital selling platforms, demonstrating the growing appetite from manufacturing buyers to purchase through digital channels."

Jean Phillippe Bitouzet, Supply Chain and Business Model Director at Saint-Gobain said: In the emerging digital selling landscape, customers are looking for a frictionless buying experiences, with immediate responses about pricing and delivery.

“PROS has proved to be an excellent partner, committed to our success. Today we’re able to simplify the order process, deliver quotes more quickly, and provide tracking and delivery.”

“As Australian manufacturers seek to reshore, it is vital they lead with a digital strategy and mindset if they are to achieve local and global competitiveness. Leveraging price optimisation solutions to process billions of unique prices in real-time, while catering to the complexity of each buying interaction, creates a harmonised pricing strategy for 2021 and beyond,” Glasgow concluded.

The Australian Manufacturing Outlook survey was conducted by independent market research firm OnePoll in December 2020. The research sample consisted of 500 senior employees in the manufacturing sector across Australia.

Here's a couple of manufacturing related videos from the official PROS YouTube channel:

 

 


Subscribe to ITWIRE UPDATE Newsletter here

GRAND OPENING OF THE ITWIRE SHOP

The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.

ENTER THE SHOP NOW!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments