ABM Advisor: The ABM Blog.
Showing News Filtered By Date from: 2015-10-01 - 2015-10-31

  • Oct 30 2015

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    Can businesses rise to the challenge in food manufacturing?

    Following on from another month of expansion, the manufacturing industry is standing strong in Australia, particularly in food production. Despite positive growth figures in September, food companies will need to address future challenges to see further growth in the coming months. Can businesses harness creative solutions through business intelligence software to remain efficient and productive?Food manufacturing sector expands for 16th consecutive monthAs measured by Ai Group's Performance Index, a rating above the neutral benchmark of 50 indicates expansion, and the overall index saw a rise of 0.4 points to 52.1 in September. Ai Group Chief Executive Innes Willox pointed to wider economic conditions as major factors in propelling the industry.The rate of growth in food manufacturing has eased somewhat in September."In encouraging news for an economy searching for sources of growth outside mining, September saw the manufacturing sector consolidate on gains generated in recent months," he said.  "The lower Australian dollar is a clear driver with local producers winning against imports in the domestic market and making further progress in export markets."Despite seeing a period of growth for 16 months, the food, beverage and tobacco index fell 0.7 points to a rating of 53.5 during the previous month. When you consider the July rating of 58.9, the rate of growth has eased somewhat for this sector. Firms may need to seek measures such as business management software to help see continued success. Factory shutdown poses challenges for WA potato growersAlthough the numbers have been strong for the industry overall, some sub-sectors have faced considerable obstacles to growth. After a long-standing debate between the government and industry representatives from Western Australia, a local manufacturer will cease operations next year. As reported in an October 1 ABC article, the Canning Valley factory plant, owned by Smith's Snackfood Company, will close during mid to late 2016. For the local potato farmers, this announcement has struck a major blow as many supplied directly to the factory. This includes Bendotti Exporters, which provided 1,000 tonnes per year to the Canning Valley factory, around 20 per cent of its yearly output. CEO Gary Bendotti said that the shutdown had changed the nature of the industry in Western Australia , especially given the current deregulation measures in the state.Structured stock software can help businesses mitigate supply chain adjustments.In times of unexpected change, structured stock software can help businesses deal with surplus stock and mitigate supply chain adjustments. Identifying potential suppliers along the chain is also a good step to build an alternative strategy in the event of external disruption. ACIL Allen Consulting explained that the Potato Marketing Corporation of Western Australia (PMC) removing regulatory barriers only benefits smaller firms within the industry. Although the consulting firm found evidence that PMC's actions could reduce shortfalls and over-supply, deregulation is not an effective strategy for the industry overall. There is potential for producers in the market to address challenges through their own means. Innovation key to future growthWhen it comes to implementing innovative practices, firms must consider the entire value chain. A joint report from consulting firm Wiley and the University of Southern Queensland stated that consumers have a more vested interest in the processes involved in making the final product, reaching as far as the primary production stage. In the short term, collaboration between different points of the value chain can be an effective way to share ideas to improve processes. This can be done through innovation hubs and growth centres, allowing industry professionals to access a wider range of perspectives.  Farmers can collaborate with other industry bodies to spur innovation. Heading further into the future, exciting developments in technology and science will become more commonplace, such as traceability through DNA, the use of autonomous equipment and the creation of...

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  • Oct 29 2015

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    Financial system subject to government changes

    After considering the results of a 2013 financial systems inquiry, the Australian government has released its response, highlighting a number of key agendas.

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  • Oct 28 2015

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    How can your business better manage risk?

    Doing business in Australia is becoming increasingly complex. The number of factors decision makers must consider is growing, and external forces continue to present threats and opportunities at every stage. For enterprises of any size, risk management is a critical process that firms must be give due weight. Understanding the potential threats, with the help of business accounting software, can help firms draw up more effective strategies that account for future obstacles. Global firms ready to face new risksIn the next few years, innovation will be the most common challenges that businesses around the globe will need to address, as well as compliance and reputation. Among the 80 per cent of firms that utilise risk sensing methods, 71 per cent use them to identify financial risk, according to a report from Deloitte. In order to effectively identify risks, workplaces must have the staff capable of using analytics and deriving insights. 

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  • Oct 20 2015

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    3 ways to raise innovation within your small business

    Organisations and businesses in Australia have been hotly discussing the need to harness and adapt innovation, especially following a recent report from Word Economic Forum (WEF).Despite rising one place to 21st in terms of global competitiveness, Australia is still lagging behind when it comes to innovation. For small businesses, this is an important issue to address, as inventive processes and products are a key way to build a competitive advantage within their markets. With this in mind, how can you fully utilise your resources to increase innovation?Optimise your workplace cultureSMEs must actively structure its environment to allow for openness and dynamic changes.In it's Culturing Success report, Microsoft highlighted three different types of business profiles when it comes to innovation: leaders, cruisers and laggards. Typically, leaders in innovation were more likely to encounter revenue growth, business efficiency, employee satisfaction and other such benefits.In order for an SME to become a leader in its industry, Microsoft stated that it must actively structure its environment to allow for openness and dynamic changes. This includes a re-think of the communication flows as well as the physical space.According to NAB's business innovation survey, the three most important cultural aspects that firms identified were:a strong knowledge of the consumer market the ability to reflect and learn from oversightsa high level of energy and drive. For the former factor, optimising feedback through customer relationship management software is an effective way to develop an in-depth knowledge of your chosen market. Combined with better internal processes, this can help improve a firm's offering and lead to developments which directly address customer problems. Harness the power of your workers Australia is not short on capable employees when it comes to creativity. The country topped the 2015 Global Creativity Index from the Martin Prosperity Institute, with a strong lead in the area of talent. This implies that we have a strong level of education and a large number of people trained in creative professions. This level of invention and vision can be a huge asset to your company.Using measures such as business management software can help small firms make the most of their human capital. Allowing employees to work where they can best use their skills will give way to better quality processes and methods. Utilise technologyInnovations in technology are some of the most rapid in the world, and adopting measures into your company is taking increasingly less effort to effectively implement. Technology helps personnel understand and improve the value chain. Technology can give businesses clear insights into its operations, allowing firms to identify where the weak points are in the value chain. Once a business discovers these, it can make better decisions surrounding R&D investment and areas to focus other efforts.  Through constant monitoring and adaptation, firms can shake up traditional business methods and reap the many benefits that come with an innovative mindset. 

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  • Oct 8 2015

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    How does Australia rank in global competitiveness?

    Determining a nation's standings in the world is becoming of increasing importance to firms. As more Australian businesses gain the means to trade and deal with firms overseas, having a strong economic base is key for success.

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