What's Happening?
Dr. Femi Oye, Chief Executive of SMEFUNDS, has urged small manufacturers to invest in innovation to overcome challenges such as skills gaps and supply chain disruptions. Oye highlights the importance of digital technologies and strategic investments to address these issues. He notes that the manufacturing sector faces a significant skills gap, with many specialized jobs unfilled, and emphasizes the need for upskilling and reskilling. Oye advocates for improving worker experience and using digital tools for talent planning to broaden talent pools.
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Why It's Important?
Innovation in small manufacturing is crucial for economic growth and competitiveness. By addressing skills gaps and supply chain issues, manufacturers can enhance productivity and reduce costs. Investment in digital technologies can lead to more efficient operations and better decision-making. As global trends shift towards advanced manufacturing, small businesses that innovate will be better positioned to meet future demands and challenges. This focus on innovation can also drive job creation and economic development, benefiting local communities and the broader economy.
What's Next?
SMEFUNDS plans to expand its digital capabilities to support client growth, including the use of AI for advanced forecasting. The company aims to refine demand forecasting to minimize operational disruptions and improve supply chain efficiency. As small manufacturers adopt innovative practices, they may see improved business outcomes and increased competitiveness. Continued investment in digital technologies is expected as businesses strive for smart operations to address high costs and skills gaps.
