What's Happening?
Dr. Femi Oye, Chief Executive of SMEFUNDS, is urging small businesses and manufacturers to invest in innovation to navigate a challenging business environment. He highlights the importance of addressing skills gaps and supply chain disruptions that are hindering growth. Oye points out that the manufacturing sector is facing a significant skills gap, with many specialized jobs remaining unfilled. This issue is not only local but global, as noted by the World Economic Forum's 'Future of Jobs' report, which predicts that 40% of skills required in advanced manufacturing will evolve over the next five years. To combat this, Oye suggests improving worker experience, utilizing digital tools for talent planning, and adopting a skills-based approach to broaden talent pools.
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Why It's Important?
The call for innovation is crucial as small manufacturers face high costs and talent shortages. Investing in digital technologies can help businesses address these challenges, with global spending on digital transformation in manufacturing estimated at $1.1 trillion annually. By adopting innovative solutions, companies can enhance supply chain efficiency and reduce costs, positioning themselves for long-term success. This approach is vital for maintaining competitiveness in a rapidly evolving industry landscape, where the demand for skilled workers is expected to reach 7.9 million globally by 2030.
What's Next?
SMEFUNDS is enhancing its capabilities to support future growth, focusing on digital innovation to improve operations for food supply stakeholders and gas retailers. The company is expanding its platform to provide data-driven insights, helping businesses optimize operations and achieve growth. The Kike AI Kitchen application is prioritizing advanced forecasting to refine demand predictions, reduce operational disruptions, and gain real-time visibility into supply market fluctuations. Continued investment in digital technologies is anticipated as businesses strive for smart operations to tackle high costs and skills gaps.
