A silver lining of the Covid-19 pandemic is that companies and governments alike are beginning to see the benefits of supporting the Australian manufacturing industry. Over the past three years, the federal government has undergone significant changes by awarding grants and introducing new legislations in an effort to boost the manufacturing industry. From this, we are seeing a major shift as new entrepreneurial technological advancements are coming to our soil.
Consumer landscapes are a dynamic environment. They are continuously evolving while businesses are adjusting to the new normal. Manufacturers and industrial companies across the world are working hard to maintain and strengthen their supply chains. And companies that preferred to source internationally to save on costs, are seeking other cost-effective solutions. While not only benefiting the local economy, supplying locally now is putting money back in your pocket. Australia is a continuously growing nation with unprecedented potential across all industries. Every day, more businesses are making the switch in their supply chain. Here are some additional benefits your business may need:
Quality Control and Reassurance
It is well known that sourcing materials from overseas may cost less. Although unfortunately with this tyrant, in most cases, these materials are of poor quality and inevitably in the future, your business will have to pay for repairs and or replacement. From a financial standpoint, it costs less to buy a higher quality material once as opposed to buying a poor-quality material two or even three times over.
Faster and Simpler Communication
Sourcing locally has plenty of benefits but being geographically closer to your supplier always takes the cake. Finding an appropriate time to communicate with your offshore supplier can cause communication gaps that will negatively impact the business, further creating lag time for urgent and time-sensitive tasks. If your business is deadline-driven, it is crucial for all your suppliers to be fast and effective communicators.
No Hidden Fees
Foreign regulations, hidden costs, and high logistic fees. What is it? and how can your business avoid it? When sourcing internationally, it is extremely important to read the fine print. Manufacturing regulatory standards are different across the globe therefore, your product could potentially be in jeopardy. Buying stock offshore also comes at a high cost, logistic fees and international taxes can come as a surprise and significantly increase overall product charges.
Keeping your IP secure is crucial for your product to succeed in its market. Sharing confidential information with offshore suppliers can lead to your product being copied and even stolen. Security risks encompass physical product and private data leaks across the board. Outside of copyrights, trademarks, patents, and trade secrets, you can help protect your intellectual property by ensuring your supplier is trusted and has security prevention technologies.