Business

Made in China: Chinese business has evolved from imitation to innovation

Bruce McKern, Honorary Professor, Business School; Recently Visiting Fellow at Hoover Institution, Stanford University and Oxford University, University of Sydney. Most of us use products made in China every day and are aware of its growing economic power as a factory to the world. But China intends to become a developed nation by mid-century and integral to this ambition is its intense focus on innovation. In a very few decades, Chinese companies had evolved from imitators to imaginative and effective innovators. As part of my research with my colleague George Yip on this issue, we identified three key phases in China’s development: 1. From Copying to Fit for Purpose 2. From Followers to World Standard 3. From Seeking New Resources to Seeking New Knowledge Chinese companies now pose a challenge to established multinationals, as they enter the markets of the developed world to become insiders. Since China’s former leader, Deng Xiaoping, implemented market-oriented economic reforms to China in 1979-80, the driving forces of this transformation have been the customer and the culture. Chinese customers have an insatiable and rapidly growing demand for products, as the large, diverse population seeks better lives. This has stimulated many companies to develop affordable products for those needs. And a culture of entrepreneurship in the business sector has been facilitated by a far-sighted government with a strong drive for independence and economic development. The Chinese government has fostered an innovation ecosystem across the country, consisting of some 100 science and technology parks, universities and government research institutions, which provide support for new enterprises. The Chinese government and business invested some US$190 billion in research and development in 2013, which is around 40% of the annual R&D investment in the United States. China’s research and development expenditure represents just over 2% of its GDP, which is slightly […]

New innovations for NMW 2016

National Manufacturing Week, Australia’s largest, longest running manufacturing industry event, returns to Sydney (May 11 – 13), with industry ‘firsts’ to help propel the industry into the future. Key to this year’s program are co-located events, high profile industry figures presenting case studies and new ideas, as well as exhibitors from around the world with innovative products and services. To enhance the value of attending for industry professionals, NMW2016 will be co-located with headline events showcasing new possibilities for manufacturers, including the Safety First Conference & Expo. Safety First is Australia’s first one-stop safety event that provides a rare opportunity to see safety solutions and talk with leading safety thinkers. NMW will also co-locate with Inside 3D Printing Conference & Expo, the Australian education of the world-leading event that will bring new strategies, stories of success and more to help local companies make the most of game-changing 3D printing technologies. Inside 3D Printing will showcase next generation 3D printers and companies that can help businesses open up new worlds of possibility. The showcase will include Konica Minolta Business Solutions’, with 3D technologies that help companies create working prototypes, parts and custom-made products in a fraction of the time currently required, with industry leading service support by Konica Minolta’s national service organisation. The showcase will also include energetic local businesses – including Bilby 3D and Sydney 3D Printing – backing global technologies with advice and support for companies looking to leverage new opportunities from this game-changing technology. NMW to showcase innovations across the exhibition floor NMW will be home to over a thousand innovative products and services, from some 200 European, Asian and local companies. Among the new solutions on offer in 2016 will be – in the Welding Technology Product Zone – the latest in welding solutions from Kemppi. Kemppi […]

Rio Tinto iron ore: delivering unrivalled value through the cycle

Rio Tinto has demonstrated how the completion of its world-class iron ore expansion project in Western Australia will deliver significant shareholder value as the sector transitions through the ongoing volatility in global commodity markets. At an investor seminar in Sydney today, Rio Tinto outlined the next phase in its long-term strategy to capitalise on the growing global demand for high-quality iron ore through a relentless focus on productivity and efficiency, technology, and people development to drive costs lower at its Pilbara operations. Rio Tinto also revealed new detail on the data underpinning its projections for 2.5 per cent average annual growth for steel demand across China and the rest of the world over the next 15 years. This rigorous analysis confirms that Chinese crude steel production is expected to reach around one billion tonnes by 2030. Emerging markets will also play an increasingly significant role in the iron ore market, with non-Chinese steel demand expected to increase by 65 per cent by 2030. Rio Tinto Iron Ore chief executive Andrew Harding said “As we move into our 50th year of exports from Australia, Rio Tinto is embarking on a new phase in our iron ore business. “We have spent the past decade building the best iron ore business in the world – a project that has come in on time and below initial cost estimates. We intend to optimise these new assets to deliver maximum value for shareholders and stakeholders as markets transition. “Our long-term strategy is supported by comprehensive market analysis, leadership in people, world-class technology and an unrelenting pursuit of productivity improvements. Rio Tinto has some of the best tier one mining assets in the world and our workplace culture of chasing new efficiencies will ensure we remain the best iron ore producer in the industry. “We are […]

IoT Asia 2016 – Closing the Gap: From Vision to Reality

IoT Asia 2016 30-31 March 2016, Singapore EXPO www.internetofthingsasia.com Closing the Gap: From Vision to Reality The Internet of Things is opening up a world of opportunities for everyone from connected cars to connected healthcare to smart cities and even home automation. The World Economic Forum estimates that by 2020, about 50 billion things will be connected. In short, the Internet of Things adds an entirely new dimension to transform governments, businesses and societies and advancing humanity in ways we cannot yet imagine. Since 2014, IoT Asia has been a key industry platform for governments, industry and technology leaders to foster closer partnerships and in turn create opportunities for the public and private sectors to embrace the Internet of Things. This tradeshow will highlight key areas critical to the development and the future of Internet of Things in Asia. Smart Cities * Wearables * IoT Data Analytics* Design Applications * Enablers * Industrial IoT What to expect at IoT Asia 2016? • 2,500 attendees • 80 sponsors and exhibitors • More international Country Pavilions • Thematic Zones for a richer attendee experience • Live product demos • New product launches • Focused conference tracks on Design Applications, IoT Data Analytics, Industrial IoT, Smart Cities and Wearables Organised by SIAA and SingEx Exhibitions, the 3rd edition of IoT Asia is an event developed by the industry, for the industry. Online visitor pre-registration and conference registration opens in late 2015. For more information, visit www.internetofthingsasia.com

KAW Engineering delivering services with OMAX 80X

Jared Fitzclarence, took over the Pilbara business, deciding to pay homage to the businesses beginnings by combining the initials of the original name. Their rebranding now represents the broader range of services KAW offer. Since Jared took over the business, he says he has seen the business grow not only in employees but in the services the business provides. “KAW Engineering started in 1986 and then I bought the business in 2010,” he says “Since then, we have grown from 2 employees to about 40 at our peak, “We now service the mining, marine, oil and gas and construction industries, offering welding, maintenance, model optimisation, plate processing and more,” Jared says. Recently investing in the OMAX 80X, KAW are seeing the benefits of increased efficiency and accuracy as a result of the waterjet. “The OMAX 80X has allowed us to be quicker in producing fabrication plates and the accuracy and responsiveness of the machine has improved efficiency,” he says. “What we try to achieve is to deliver services with minimal fuss, “We take basic instructions from our customers and interpret and visualise what they want, “We try to produce parts in hours or days, rather than having customers wait weeks or months,” he says. The OMAX 80X features high-precision linear drive technology and its robust and reliable system maximises both machine time and profit margins. The OMAX 80X is ideal for cutting larger or multiple part projects. Headland Machinery and KAW Engineering have been working together for over a year, and overall Jared has been happy with the service he has received from Matt Weaver (Headland’s OMAX Application Engineer). Headland supplies innovative and high-quality machines and services to customers throughout Australia and New Zealand in the manufacturing industry. Established in 1949, Headland is a privately owned family company with a […]

City of Sydney – fit for now and the future

The City of Sydney is supporting business and residents while cementing Sydney’s place as a regional powerhouse. A record budget of nearly $2 billion over the next decade will provide the infrastructure necessary to support economic and population growth while attracting trade, tourism and high-value jobs. This investment is on top of the round-the-clock services delivered every day to meet the needs of over one million people who visit the City each day. “The City of Sydney is ‘fit for the future’ and has the scale and capacity to ensure Sydney continues to deliver its potential as a thriving, business-friendly and liveable global city,” Lord Mayor Clover Moore said. “The City has more than 400 infrastructure projects planned for the next 10 years. These will generate tens of millions of dollars in new contracts for businesses of all sizes and support around 2,000 new jobs a year. “This comes on top of the $3.9 billion worth of residential and commercial developments we have recently approved, including two new residential buildings in the heart of the city that will be over 230m tall.” “This enormous combination of public and private investment is a vote of confidence in the City of Sydney.” The Independent Pricing and regulatory Tribunal (IPAR) is currently assessing the City’s response to the NSW Government’s ‘Fit for the Future’ program. Members of the public are also able to tell IPART what they think of their councils between now and July 31. Through prudent financial management and forward planning, the City of Sydney has the scale and capacity to meet Sydney’s current and future needs. The NSW Treasury Corporation, TCorp, rates the City’s Financial Sustainability as ‘Strong’ with a positive outlook – the only one of 152 NSW Councils to receive this rating. The City is leading its own […]

Unleashed Software-as-a-Service extends QuickBooks Online with comprehensive, online inventory management

SYDNEY – Unleashed Software, the inventory management software-as-a-service (SaaS) developer, has announced an integration with Intuit’s QuickBooks Online business and financial management software to increase the value of cloud-based inventory management systems for medium-sized organisations. The integration enables clients using Unleashed to share customer, supplier, inventory and delivery information with QuickBooks Online to gain real-time insights into their businesses. “By being able to add our inventory management capabilities to their QuickBooks Online account, clients can enjoy enterprise-level functionality previously only available with larger ERP systems,” said Gareth Berry, Chief Executive Officer, Unleashed Software. “Now that we are part of Intuit’s ecosystem, medium-sized businesses can gain comprehensive inventory, procurement, production and sales management capabilities, which combine with QuickBooks Online for a holistic view of business processes. “Customers can now view, monitor, and change asset information across multiple platforms whether they are in the office or on the road, while also administering financial data,” Berry said. “Also, because everything is stored in the cloud, up-to-date information is available in real time for accurate visibility across all channels.” Unleashed connects to a nominated QuickBooks Online company account with a seamless integration, sharing crucial data on customers and suppliers, purchases, sales and stock journal, credits and returns. For example, users can review stock in multiple warehouses across multiple locations at any time, and track the movement of inventory as it happens. From there, they can ensure appropriate accounts are paid or compensated. “We’re delighted that Unleashed is leveraging the power of the QuickBooks Online platform to deliver an integration that provides customers with deep insights into their business performance,” said Avi Golan, Vice President and General Manager, Intuit Developer Group. “This is just the latest example of how Intuit is turning QuickBooks Online into the leading platform for cloud-based small business management solutions and […]

World safety leaders converge on Safety First

The Safety First Conference & Expo will present world-leading safety experts in high level Premium Forums running throughout its four days – May 26 – 29 – in Melbourne this year. More than a dozen speakers, including Griffith University’s Professor Sidney Dekker and DuPont Sustainable Solutions’ Dr Rod Gutierrez have confirmed they are bringing new research, strategies and real-world advice to share with safety professionals via the Premium Forum events. Alternating with free, open briefings taking place throughout the Safety First Conference, the three Premium Forums are intimate sessions on core themes: Safety Leaders Skills, Human Factors for Safety Leaders and Psychological Injury. Key to the Premium Forums will be the opportunity to ask questions of each speaker. Anthony Reed, Event Director for Safety First comments, “One of the real benefits of the Premium Forums is the opportunity to benchmark your practices against best practices and achievements in the industry. Each of the sessions has been designed to give you high level ideas and strategies – and because they’re taking place behind closed doors, you will have a rare opportunity to quiz industry leaders about what they – and you can – do differently to influence safety outcomes.” The Premium Forums include: Premium Forum A – Safety Leaders Skills Pro Tuesday 26 May 1.30pm – 4.00pm Participants will discuss advanced skills including: • Exploring behaviours that can unintentionally boost risk in the workplace • Communicating in ways that help create a culture of safety • Measuring your success as a safety leader A highlight at this event will be speaker Dr Angelica Vecchio-Sadus, HSE Manager, CSIRO Manufacturing Flagship is one of Australia’s top women in health and safety. Her presentation will cover different indicators of success you can use at various stages of the journey – such as measuring lead […]

How to keep the cash rolling in

As most business owners know, cash flow is the lifeblood of any business. Andrew Graham, national head of business solutions, RSM Bird Cameron, said, “It doesn’t matter what line of business you are in, if you are waiting for payment from customers then you can’t pay your suppliers for more products to sell. “It is critical that business owners have strategies in place to manage cash flow and ensure there is enough cash in the business to maintain it, and look at ways to grow.” Twelve ways to improve cash flow 1. Consider giving discounts for payments upfront. Some businesses will have a discount window of a month that customers must pay within to receive the discount. This is easier to enforce than a penalty for late payment and is more attractive to customers. 2. Take deposits on products where possible. This ensures that some cash flow is generated upfront and also assists in locking the customers in to completing the transaction 3. Take as long as you can to pay your bills without incurring a late fee. If a supplier gives 30 days, then take the full 30 so that the cash remains in your business for as long as possible. Pay regular suppliers before others as early payments can generate goodwill and improve the likelihood of obtaining credit and hold off on other for the full payment term. 4. Invest surplus funds in a high-interest-bearing account or other financial vehicle. There’s no point having idle money in a business, but just make sure you can get your hands on it quickly if the need arises. 5. Create a cash flow forecast. Know when the money should come in, when it is likely to come in and when you will have to pay it out. Knowledge is power as […]

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