Tag: manufacturing

Manufacturing and distribution are among the most data-intensive industries in the world. Data is collected at every stage of the life cycle, from raw material procurement to production, inventory management and delivery. It is no surprise that digital transformation has become essential for manufacturers and distributors.

In the intricate web of global manufacturing, regulatory compliance has become an unavoidable reality. With stringent requirements spanning environmental laws, safety regulations, financial reporting and trade compliance, manufacturers must navigate an ever-evolving landscape. The days of relying on manual processes and disjointed data systems are long gone. To remain competitive, manufacturers must turn to innovative solutions that not only ensure compliance but also drive efficiency and reduce risks. 

The South African Revenue Service (SARS) increases customs duties for online retail orders as part of a broader strategy to promote local businesses and address global supply chain imbalances. The clothing and textile industry has faced widescale criticism for controversial environmental, social, and governance (ESG) practices. South African consumers may imagine themselves to be far from the hub of these issues. However, we are all participants in the global supply and demand for fashion.

Following a challenging 2023, South Africa’s manufacturing sector must prioritise digital transformation, cost reduction and reskilling to drive growth. South Africa boasts a well-developed manufacturing sector. In 2023, the sector in its entirety provided more than 1.6 million jobs and accounted for 13.0% of South Africa’s gross domestic product (GDP).

The role of the Chief Financial Officer (CFO) in the manufacturing sector is undergoing a significant transformation. Traditionally seen as the gatekeepers of financial integrity and corporate compliance, CFOs in manufacturing are now finding themselves leading digital transformation initiatives.

Three decades into our constitutional democracy, the remnants of our dark past continue to lurk in the layered echelons of our unequal society. In commemoration of Freedom Day, we are reminded that though blood was shed and sacrifices were made to attain this freedom, not all South Africans are privy to its gains. Many South Africans are politically free yet economically poor.

Global disruptions have resulted in manufacturers needing to pivot to meet the needs of the new digital consumer. But given the worldwide semiconductor chip shortages, challenges in distributing automotive parts, and other supply chain issues, many manufacturers have struggled to make the transition.

COVID-19’s devastating grip on economies may be dominating headlines but in many parts of the world – specifically South Africa – chronic unemployment is arguably, the more debilitating 'pandemic'. With the world record for the highest unemployment rate, close to half our population (44.4%) who are eligible to work, remain unemployed.

The journey to reaching digital resiliency: pursuing digital transformation initiatives to thrive despite the ongoing pandemic challenges. The COVID-19 pandemic has shaken the manufacturing and distribution industry profoundly.

The COVID-19 pandemic has brought on massive changes to the manufacturing industry, which has had to adapt to new operating models, an evolving consumer market, and disruptions in supply chain processes, all while keeping the workforce safe and healthy.