The majority of Canadian manufacturers (85%) are optimistic about business over the next two years, finds a survey by KPMG.
“Investing in innovation, increasing efficiencies and managing risk are top-of-mind moving forward,” says Laurent Giguère, national industry leader, industrial markets, KPMG in Canada.
She adds, “As smaller, niche players operating with a strong dollar, Canadian companies realize they need to innovate in order to compete with lower-cost global producers.”
Additional findings from the survey include:
- More than 60% say transformational innovation is already underway or will be within the next 12 to 24 months;
- Half of respondents say reducing labour costs is the most important cost control method; 46% says it’s exiting unprofitable product lines and/or geographies;
- Only 5% use scenario/simulation planning to address aspects of risk management; 17% “don’t know” how they’re going to identify risk in their supply chains going forward.