Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Technology You Need in Your Startup Production Firm
Guest Post | Dec 10, 2020
In 2021, there’s set to be a wave of innovation and entrepreneurial ventures, as those who have suffered from a year of being locked up at home with little to do have put their imaginations and motivations to good use, coming up with new companies with which to enter the market. In this article, we’ll look at those companies that will be entering the production sector, pointing out which technologies you may require to bring your production company to life and to manufacture goods more efficiently in the future.
The Basics
Let’s begin with the basics before we progress into more complex and specialist technology. Each and every production facility will need to use conveyor belts to transport their goods from A to B. That much is a given. Buy the best to enjoy the highest rate of efficiency and turn to a supplier that can also allow you access to replacement parts, such as Fluent Conveyors. Meanwhile, you’re going to need some other basic technologies and items of equipment and hardware:
- Simple machines to help process your products - like sterilizers for the final stage in production.
- Machines to help you clean and recycle waste from your firm.
- Barriers, guard rails, signage, and kill switches to help build your health and safety approach.
- Camera systems so that you can monitor all areas of your line from your back office.
All of these basics should be installed in your firm as soon as possible before you look to more exciting and innovative technologies.
Modern Digital Tech
There are a huge number of existing machines that you might find useful to use in your facility. The most recognizable of these is the robotic arm - a machine that can perform incredibly swift, incredibly precise movements to help quickly process your orders and your products along your line.
But there’s also AI and machine learning (ML), which you can program into all of your machines, as well as novel items like 3D printers, which you can use to print small but important components for your line to use. Finally, use automated digital software to help you manage all of your orders and your fulfillment chain - integrated through cloud-based APIs.
See: Setting up small and medium-size enterprises for restart and recovery
Green Tech
Finally, many startups that are set to take the world by storm in 2021 are focused on being more environmentally friendly than the incumbents that are currently owners of the market. This is the same in production: there are many production firms out there that have yet to receive and process the memo which says consumers want their firms to be eco-friendly.
As such, you can undercut the market and steal away consumers to your brand if you’re able to make use of eco-friendly tech. There are two main types of this technology: energy production in the form of wind and solar power, and recycling technology, which will ensure you send less waste to landfill sites. If you’re able to present both of these types of technology front and center to your firm, eco-conscious consumers will happily shop with you.
There you have it: the technology you should consider using when you’re setting up a startup in the production sector.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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