Two years ago, during the celebration of Kryton’s Forty years as a Canadian company, we brought a couple hundred people through our labs and warehouse to showcase where four decades in business had landed us. We showcased not only our manufacturing plant, but also the driving force behind our products that has allowed us to provide quality products and systems that align with the current needs of our customers: our Research and Development team.
Manufacturing has always been a significant contributor to the Canadian economy, and here in British Columbia it represents the third largest source of employment. More than 400,000 jobs in BC depend on manufacturing – that is one in every four workers. 2013 saw BC’s manufacturing sector generate nearly $14.3 billion in gross domestic product (GDP), placing the province fourth with regards to manufacturing sector output among all Canadian provinces.
Some may say that the industry has become unstable or unpredictable since the market collapse in 2008, but what is becoming apparent is a transformation occurring within the industry. Traditional forms of manufacturing (defined as chemical or physical transformation) are making way for new process-oriented approaches. The new efforts are putting a stronger focus on R&D, as well as professional services, and making them integral with the manufacturing process.
With a lower Canadian Dollar, manufacturers will end up reducing the overall costs of manufacturing which can facilitate new product innovation through increased financing for R&D. This contributes to the opportunity for manufacturers to become more organic in nature as they continue to evolve in accordance to increased global competition and changing customer demands.
The future of a manufacturer’s success depends on how a company can embrace change. As a manufacturing company who has been through four recessions, and is still around to tell the tale, here at Kryton we can attest to the value in developing an R&D department that can align the company’s focus to the evolving needs of our customers.
Successful, long-term manufacturers who have been fluid in their transition from traditional manufacturing focuses to the current consumer needs have the potential to thrive under the current and future economic conditions. New manufacturers will have to keep a close eye on their consumer base to understand how to move with the demand to stay current, or risk a quick rise and fall in growth.
Kryton International Inc.’s CEO Kari Yuers will join a panel of four successful manufacturing leaders participating in Manufacturing Insight 2015 – Pathways to Growth. They will meet for a proactive and insightful discussion on September 23rd at the Rosewood Hotel Georgia. The event and breakfast will be hosted by Grant Thornton LLP Canada and BCBusiness.
The panel will explore how forward thinking BC-based manufacturers are gaining traction for their growth plans despite a challenging economic climate. Joining Kari on the panel will be: Andrew Morden, CFO & Corporate Secretary of Corvus Energy Limited; Lance Richardson, VP of Operations for Arc’teryx, and Richard Kouwenhoven, President and COO for Hemlock Printers Ltd.
The October event coincides with National Manufacturing Month, where the Canadian Manufacturers & Exporters association will be raising awareness for the manufacturing industry across Canada. Participate in the conversation using the hashtag #mfgmonth.