The manufacturing industry has started a transitional period thanks to new technology such as 3D printers, and a university in Melbourne is at the cutting edge. Swinburne's Hawthorn campus is the first Australian university to install the HP Jet Fusion 3D Printing Solution, according to an Australian Manufacturing article from November 10, and the advantages to students are significant.
Your manufacturing business could learn from Swinburne's vision for the future.
The printer operates a multi-agent printing process, which is more efficient and potentially more sustainable than melting plastic – the process many current 3D printers use. Swinburne sees this printer as the future of production and design, and Workshop Manager in the Faculty of Health, Arts and Design Andrew Tarlinton highlights the benefits for manufacturing:
"Having the ability to create parts that are essentially finished and ready to implement brings us in line with professional prototyping labs found in many large businesses … With the new technology we can produce prototypes at speed, while maintaining a high level of detail and accuracy."
Your manufacturing business could learn from Swinburne's vision for the future. With the best technology, they can produce high-quality parts and efficiently test new designs at lesser cost than older 3D-printed models. The HP printer recycles up to 85 per cent of the excess printing material to create more components. Of course, it will take investment, and if you're waiting for clients to pay their invoices, Cashflow Finance can help.
How can invoice finance help you to invest in your manufacturing business?
When you need money to buy a top-of-the-line 3D printer, you can't always wait around for your clients to pay. Xero research shows that 60 per cent of small businesses in Australia wouldn't last three months if invoices went unpaid, and 6 per cent wouldn't last a week. That's not investing to improve, that's simply staying afloat.
Cashflow Finance can provide you with a percentage of the total balance you're owed quickly, so you can pay what you need and invest where you should. 3D printing can speed up the manufacturing process and allow you to create prototypes inexpensively and accurately. You can improve your design and production and reach a wider audience, increasing your potential turnover. To get started with 3D printing you need the right equipment, however, and that means investing.
Your business might not have enough in reserve to afford a 3D printer, but your unpaid invoices could boost your finances significantly. To make the most of money you're owed and to improve your manufacturing business so you can remain competitive in the current marketplace, get in touch with Cashflow Finance today.