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Current challenges of Manufacturing in Mexico

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As per the World Trade Organization, Mexico is the 13th biggest exporter of goods and 12th biggest importer of goods globally. A sign of the amazing nature of the manufacturing industry in Mexico is the growth of the industrial labor force that has occurred during 2019. As per the National Institute of Geography and Statistics, the number of Mexicans hired in the industry was 2.5% more than previous years. Economists suggest that the manufacturing in Mexico depends on three major factors:

Manufacturing is diverse

Manufacturing industrial base is broad. Producers of the nation include small companies to big conglomerates such as top-notch pharmaceutical companies, world-class aerospace manufacturers and automotive assemblers and many more.

Also, the manufacturing industry in Mexico supplies domestic input to enhance its products. For instance, Mexico has homegrown cotton to support its textile companies, aluminum supply for its automotive industry usage, polyethylene for its plastic sector and sugar for companies that produce food and beverage products. Irrespective of the fact that use of domestic items is on rise, Mexico still has a long way to go to become self-sufficient and acquire control on its manufacturing processes.

Manufacturing in Mexico uses modern data technology

The launch of new technology is usually a troublesome element in the production sector. The launch of Industry 4.0 into major developed nations has created a lot of challenges for Mexico too.

The Industry 4.0 has made a lot of technologies which can be used in the manufacturing industry such as Internet of Things, Cloud Computing, Artificial Intelligence, Additive Manufacturing, Augmented Reality and more. Data intelligence is of great importance as it permits producers to get precise information pertaining to almost connection in the manufacturing chain to get operational intelligence.

Kimball Electronics in the Guanajuato region is a great example to enter the dominion of industry 4.0. It produces circuit boards and electronic parts and it has started testing data infrastructure on a real-time basis by using OSIsoft technologies to analyze failures and errors.

Using this tool in the manufacturing in Mexico has saved the company a lot of money and time and paved the way to use it at its other locations worldwide. More and more industries in Mexico are adopting new technologies. This is a major and necessary step for the companies that find it difficult to convert large data flows into essential, comprehensive, real-time information.

Manufacturing makes use of highly skilled human capital

INEGI stated that during April 2019, the value of Mexican exported merchandise was calculated $US 39 billion in products. This suggests the gigantic value of products produced by the expert Mexican labor force.

In order to meet the demand created by the Industry 4.0 technologies, it is essential for the nation to create better links between training, education, industry and government. The strength of this bond will enhance better knowledge and strengthen the growth of new businesses in the nation.

Manufacturing in Mexico is in its development phase. It has benefits of diversity, data technology and human resources to take its economy to another level of development.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Business Strategies of Michael Gastauer

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Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

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