Connect with us

Top Stories

NEW YEAR, NEW SUPPLIER

By Jonathan Plummer, General Manager of Electronic Manufacturing Solutions

 

For product development to be successful and efficient, strategic outsourcing is often needed to reduce lead times, cut production costs and ensure improved product quality. This means selecting the right contract manufacturing partnership.

When it comes to choosing your contract electronics manufacturer (CEM), there are five key factors to consider:

 

  1. Contractor relationship 

You should always know who your point of contact is and feel comfortable communicating your needs, concerns and project requirements with them – and should be able to trust them to tell you if problems crop up or if there are any issues you need to address.

 

  1. Capacity 

It is important to research a manufacturer’s suitable capacity for your production. If you have prototypes you could be better off choosing a CEM that can do a low-volume quick turnaround, for example. You also want to be sure your contractor has room to accommodate your business and grow production, so ask what their plan of action is if they earn enough business to operate at maximum capacity.

 

  1. Cost

Firstly, determine if price or delivery is of most importance to you; it may be that to achieve the cost required, you need to look at longer-term coverage and delivery options. Quick turn manufacturers may also cost more than those on standard lead-times. And if you have requested a quote from a company, don’t be shy in asking them to justify their price.

 

  1. Location

You should be able to communicate freely and effortlessly with your CEM on a potentially daily basis, so it’s important to consider whether to choose a UK or offshore contractor. A good CEM will be able to tell you why you should use their company as opposed to a foreign or domestic source, in relation to your specific project. Remember to clarify where they manufacturer the product as well.

 

  1. Quality control 

Always ask your CEM if they have a dedicated quality manager and what quality control procedures they have in place. They should have the proper certifications for your specific product application if required and should be able to answer any questions you have about the production of your product; for example, what their corrective action process is or how they implement ‘new product integration’.

 

Short-listing candidates

Once you’ve narrowed down your potential manufacturers, it’s important to visit candidates in person to observe their operations and determine their capabilities. Enquire about their equipment purchases and look at their electric components stock as well; a financially stable company will be able to make significant hardware investments and can support advanced component purchase, which will create a smoother manufacturing process and reduce lead times.

References from previous customers or past partnerships also offer valuable insights about the manufacturer’s capabilities, so be sure to consider these as well – especially references from companies which have outsourced similar processes to yours.

There are many things to consider when choosing a CEM, but if you factor all of the above points into your decision-making, you will be able to make a more educated choice when it comes to beginning production on your project.

 

Why work with EMS?

At EMS, we offer class-leading PCB, cable and turnkey assembly solutions – as well as supply chain management, Automated Optical Inspection, and a range of Automated Test Solutions. All of our inspectors and operators are fully qualified to guarantee high-quality assembly processes at all stages of production, with all assemblies manufactured to the highest standards.

We can offer fast turnaround times to meet your requirement and provide clear visibility at all stages of the EMS process to guarantee the required delivery date. Our purchasing power also provides significant cost down opportunities whilst maintaining on-time delivery and high-quality assemblies.

To find out more about how we can help you, please visit www.emsolutionsuk.com orget in touch today to discuss your specific requirement in further detail with one of our sales representatives.

 

Home

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Stories

THE EVOLUTION OF THE TECH CFO

CFO

Gavin Fallon,General Manager, UK, Nordics & South Africa Board International

 

Chief Financial Officers (CFOs) have traditionally been seen as behind the technological curve – the luddite of the boardroom, too attached to their Excel spreadsheets to move with the times. But the role of the CFO is now shifting and becoming more strategically significant to the business, putting them in the ideal situation to make much needed changes in the boardroom.

Despite many business functions being transformed by data, the boardroom remains a place where paper presentations are annotated around the table and, when it comes to finance, the focus is placed on the traditional statutory profit and loss structure. This may remain useful for reviewing historical performance but provides no insight into what may happen in the future. As global events – from political upheaval to health crises – have an impact on organisations, the ability to react in real-time becomes more important than ever. It is here that CFOs have the opportunity to make seismic changes in their business.

 

Gavin Fallon

CFOs now sit in a unique position

CFOs now sit in a unique position, where the traditional responsibility of keeping an eye on the bottom line is wrapped with analytical and operational knowledge to create a far more strategic role. It is by sitting at this unique crossroads and holding a huge amount of knowledge about every area of the organisation that CFOs have the potential to change many aspects of how the boardroom operates. However, in order to fully realise the potential, CFOs must be empowered to take a digital lead.

A lot of the CFO’s most important work takes place on Excel and Essbase, systems that remain rife with risk. In fact, 56 percent of finance professionals believe the spreadsheets they use in their reporting processes are well-controlled and error free, which may well be why 40 percent also believe their reporting is based on potentially inaccurate information (FSN 2018). Not only prone to human error, spreadsheets are also static and do not allow for real-time forecasting or modelling. While CFOs are well aware of this challenge, the fact they have for too long been tied to legacy systems has led to an unintentional knowledge gap about the technology available to enable them to move away from making decisions based on what happened last year, quarter or week.

 

Seeing the bigger picture

With a greater understanding of the technology available comes an evolution and expansion of the CFO’s role within a business. It is no longer enough to make decisions based on static reporting, focusing on the traditional statutory profit and loss structure. Instead they need to use the tools available to play a strategic role with a keener eye on the future, seeing the bigger picture, anticipating what is next, and having the correct contingency plans in place to mitigate risk.

Technology can provide CFOs with full visibility of the entire company at a single glance, with data at their fingertips enabling them to take into account everything from KPIs to operations, distilling instant insights. This offers a level of clarify that means the answer to ‘what happened’ is obvious, allowing for more attention to be placed on ‘what will happen?’.

Consider a board meeting that is discussing headcount requirements based on the launch of a new product. Using traditional methods, a business may well make presumptions based on experiences when previous launches took place. But since that time, there is likely to have been a whole host of changes, both within the company itself as well as in the wider market – from market conditions for the product to the salary expectations of potential recruits.

The use of such technology, however, does not solely require the buy-in from the CFO, or even the finance function. To fully realise its potential in fundamentally changing how an organisation operates, the value will need to be seen by the entire board to, in effect, create a digital boardroom. While such technology has an impact on all areas of the business, allowing senior leadership to understand the impact of a factory in the supply chain closing, for example, it is the finance function that is best placed to show the value and drive adoption.

 

Primed to integrate the business like never before

The CFO is becoming more strategically important, combining analytical, operational and strategic value into a single role. They are primed to integrate the business like never before, acting as the central thread that ties all aspects of decision-making together in a single, unified process. To do so, requires a radical transformation of their role, as the pioneers of new technology. Already a trusted advisor, CFOs can now elevate their role with the ability to effectively forecast and help spearhead the organisational culture change that is required for the shift in mindset that comes with such digital transformation. To maximise the potential of this unique position, the CFO must be equipped with the technology that provides them with the full visibility of the company and clarity in decision-making they require.

 

Continue Reading

Banking

ADAPT OR LOSE – THE BANKING OF 2030

BANKING

By Frank Zhou, CEO & Founder of Zeux

 

Fintech, the world over, is rapidly expanding with the global value of fintech deals last year coming in at $53.3 billion. It’s no news that this continued growth can – at least, in part – be attributed to a shift in the financial industry’s mindset to allow and facilitate the integration of digital tools, such as online banking and mobile apps, to help improve the customer experience. But the rate of integration and adoption differs vastly, from continent to continent. So what makes a mindset towards innovation choose ‘caution’ over ‘audacity’ when it comes to the world of fintech, and how are these different approaches shaping the future of the financial landscape? Frank Zhou, CEO and founder of Zeux, shares his insight on the future of banking.

 

Asia is wearing the fintech crown

Financial innovation and the adoption of fintech in Europe has been slow compared to Asia who has been more open to moving away from traditional banking methods. China is the largest alternative lending market holding around 90% of market share, with the US coming in second place.  Together, they dominate 95% of the market. Although the UK is ranked third, the market share is only expected to peak at a value of $4.8bn this year compared to China’s $265.7bn.

BANKING

Frank Zhou

At the head of the pack, Chinese investors are similarly quick to put their weight behind fintech start-ups as they seek to improve the operations of their banks and financial institutions. This forward-thinking approach has brought about the adoption of new-gen technology such as AI and Machine Learning to solve serious finance-relevant issues such as assessing risk and identifying fraud.

The US has demonstrated strong commitment towards adopting new digital technology as well. According to Ryan Battles, EY’s Banking and Capital Markets Lead for the Americas, “banking is finally starting to catch the wave that began with Apple and Amazon raising consumer expectations”.

 

Europe is only catching up with the Silicon Valley mentality

Europe’s fragmented nature – shaped so by its multi-languages, laws and cultures – pushes boundaries in the way of large scale business decisions. And rather than tackle the international markets, an often go-to European approach is to concentrate on developing business within Europe itself.

The Silicon Valley approach of ‘blitzscaling’, a phrase coined by LinkedIn Co-Founder Reid Hoffman, involves scaling at all costs including “doing things that don’t scale” and making deliberate choices without having all of the information—sacrificing efficiency for speed. There are clear risks involved by adopting this method of favouring quick growth on a global scale, but the results can be ground-breaking: think PayPal.

Europe may not have the tech titans that the US or Asia boast, despite having a strong industrial base, but in a ‘hare and tortoise’ style setting, has the potential to become the global fintech frontrunner, because where Europe can truy flex its muscle is in its regulatory prowess when it comes to AI. As with the rollout of GDPR in 2018, Europe wants to be identified as not just a true regulatory superpower but also as a tech superpower. The latest European initiative is to regulate AI through an ‘ecosystem of excellence’ and an ‘ecosystem of trust’. This new legislation will focus on AI applications that are deemed as high risk. Because as we know, Europe is, on the whole, risk averse.

At the same time, the UK itself continues to attract by far the largest share of fintech investment in Europe, with 83% of all European 2019  fintech investment, states Augmentum Fintech.

 

Bright future for the UK: Embracing the power of crypto

With the latest figures predicting traditional British banks could lose a further £8bn of revenue in the next five years, it’s no wonder there’s been an – albeit slow – shift to adopt tech-powered solutions in order to compete against trailblazer challengers such as Monzo and Revolut. Among the line-up of traditional banks that are rolling out new products are Santander and RBS, both of which are evolving the way they facilitate payments and transfers of funds.

Aside from these relatively ‘standard’ innovation developments around payment technology – that are more evolutionary than revolutionary – what else could help the financial sector catch up to its industry counterparts and drive real change? Does crypto really have a place? And how safe is it?

The US is embracing cryptocurrency as a safe digital currency because it trusts the technology behind it. Blockchain technology is an advanced way of logging and protecting data, which is difficult to manipulate or hack. It has the potential to improve security, productivity and customer experience when adopted by businesses in the financial sector. In spite of the bad press it receives, blockchain technology has been recognised as an emerging technology that could transform the banking sector due to the ability to improve trust, provide transparency and potentially lower costs, reduce transaction times and improve cash flow.

At the beginning of the year, even the Bank of England announced that it would consider adopting a bitcoin style digital currency as part of a global group of central banks. And that’s a big step.

Major financial markets around the world are still ahead of European and British banks when it comes to fintech innovation. AI and blockchain technologies are still in their relative infancies, and the pace of change and innovation is only going to gather even more momentum. Those who have made the smart decision to adopt, will reap the benefits that are to come. So, it’s more important than ever for the cautious approach that the British banking industry has demonstrated for so long to be replaced with a new, fresh hunger to harness digital technologies. Not only to guarantee growth, but also to remain competitive in a global market.

Innovation breeds innovation, it breaks through traditional models, and brings new opportunities to the table. The UK’s banks need to be smart with their next move and pull up a chair.

Continue Reading

Magazine

Partner Events

Trending

Banking2 days ago

FOUR WAYS OPEN BANKING AND AI WILL REVOLUTIONISE ACCOUNTANCY

Ed Molyneux, CEO and co-founder of cloud accounting software company, FreeAgent   It’s been just over two years since the...

FINANCIAL SERVICES FINANCIAL SERVICES
Finance2 days ago

HOW FINANCIAL SERVICES CAN GET TO GRIPS WITH RISING SUPPLY CHAIN RISK

By Alex Saric, smart procurement expert, Ivalua   UK businesses have never been more dependent on their suppliers to help...

MARKET DATA MARKET DATA
Wealth Management3 days ago

TWO TO TANGO? MARKET DATA AND OPINIONS IN INVESTMENT MANAGEMENT

Sebastien Lleo is Associate Professor of Finance and Head of the MSc in Risk and Financial Technologies at NEOMA Business...

EARLY RETIREMENT EARLY RETIREMENT
Wealth Management4 days ago

AN ULTIMATE GUIDE TO TURNING YOUR EARLY RETIREMENT DREAM INTO A REALITY

Rick Pendykoski is the owner of Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, AZ.  ...

FINANCIAL SERVICES FINANCIAL SERVICES
Technology4 days ago

WHAT EVOLUTIONARY AI MEANS FOR FINANCIAL SERVICES

by Babak Hodjat, VP of Evolutionary AI at Cognizant   Many banks and other financial services institutions (FIs) are beginning...

ANALYTICS ANALYTICS
Business4 days ago

HARNESSING ANALYTICS IN THE FIGHT AGAINST FRAUD

By Anna Lykourina, EMEA Fraud Analytics Expert at SAS   In the past, the fight against fraud has been a...

ONESPAN ONESPAN
News4 days ago

ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud...

FINANCIAL FINANCIAL
News4 days ago

HOW WILL LENDERS TREAT THE FINANCIAL SYMPTOMS OF COVID19?

COULD the coronavirus pandemic spark a financial crisis similar to that which was seen in 2008? Tim Kirby, Group Commercial...

PAYMENTS PAYMENTS
Finance5 days ago

ISO 20022 – THE BEDROCK FOR PAYMENTS TRANSFORMATION

Lauren Jones, Global Payments Ambassador, Icon Solutions   The financial services industry has seen ISO 20022 grow firmly over the...

STRUCTURED DATA STRUCTURED DATA
Business5 days ago

2020 VISION: TRANSFORMING THE LEGAL DOCUMENTATION LANDSCAPE THROUGH STRUCTURED DATA

Jason Pugh, Managing Director, D2 Legal Technology   The derivatives industry has been transformed by the proactive engagement of its...

LANDLORDS LANDLORDS
Wealth Management5 days ago

WHY LANDLORDS SHOULD MAKE THE MOVE TO THE ALTERNATIVE PROPERTY INVESTMENT SECTOR IN 2020

Reece Mennie, CEO of leading UK investment introducing firm, Hunter Jones    The new decade is expected to bring with...

Loss Loss
News5 days ago

PROTECTING YOURSELF AGAINST LOSS OF FUTURE INCOME IN A RECESSION

By Gerard Visser, Financial Planning Consultant at Alexander Forbes Financial Planning Consultants.   With low GDP growth, credit ratings downgrades and the COVID-19 pandemic,...

MOBEY FORUM MOBEY FORUM
News5 days ago

MOBEY FORUM TO ADDRESS DATA PRIVACY AND INNOVATION IN THE AGE OF AI WITH NEW EXPERT GROUP

Mobey Forum, the global industry association empowering banks and financial institutions (FIs) to shape the future of digital financial services, today announces...

SMALL BUSINESS SMALL BUSINESS
Business1 week ago

HOW TO MANAGE YOUR SMALL BUSINESS’S FINANCES

There are a lot of fantastic business ideas that end up failing during the early years. Why? A lack of...

CFO CFO
Top Stories1 week ago

THE EVOLUTION OF THE TECH CFO

Gavin Fallon,General Manager, UK, Nordics & South Africa Board International   Chief Financial Officers (CFOs) have traditionally been seen as...

FRAUD FRAUD
Business1 week ago

IS FRAUD PREVENTION CONVERGING WITH REGULATORY COMPLIANCE?

By Manuel Rodriguez, Fraud Solutions Manager at SAS   Several relevant reports show how the world of fraud and financial crimes is mutable...

APIs APIs
Finance1 week ago

WHY SECURE APIS ARE THE KEY TO FINANCIAL CONTROL

Stefano Vaccino, Founder of Yapily   Consumers never owned their financial data. Banks controlled everything from how much money came...

News1 week ago

GOLDBELL FINANCIAL SERVICES SELECTS MAMBU TO POWER GEN INVESTMENT PLATFORM

Goldbell Financial Services, one of Singapore’s leading business finance providers, has confirmed it will partner with Mambu, the market-leading pure...

FINANCE WORKERS FINANCE WORKERS
News1 week ago

UK FINANCE WORKERS DISPEL MYTH OVER TECH JOB LOSS FEARS

– Research shows finance workers welcome the “rise of the machines” –    The majority of UK finance workers have widely rejected the...

That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers
Banking1 week ago

LOW-CODE TECHNOLOGY BOOSTS THE GROWTH OF SPECIALIST BANK

Hampshire Trust Bank (HTB) is a digitally-focussed specialist bank staffed by experts that enable UK businesses to realise their ambitions. Primary...

Trending