Manufacturing companies need to keep up to speed with changes in environmental legislation in the Czech Republic and in the EU.
Various types of manufacturing are well-represented in the Czech Republic – ranging from traditional wood-processing or glass making to manufacturing plastics and packaging materials. Manufacturing has traditionally been an important contributor to economic growth and employment in the Czech Republic.
Sustaining that prime position and surviving the pressure brought on by increased competition in a global economy are among the key strategic challenges facing the management and ownership of manufacturing businesses today.
Currently, the pressure to reduce operating costs with expected revenue growth continues. At the same time, investments in the future in the form of funds allocated for research or development that are of special importance to innovations are encouraged.
The importance of key partnerships between domestic and foreign investors and Czech manufacturers and their supply-chain partners is growing.
Changes are most significant in terms of demands, increasing production innovations, manufacturing technologies, increasing automatisation and digitalisation (Industry 4.0). These changes should lead to savings in time and money and increase the flexibility of companies. Industry 4.0 comes with a hope of improving the quality of human life by means of increasing the productivity of labour and restricting monotonous and physically demanding professions. However, the main risks include hacker attacks and data misuse.
These facts bring up changes in the utilisation of production capacities, the search for cost savings in all operational areas, including HR management, and, at the same time, they increase the need for restructuring and reorganising (the company), including new set-up of the systems and processes.
Alongside that, they increase the need for restructuring and reorganization, including readjustment systems and processes.
Lead Partner, Assurance Services, PwC Czech Republic
Tel: +420 251 152 202
Assurance Services, PwC Czech Republic
Tel: +420 602 648 076