Businesses operating in the local sector are adopting technology that is deployed in much larger setups, and which brings about the need for larger investment in support and specialised resources.
The evolution of methods of production generates a higher demand on key management to continuously assess the way local and foreign competitors are streamlining. This leads to the need for specialist support to take stock of current methods and reinvent processes to remain competitive and profitable.
Robots are machines with enhanced sensing, control, and intelligence used to automate, augment, or assist human activities. The robot market, which has grown for industrial applications, is poised for growth in a broad range of services applications.
These applications are transforming manufacturing and non-manufacturing operations with new capabilities that address the challenges of working in changing, uncertain, and uncontrolled environments, such as alongside humans without being a danger to them.
Software algorithms are automating complex decision-making tasks to mimic human thought processes and senses. Artificial intelligence (AI) is not a monolithic technology. A subset of AI, machine learning, focuses on the development of computer programs that can teach themselves to learn, understand, reason, plan, and act when blasted with data. Machine learning carries enormous potential for the creation of meaningful products and services.
For example, hospitals using a library of scanned images to quickly and accurately detect and diagnose cancer; insurance companies digitally and automatically recognising and assessing car damage; or security companies trading clunky typed passwords for voice recognition.
A blockchain is a distributed digital database or, more broadly, a digital ledger that uses software algorithms to record and confirm transactions with reliability and anonymity. The record of events is shared between many parties and information once entered cannot be altered. Blockchain has the potential to usher in an era of autonomous digital commerce.
3-D printing creates three-dimensional objects based on digital models by layering or “printing” successive layers of materials. 3-D printing relies on innovative “inks,” including plastic, metal, and, more recently, glass and wood. 3-D printing has the potential to turn every large enterprise, small business and living room into a factory.
Business incentives
The manufacturing sector is one of the main pillars of the Maltese economy. In fact, the entities operating in this sector employ a significant segment of Malta’s workforce and is one of the main contributors to the Maltese GDP.
Over the years, Maltese incentive legislation has included a wide range of fiscal incentives aimed at promoting economic activity and attracting foreign direct investment to Malta. Domestic incentive legislation has evolved in line with Malta’s economic development, with each change mirroring the economic and political climate of Malta at the time of its enactment.
Our Incentives team works alongside local enterprises to identify the most suitable incentive scheme for their business. Take a look at the main incentive schemes available to local companies operating in the manufacturing sector.
How we can help
We help a wide range of entities in the manufacturing sector find opportunities to operate profitably. Besides re-engineering processes, businesses are looking into data analytics that enable production and finance teams to understand relationships between various monetary inputs and outputs and which will identify areas that can be further streamlined. Other significant areas that Boards of Directors and stakeholders are looking into cover governance and internal control frameworks.
Our team of professionals in our advisory, accounting, audit and tax departments can help you create value for your business and develop solutions to face your challenges, with the support of our international network. We also cover additional areas such as data analytics, internal audit and governance.
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