Automation and Community Bankers: Why They Work Together

The ultimate purpose of a community bank is to support local businesses that make up the communities they serve and to assist local businesses in achieving their goals. As a community banker with a background in working with the manufacturing sector, I have a vested interest in understanding both the financial aspect of the business and its developmental goals.

In the manufacturing industry today, more sophisticated levels of automation are being utilized, and continue to occur, which are a major topic of discussion when talking about business development due to the role automation plays in several strategic planning questions—How can we continue process improvement to maintain our competitive advantage? How can we fill the need in our workforce? What developments can we make to our operations to keep up with demand growth?

I attended a recent Manufacturing Cohort meeting focused on automation because I know hearing from local manufacturers on the topic will give me a deeper understanding of the challenges that come when these businesses implement automation and advanced technology. With that knowledge, I, as their community banker and go-to financial resource, am equipped to not only offer financial solutions that may be best suited for their unique manufacturing business but to also assist in problem-solving through connecting them to the resources and/or people and organizations they may need to ensure an informed decision.

My takeaway from this meeting was there are 3 core challenges to increasing and/or effectively utilizing additional automation, which are as follows:

• Cost Justification: Advanced automated technology comes with a price tag. Justifying the return on that investment is a challenge for manufacturers because there are different ways to look at your ROI. Not only am I able to provide input into the various methods and methodologies, but I’m also able to tailor financing options, specific to a business, which in turn may set manufacturers up for favorable ROI numbers. This is where I am a potential resource for you.
• Company Culture: Automation can be unchartered territory for some manufacturers and making sure automation aligns with your strategic goals and company culture and climate is important. It’s also important to keep the human element of automation in mind as well and think about how it will impact the workforce.
• Successful Transition: AKA Change Management. Implementing automation technology affects your employees, your processes, and your business strategies. All this change requires that you’re prepared to effectively manage the implementation. A good way to transition successfully is by talking to another manufacturer that has done it. By investing my time in knowing your business and other local manufacturers, I can be your connection point to helpful transition resources.

Manufacturers face unique challenges—automation being one of the most relevant ones today. The Anoka Chamber Manufacturing Cohort is a network that starts conversations about many of these unique challenges because it takes a village to find solutions. Being part of that village of conversation starters and being a resource for manufacturers facing these challenges is something I have invested time into.

If you’re a manufacturer looking for a knowledgeable and motivated community banker, please reach out to our commercial and SBA team so we can meet and learn more about what matters to you and your business.

Check Out Our Previous Posts!