Challenges and issues in technology upgrading from the corporate perspective has always been predominant and will continue to exist for many years to come. The challenges pertain to the five Ms: markets, men, machines, materials, and methods. For markets, there are problems of size (or the lack of) and the increasingly shortened life cycles. For men, there is a need to raise skills level and competencies, have suitable trainers, provide budgets and resources, and be able to retain the workforce in the industry. For machines, there are issues such as the high cost of capital, expensive testing equipment, rapid technology changes, restrictions imposed on the export of high-tech machinery, and long procurement times. For materials, there are limitations on the supply of specialized materials, difficulty in obtaining supplies in small quantities, high cost, and uncertain quality. For methods, the challenges are in the use of forecasting techniques and scenario analysis to assess market demands, emerging technologies, and product trends, and the receptivity of the workforce and companies to technology transfer and certification.
» Read more: The Cutting Edge Technology of the Next Generation
