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With a plethora of benefits, smart-manufacturing business models are widely embraced by manufacturers to accelerate productivity as well as remain competitive.
FREMONT, CA: Interconnected cyber-physical systems like intelligent robots and machines that can self-monitor and warn of potential defects characterise the smart manufacturing industry. IoT expansion provides stronger devices and machines with intelligent sensors that continuously store usage data streams in the cloud for analysis.
Smart manufacturing enables manufacturers to become more efficient, identify new business models and practices, and stay competitive. Therefore, businesses can embrace smart manufacturing to streamline functions, accelerate productivity, and prepare for the future, even for unpredicted events like the pandemic.
Financial concerns and a lack of knowledge regarding related technologies are the primary challenges that slow businesses’ progress toward smart manufacturing. Adopting manufacturing needs significant investments in financial and human resources and involves risk. Any manufacturer, irrespective of whether they have embarked on smart-factory initiatives or not, can obtain value for businesses by implementing smart manufacturing. The value of such programmes outweighs the financial and operational dangers.
Those companies with ongoing smart-factory initiatives have witnessed a massive annual productivity rate, increased factory capacity utilisation, and production output compared to businesses with no smart-factory programs. Smart-manufacturing solutions will be the fundamental thriving force of competitiveness in the coming years. This demonstrates the significance of smart-manufacturing capabilities to enable manufacturers to remain competitive in the future.
Despite the continuing economic slowdown and supply chain disruptions due to the pandemic, businesses must consider smart-manufacturing initiatives to stay competitive. Therefore, many manufacturers are expanding smart-manufacturing technologies widely by installing computer-vision systems to enable virtual industry tours for customers, including wearable devices for line workers to signal when they enter a coworker’s personal space, and even adding cobots to augment the workforce to reduce manual workloads.
Smart manufacturing helps businesses to become more efficient with their resources, enhance worker safety, facilitate worker training, and make a business more agile. Companies that operated during the pandemic had the agility to introduce a new product into their manufacturing environment quickly and retool, retrain, and administer rapidly.
Smart-manufacturing firms are agile with their products and participate in the mass customisation trend that enables manufacturers to deliver low-volume and high-variability goods. It also leads to novel business patterns based on product subscription or lot sizing. Consequently, rather than being affected by the supply chain, businesses result in driving innovation in the supply chain.
Additionally, smart manufacturing can potentially increase outcomes for individual businesses and the manufacturing industry. Manufacturing as a service (MaaS) is a new smart-manufacturing business model that helps supply chains become more resilient to disruptions.
MaaS needs machine learning to swiftly and effectively match manufacturers with customers. Companies within the smart-manufacturing environment experience a faster pace of introducing products and services, expanded innovation capacity, faster advancement of their digital technology, and greater efficiencies that mitigate operational costs.