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Manufacturing Technology Insights | Friday, July 24, 2020
Smart Factories or Smart Manufacturing can streamline manufacturing operations effectively. Tracking with IoT and optimizing the processes for facing the changing manufacturing trends and customer buying behaviors are capable of generating huge profits.
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Fremont, CA: Smart Manufacturing or Factory of the Future is the new vision of manufacturing businesses for improving production and the versatility of industries. The Internet of Things (IoT), robotics, and many next-gen technologies, have paved the way for achieving a smarter, more sustainable, and profitable Factory of the Future.
Today the market trends change frequently. So manufacturers must keep pace with the changes, simultaneously with revenue generation and cost reduction. Digitalization in enterprises enables them to evolve with the changing trends of modernization.
This post will outline the benefits of adopting smart technologies in the manufacturing industry.
Perks of IoT
The tracking capacities of the IoT sensors have the potential of generating trillions in the business.
The following are the key areas that can add to the profits of the business, as per Cisco reports.
[vendor_logo_first]Enhanced employee productivity through lesser and productive work hours, generating approximately $2.5 trillion,
Optimum utilization of assets by reducing expenses and costs,
Increased efficiency of the supply chain with reduced waste and improved process efficiencies, yielding about $2.7 trillion,
Improving customer experiences and an increase in the returns on research and development investments, generating more than $3 trillion.
Mapping new trends and customer preferences
Today with more innovative technologies, it is easy to identify the trends and changes in customer behavior. The manufacturers can employ the latest tools for forecasting the impact of inventory and its scheduling.
Another critical aspect of smart manufacturing is to set focus on back-office processes besides customer services. Technological modernization is not limited to obtaining more sources of revenue or customers. But this should also concentrate on the making back-office operations and associated duties, optimum, for reducing cost and thereby increase the business value. According to McKinsey, an enterprise can profit equally from investing in technological solutions for back-office functions. Procter and Gamble, in collaboration with Los Alamos National Laboratory, renders a prominent example of the benefit of effectively channelizing processes, which profited by more than $1 billion per year.
Factory of the Future is all set to bring in a revolutionary shift in the manufacturing industry. However, enterprises must make a well-informed decision while deploying any such solutions based on their unique requirement. These investments mustn't act adversely and bring in recurring losses.
See also: Top IoT Companies
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