According to a study, the global smart factory market is projected to grow from just under $212 billion in 2017 to $358 billion by 2023.
FREMONT, CA: Smart factory brings together freshly emerging and disruptive technologies to achieve unparalleled levels of operational performance, signifying zero losses. Its solution integrates human abilities and intelligent technologies to help speed up and sustain performance improvement.
Benefits that Smart Factory Bring to Firms
According to a study, the global smart factory market is projected to grow from just under $212 billion in 2017 to $358 billion by 2023. The momentum is justified by significant operational benefits that a smart factory can generate for manufacturers embracing it. Some of the advantages comprise:
• On-demand, real-time visibility into performance across the production chain.
• Information and technologies to perk up physical process control.
• Refine master production and processes through advanced analytics.
• Adaptive, flexible, and proactive creation.
• End-to-end integration with customers and suppliers.
These benefits translate into a significant impact on key performance metrics. For example, by enhancing Overall Equipment Effectiveness (OEE), the smart factories can facilitate manufacturers defer capital investment and increase revenue. Additionally, they can also improve workforce morale and productivity and substantially reduce operational costs. The intelligent factory has a notable impact across critical areas of supply chain management and manufacturing operations.
There are vital challenges associated with the execution and smooth functioning of a smart factory. Adoption of digital manufacturing in an extensive manner would pose a considerable number of challenges. While uncertain economic benefits and cybersecurity technologies are the primary reasons, other factors would be equally crucial.
Some of the crucial challenges comprise:
• Uncertain economic benefits of online investment.
• Lack of people skills in technology, cybersecurity, and analytics.
• Lack of understanding of the effect of digital manufacturing.
• Inadequate technology infrastructure in terms of OT-IT and hardware.
• Standardization of assets, technologies, people, and processes.
• Danger associated with information security and data privacy.
• Lack of leadership support and clear vision.
Check This Out: Top Cybersecurity Companies