With a developing manufacturing landscape, technological innovation has continued to revolutionize the industry.
FREMONT, CA: Industry 4.0 is revolutionizing the manufacturing industry with the possibility to use advanced manufacturing abilities and information technology during the product lifecycle. This, in turn, serves the manufacturers with enhanced visibility into operations, quicker production times, substantial cost savings, and the knowledge to provide exceptional customer support. The only way manufacturers can win market share and stay ahead in competing with the other markets is by embracing transformation. Industries that wish to flourish are leveraging the most advanced in growth-inducing Industry 4.0 technologies. From faster production times, economic operational costs, and heightened visibility, manufacturers look to maintain a competitive edge are leveraging innovation. There are a few trends that will dominate manufacturing shortly.
· Internet of Things (IoT)
Manufacturers are leveraging the IoT technology increasingly that necessitates the interconnection of unique devices with a current internet infrastructure. This is to accomplish various goals, including enhanced efficiency, cost minimization, improved safety, product modification, and meeting compliance obligations. IoT’s existence is mainly due to broadly available Internet access, cloud computing, and smaller sensors. According to a report, around 63 percent of manufacturers consider that applying IoT to products will boost profitability over the next five years. They are set to invest 267 billion US Dollar in IoT by 2020. It is necessary to understand that IoT empowers manufacturers to make educated strategic decisions by providing essential, real-time information.
· Predictive Maintenance
A breakdown in equipment is expensive to manufacturers both in terms of repairs and loss of productivity. A report revealed that 98 percent of the companies say a single hour of downtime costs over $100,000. The key priority for manufacturers is to ensure that all equipment is working optimally. Many are shifting to predictive maintenance technology to do so. Extensive adoption of predictive maintenance technologies could decrease companies’ maintenance expenses and unplanned interruptions, extending machinery life by years. This maintenance program monitors equipment using any number of production metrics. By automating the data collection method through the use of IoT, manufacturers can produce a better knowledge of how systems work and when they will fail.
· Shifting Focus from B2B to B2B2C
Many manufacturers who traditionally had a B2B business model are turning to a B2B2C model due to many advantages like selling straight to consumers. It enhances profitability as enterprises get the full manufacturer’s proposed retail price than wholesale prices for the products. Organizations can also prototype and get products to market swiftly, and this agility gives businesses a competing edge. B2B2C model provides brand authority, price limitation, and better customer data.
· Leveraging Supply Chain for Competitive Advantage
Delivering added value to customers than competitors means remaining competitive. While pricing is required, savvy manufacturers are continuing to distance themselves from price wars by leveraging modern technology. It streamlines supply chain management that delivers multiple competitive benefits. Enterprises can operate more efficiently, control inventory, and have more visibility. The operational cost lessens that leads to customer satisfaction and retention.
· ERP Systems to Streamline Processes
Small to medium-sized manufacturing businesses have increasingly realized that an Enterprise Resource Planning (ERP) system is key to creating a positive and competitive benefit. ERP systems streamline processes by automating all marketing operations and providing precise and real-time information. Manufacturers can proactively maintain services, prevent disruptions and impediments, help users make more agile decisions, and break up information roadblocks.
To stay advanced and updated, competing manufacturers must commit to recognize essential business requirements and invest in technology that will meet them. They should also establish organizational abilities and actively accustom processes and culture to remain relevant. This could lead to manufacturing business opening doors for unique and potentially profitable practices.