Manufacturing industry is the pivot around which all the other industries function. Basically, it involves the manufacturing of goods and processing of raw materials in order to create new commodities or adding value to existing ones. This value-added product or rather intermediate goods can either be used as an input in some other industry or serves as a finished product for the ultimate target- the consumer. With the increase in consumer demands and changing preferences, the manufacturing industry is expected to be nimble and light-footed to be able to respond to these changing trends.
This robust and dynamic industry is growing at a much faster pace owing to the technological advancements and rising global competition. Manufacturing companies are evolving not only in terms of process efficiencies but also shifting to software driven production systems, which is a far cry from the traditional approach and practices. As a result of this, the manufacturing processes have undergone major changes right from identifying the customer needs to new product development, innovation and design, and research and development. But what else can we look forward to in the future?
Here are a few trends that will bring a wave of change in the manufacturing world, read on.
The Virtual to Real Manufacturing Era – 3D is the Way to Go!
Speaking of transitions, modern day industrial employees no longer carry a drill or hammer to work, instead they prefer tagging along their personal digital assistants (PDAs). This enables them to create, design and manufacture goods that are tailor-made and that fit the wants and needs of the consumer through various techniques such as 3D printing, which is an additive manufacturing process that creates a physical object from a digital design by adding material layer-by-layer. So far, its application was limited to developing prototypes, but now manufacturing companies are looking forward to its full-fledged application in the industrial process. This will add to the productivity, efficiency and innovation and thereby creating value and resulting in growth of the industrial market.
Market Intelligence and Manufacturing Sector
Forecasting demand and then determining and planning the level of production and supply is the best way for the production department to avoid over-stocking and stock-out issues. It also helps in identifying demand-supply patterns in order to streamline the process and thereby making it efficient. Utilizing market insights and predictive analytics will not only enhance their decision-making skills but also help the organizations to identify newer avenues and potential markets for expansion. In their constant urge to become market disruptors, organizations are increasingly turning to analytics and big data to create sustainable competitive advantage.
Manufacturing the Infiniti Advantage
Innovation and technological advancements go hand-in-hand when it comes to the manufacturing industry. It is obvious that whether or not these organizations acclimatize themselves to these changes, they just cannot ignore its multifarious benefits and the gradual shift in the industry’s best practices. Hence, the future looks bright for the manufacturing sector driven by expert insights and data, worldwide. Infiniti helps solve strategy related challenges by providing real-time insights through time-tested technologies. With a team of 500 plus experienced analysts who are expert at deriving insights that will have a direct effect on your bottom-line.