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Powerful Tips to Succeed in Mass Customization

A modern-day customer wants to feel special not only in the way companies treat them but also on how companies create something just for them. However, the caveat of high-price cannot be ignored. So how can companies do the impossible, making product customization possible without shooting up the final price? It is in this context that the concept of mass customization gains traction among consumers as it helps in making the customer feel like what they are getting is completely different from others and best-suited to their needs. The key to success is to know what customers want in the first place. Customer preferences can be identified by collecting a large amount of customer data on purchase history, browsing history, transactions, and numerous other data sets. As a result, companies can take a giant leap in product personalization into mass customization. So how can companies ensure success in their quest for mass customization?IR_Brochure

Learn from Data

Data is quintessential to know what the customers want. The ability of data analytics is not limited to identifying customer experiences; they can also accurately predict what customers want even before they know it. Mass customization gives companies a unique opportunity to determine customer preferences and make smart choices about supply chain and product options. By gathering data from personal and social channels, companies can create delightful experiences for customers; thereby, increasing brand loyalty and driving profits.

Using Customer Driven Design Interfaces

The advent of big data, cloud technologies, and 3D printing have opened up a host of opportunities and possibilities for manufacturers to perform effective mass customization. Such technologies put the power in the hands of the consumer to self-design the product. The additive manufacturing concept allows the user to add and customize their design over the base model to create their personalized final product. For instance, Mi Tubular Shadow shoes from Adidas allow customers to choose a basic shoe style and then choose the stripe color, sole color, lace color, and color of the upper line. With the aid of digital technologies, customers can put their feet in the digital scanner and get a truly customized end product.

Enable Customer Collaboration

Customers getting involved in the product customization process spend a lot of time to create something of immense value to them. When customers like their own creation, they look for a platform to share it with friends, family, and the outer world. If companies enable design sharing, then they can boost their customer engagement and get new customers. Additionally, other customers can collaborate on the same design to create a unique product for the market. For instance, North Face launched a gallery of designs created by the customer for its Denali jacket, serving as an inspiration point for the others.

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4 Must-know Trends in the Metal Fabrication Industry

Advancements in technology and supply chain practices have brought drastic changes to the metal fabrication industry. Click To Tweet

Traditionally, the metal fabrication industry was quite simple, including processes such as cutting, welding, machining, and assembly for creating the final product. Today, the industry is highly dynamic and cyclical with its growth depending on the end-use industries such as aerospace, automotive, energy, and construction. Such changes have compelled metal shops to strive for profitability by diversifying their customer base and accurately forecasting demand patterns. Here are some of the top trends gaining prominence in the metal fabrication industry.Request Proposal

Automation

Automation has drastically changed the outlook of many industries, and the metal fabrication industry is no exception. Automation has helped metal shops simplify the act of cutting and bending sheet metal; thereby, shortening the overall operations and improving the order-to-ship cycles. Additionally, automation has allowed manufacturers to cut metals without human supervision for days at a stretch and consequently save metal fabricators a large part of human resources cost.

3-D Printing

3D printing is a relatively new technology and has been used in the manufacturing industry to make product prototypes. However, the things are looking quite exciting for the metal industry as more and more metal fabrication businesses are planning to invest in this technology to create simple and sophisticated tools and structures. Metal 3D printing differs from traditional steel fabrication processes as it involves the stamping of metals to produce a required design. For instance, SpaceX relied on 3D printing of custom metal parts for the combustion chamber of the SpaceX SuperDraco engine.

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Business Forecasting

3D printing Technology – The Next Big Thing in Manufacturing Industry

Looking at the present scenario, 3D printing technology comes off as a technology reserved for tech geeks and is considered a luxury item. For a long time, commercial application of 3D printing technology has been widely limited to prototype developments. But now, things are starting to change as 3D printing technology is going mainstream, leading to a revolution in the manufacturing industry. As the cost continues to plummet with significant improvements in technology and quality, 3D printing technology becomes feasible to the majority of the organization for mass production. Here are some of the application areas of 3D printing that can change the landscape of industrial manufacturing:

3D Printing Technology in the Manufacturing Industry

True Rapid Prototyping
Although 3D printing technology has recently received a lot of attention from the press for product prototyping, it has been around for a long time. But the process of rapid prototyping has been anything but rapid, as it takes a lot of time and resources to create even a single piece. With breakthroughs in automation and advancements in technology including CNC machines, silicone casting, SLA, and FDM printing techniques, the product developmenGet More Infot cycle has reduced significantly.

Mass Customization
Companies often opt for mass production to gain economies of scale and keep the product cost low. Product customization is expensive and usually reserved for customers with an ability to pay a premium. The advent of 3D printing technology aims to remove this barrier with mass customization at a reasonable cost. For instance, 3D printers can be used to design a perfect replica of the actual knee and print it for use in knee replacement surgeries.

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Low Volume Production
The concept of minimum order quantity (MOQ) arose due to minimum order stipulations placed by suppliers manufacturing in large volume. For instance, creating a mold might cost $10,000 with a $1 price for each incremental part, making the total price for the first part as $10,001. If the requirement is only for a few parts, then it wouldn’t make economic sense to manufacture it for such low volumes. Today, companies opt for 3D printing technology for manufacturing parts and products at low volume.


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Market Assessment

Market Intelligence Study on Specialty Printing

A significant expansion of the IT and industrial sectors is driving the adoption of specialty printing consumables. Owing to large-scale printing requirements, specialty printing consumables find extensive application across institutions, offices, and professional service firms. With the fast-paced growth of the advertising and media sectors and increasing use of 3D printers, the demand for specialty printing is anticipated to surge over the coming years.

The market for specialty printing consumables is also subjected to challenges including increasing labor costs and rising preference for digitization. Digital printing is steadily outpacing specialty printing due to its cost-effectiveness and less time consumption. With years of experience in market research, Infiniti’s  market intelligence experts offer strategic insights into the market landscape of specialty printing in terms of competitors, market trends and challenges, and key players at a regional and global level.

The Business Challenge

A leading manufacturer and seller of computer printing technologies based out of the US was facing challenges analyzing the market size, market share of key players, market dynamics, and trends in the specialty printing market across the target regions. Moreover, the client wanted to quantify the served available market (SAM) for each product category.

Our Research Methodology

To derive an in-depth analysis of the market landscape, the market intelligence experts at Infiniti carried out exhaustive primary research comprising of interviews targeting industry experts, business executives, market stakeholders, and ex-employees of target companies. The analysts also carried out in-depth secondary research to collate information from proprietary and other open sources such as paid industry databases, annual reports, media platforms, news aggregators, industry forums, and company presentations.

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Our Solution Helped the Client

  • Identify the key players to be targeted and develop initial insights specific to each region under focus
  • Design a robust market sizing model for SAM estimation
  • Support specialty printing group (SPG) specific business strategies in the target regions
  • Gain insights on domestic competition and their strategies for competing with foreign brands

Benefits of Our Integrated Approach

After a complete analysis, the client gained a 360-degree overview of the market with special emphasis on the supply outlook. The client also classified SAM into regions, business verticals, products, price brands, and sales channel under focus. Moreover, the market intelligence study helped the client perform a SWOT analysis on the specialty printing group market.

A must-read case study for strategy experts and decision makers looking for effective market assessment on specialty printing group.

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Market Entry Strategies

Market Intelligence Study – 3D Printing in Orthopedic Surgeries to Reduce Hospital Stay and Cost

The latest market intelligence study by Infiniti Research on the orthopedics devices market offers comprehensive insights on the product portfolio analysis, key competitors, and track the recent developments in the medical devices sector.

Demand trends in the orthopedics devices market

The raising requirement for personalized and better patient care is encouraging medical device manufacturers to launch advanced products to meet the growing demand. The increasing incidences of orthopedic related and work-related musculoskeletal disorders, greater demand for healthcare services, increasing geriatric population, technological advancements, and new product development will change the market landscape in the healthcare industry. The fast-paced growth and introduction of new drugs and therapeutics are creating a positive impact on the demand for these devices in the market. The stringent FDA regulations, the high cost of sophisticated manufacturing equipment, and biocompatibility issues are the topmost challenges manufacturers have to overcome or comply with to remain competitive in the market.

With strong understanding of the healthcare industry, the market intelligence team at Infiniti provides strategic insights for healthcare companies in terms of market analysis and competitive landscape. Their recent study on orthopedics devices highlights medical tourism as the key emerging trend in the market. Cities like Chennai, Kuala Lumpur, Bangkok, and Sao Paolo are considered as the “health cities” and have the highest concentration of medical tourists. The demand for specialized procedures like bariatric surgeries, breast augmentations, orthopedic procedures, dermabrasion, and angioplasty surgeries is driving the growth of this industry. Medical tourism offers diversified services at an affordable cost to patients who cannot afford these services in their home countries.

3D printing in orthopedic surgeries

The increasing emphasis on minimally invasive procedures and technological advancement is boosting the demand for robotics and 3D printing in the healthcare industry. 3D printing is used in orthopedic surgeries for manufacturing of prototype, custom and low volume solutions, and patient specific implants that reduce the stay duration of the patients in hospitals. The next-generation technologies help in supporting product innovation and process improvement activities such as fixation and bone cutting.

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Sustainable practices and regulations

The increasing focus on improving internal efficiency, production techniques, and utilizing technological advances will help manufacturers to abide by the stringent regulations set by the government. The vendors are using sustainable materials to reduce the cost of implants, instrumentation, and delivery systems. The introduction of innovative materials and biodegradable implants will drive the medical devices market and promote the use of eco-friendly products.

Solutions and recommendations

The market intelligence team at Infiniti Research provides competitive analysis to identify and analyze product portfolios, key competitors, and track the recent developments in the market. Some of the solutions offered are listed below:

  • Develop effective marketing strategies around the target segments and the potential respondents
  • Provide overview of the market size and new potentials and design an effective growth strategy to take necessary actions
  • Identify regulatory timelines, leading competitors and their products and technologies employed
  • Analyze the competitive landscape and benchmarking, assess customer needs and satisfaction levels, and assess and enter new markets
  • Offer market landscape overview for orthopedic devices including current sales trends, growth drivers, market dynamics, and key challenges and opportunities

Read our comprehensive case study that analyzes the orthopedics devices market through a market intelligence study

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What You Should Look Forward to in the Manufacturing Industry through 2017?

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.

Infiniti Research is the right place for all the market and customer insight needs. Talk to Us.

Top 5 Trends in the Automotive Industry for 2017

To view an updated and a more comprehensive version of this blog on the automotive industry, read our latest article. 

Since the dawn of smartphones, it has become clear that customers are quick to adopt expensive and complex technologies if it makes their lives easier. In other words, individuals value ease and convenience. These core values have turned the automotive industry into one of the defining technical cultural elements of the 21st century. Now it is time to decode these properties into the context of today’s – and tomorrow’s – society and technology.

With constant changes in consumer preferences, technological advancements and the rapid development in the emerging markets, the world economy is evolving. This evolution can be attributed to the increasing need for automation, digitization, and new business models across all industries, including the automotive industry.

The automotive industry is one of the world’s most important sectors in terms of revenue and includes a wide range of companies that are involved in activities right from designing to selling the motor vehicles and everything in between. The automotive industry is set to witness a perfect storm of change with five disruptive technology driven trends in the future – electrification, connectivity, autonomous driving, customer-centricity, and shared mobility.
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