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supply chain risk

Key Supply Chain Risk factors for Manufacturers

The globalization of businesses over the last decade and the manufacturing industry, in particular have made it imperative for executives and risk managers to reassess the risks facing their organizational processes and their supply chain activities. Effective supply chain risk management in manufacturing companies is often hindered by factors including supplier failure and non-traditional risks. Furthermore, supply chain vulnerability is also increasing due to risks including supplier relationships, manufacturing process, and shipment of finished goods. While creating a supply chain risk management for companies in the manufacturing industry, manufacturers must also consider some of the below mentioned factors that are sometimes out of their control.

Is the absence of an effective supply chain risk management strategy increasing your vulnerability to challenges? Request a free proposal to know how Infiniti’s solutions can help you overcome this.

Top supply chain risk factors for manufacturing companies

supply chain riskDisruptions in distribution

When a key supplier moves their operations to another country, it can have a significant impact on the cost of production and raw materials for a manufacturer. Supply chain risk managers must ensure that regular communication and the presence of strong contract between value parties to prevent such unforeseen contingencies.

Laws and regulations

The degree of supply chain risk faced by a manufacturing company can be greatly affected by the changes in laws and regulations. For instances, if the wage laws and overtime regulations in a particular region changes, then it may eventually result in increased costs.

Infiniti’s risk management strategies enable organizations to effectively monitor and control business risks coming their way. Want more information?

Market competition

There’s a growing concern with mergers and acquisitions (M&A) of big companies across industries. These M&As have the potential to create monopolies, allowing organizations to eliminate competition and make it harder for smaller companies to survive. Market competition is also continuously changing and innovating. As such, organizations must decide which modern technologies and processes to adapt or risk falling behind other agile movers in the market.

Labor issues

When a workplace is unionized, it becomes difficult to adjust employee contracts as and when required. For example, laying off employees may prove to be tough during periods of low customer demand or relocation of assets. Adequate training must be given to employees in order to maximize productivity and reduce risks. Manufacturers must also take measures to ensure that in case of any employee’s absence, the production process is not disrupted.

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Future of manufacturing

Future of Manufacturing in Europe: Key Forces That Will Drive Growth and Profitability

Europe’s 2020 agenda for digitization and Horizon 2020 plan for R&D funding are significant initiatives to facilitate a more sustained and competitive economy. These long term strategies will eventually trickle down to the manufacturing sector and play a significant role in the future of manufacturing in Europe. The manufacturing sector currently accounts for nearly 15% of Europe’s GDP and will play a significant role in their long-term economic development. In this blog, experts at Infiniti explore some of the key forces that will drive transformation in the future of manufacturing in Europe and disrupt their manufacturing sphere.

The European manufacturing sector holds tremendous opportunities, but these opportunities also comes with a host of challenges especially for players who are new to the market. Request a free proposal to know how our industry experts can help you stay abreast of the challenges in the European manufacturing space and capitalize on the right opportunities to improve profitability.

Future of Manufacturing in Europe

Future of manufacturingNearshoring in Eastern Europe

Although Western Europe is often considered the hub for manufacturing activities, Central and Eastern European countries including Hungary, Poland, Romania, and Czech Republic are expected to become pivots for manufacturing innovation. The easy availability of cash grants and tax incentives, and the accessibility of skilled researchers are some of the key factors enabling this shift.

Rise of industry 4.0

With large sums of money being allocated as a part of the Horizon 2020 R&D funding program, we can expect significant advancements in computing, sensor technologies, and robotics in the future of manufacturing in Europe. If this becomes a reality, the future of manufacturing in Europe will not be far from achieving the vision of connected enterprises.

Carbon neutral manufacturing processes

The growing climate change and carbon emission concerns are putting pressure on manufacturing companies around the world to resort to more eco-friendly production processes. From a manufacturing industry standpoint, it is vital to optimize current energy consumption in the plant and focus on electricity from renewable sources. Moreover, the EU plans to reduce 40% of its carbon and greenhouse gas emissions by 2030. As a result, we can expect to see several top manufacturing companies embracing the concept of carbon-neutral processes in the future of manufacturing.

Get in touch with an analyst to know how our solutions can help your business stay ahead in the future of manufacturing.

Demand for highly-skilled workforce

The demand for low-skilled manufacturing jobs is on a steady decline. The future of manufacturing in Europe will soon undergo a structural shift as a result of rising demand for highly skilled and efficient workforce. Human-centric factories will become a reality that encompasses attributes such as dynamic work environments, skill development, and factories aligned to social environments.

Disruption of nanotechnology

Nanotechnology is one of the key enabling technologies in Europe’s Horizon 2020 plan. This will proliferate new opportunities in sectors such as food and beverage, where non-scale polymers can be used to prevent oxygen from spoiling the food. This also means that companies in the manufacturing sector will soon be focusing on the use of nanotechnology in their production and packaging process to enhance the output.

Energy and geopolitics

From a political standpoint, an important talking point is the lifting of the Iran Sanctions, and Russia and China coming together due to the economic climate in both countries. As a result, there was a cheaper dumping of goods, as was seen with the steel industry. Iran will provide more of a growth opportunity when compared to Russia and China, with certain sectors including aviation and automotive expected to see opportunities galore.

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Competitive Landscape Analysis

Critical Challenges facing small manufacturing companies in the U.S.

The U.S. manufacturing industry is facing unprecedented challenges. The sector stands at a critical point in its long history wherein the future of the big and small manufacturing companies will largely depend on how industry leaders view and react to the changing landscape. That being said, small manufacturers in particular face a fair number of challenges, including competition from large domestic businesses in the U.S. as well as from other global players. As the technological, demographic, and economic climate shifts, small manufacturing companies must innovate themselves in order to stay competitive. Let’s take a look at some of the issues facing small manufacturing companies through the lens of industry experts at Infiniti Research.

Challenges faced by small manufacturing companies

small manufacturing companiesCompetition from foreign companies

Small manufacturing companies in the U.S. are currently facing steady competition from several players around the globe. The competitive pressure is particularly high from Asian countries such as China where similar products can be produced for a fraction of the price it would cost to produce similar products in America. The low labor costs in countries like China enables manufacturers to produce and sell at extremely low prices, posing severe challenges for small manufacturing companies in the U.S.

Despite recurring challenges, small manufacturing companies can leverage advanced business intelligence solutions to face these challenges head-on and continue their upward momentum without any disruption. Request a free proposal to know more.

Regulations and compliance issues

One of the major roadblocks for U.S. based small manufacturing companies to compete with their offshore counterparts in terms of price is the labor costs and stringent government regulations. The U.S. is also constantly changing their regulatory and compliance policies that can force small manufacturing companies to make adjustments, causing them to spend even more on monitoring compliance.

Increasing quality of offshore manufacturing

A decade or two ago, the foreign quality of production was poor when compared to the U.S. However, now not only are the products manufactured outside the U.S. cheaper but over the years the quality of these products has also risen drastically. This has resulted in intense competition for small manufacturing companies. In order to survive such growing manufacturing industry challenges, companies in the manufacturing industry, especially small manufacturers must focus on improving their quality of production while maintaining their costs.

Get in touch with our industry experts to know how small manufacturing companies can tackle critical manufacturing challenges, turn them into opportunities, and eventually grow the business.

Shortage of skilled labor

Skilled workforce is highly essential in the manufacturing industry to complete various specialized tasks ranging from welding to programming automation systems. There has been a decline in the number of people enrolling for such skilled courses in universities over the past couple of years. To add on to this dilemma, a major portion of the existing workforce in the U.S. manufacturing industry are almost on the verge of retirement.  Consequently, there is a shortage of skilled workforce across large and small manufacturing companies. Manufacturers now need to identify new ways to incentivize and attract talent into the industry.

Competition from on-shoring

Apart from competing with offshore firms, small manufacturing companies are now also facing increased competition due to the growing trend of on-shoring. Foreign companies that primarily cater to U.S. customers are finding it more cost effective to manufacture in the states because of the cost of storage, transportation, and tariffs. Such companies act as an extra competition in the already difficult market, especially for small manufacturing companies.

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competitive pricing

Manufacturing Industry Trends: What’s New in 2019?

Despite the rising challenges, top companies are keen on orchestrating the latest manufacturing industry trends into their business strategy. As a result of leveraging advanced manufacturing capabilities, manufacturers are benefiting from increased visibility into operations, substantial cost savings, increased speed in production times and improved customer support. The future of manufacturing will continue to revolve around digitization and technological innovations. Based on our manufacturing industry trends analysis, here’s our take on the top trends expected to dominate the market in 2019 and how the recent trends in manufacturing technology are all set to revamp this sector.

Emerging manufacturing industry trends, market expansions, and technological innovations will underpin the growth of the manufacturing sector in 2019. Request a free brochure to learn how our solutions can help businesses adapt to the dynamic market.

Manufacturing industry trends 2019

manufacturing industry trendsPredictive maintenance

A manufacturing equipment breakdown could prove to be a costly affair for manufacturers – both in terms of repairs as well as the loss of productivity due to the downtime. In fact, a single hour of downtime could cost manufacturing companies thousands of dollars. Therefore, several companies in the manufacturing sector are turning towards the latest manufacturing industry trends like predictive maintenance to ensure proper functioning of all their equipment. In predictive maintenance, a number of performance metrics are used to monitor various equipment. Automating the data collection process using IoT technology helps manufacturers gain a better understanding of how systems work and when they are likely to fail. The ability to predict the maintenance cycle and requirements saves manufacturers valuable time, money, and resources.

Blockchain boom

The blockchain technology is now gradually taking the manufacturing industry by storm. In 2019, we can expect blockchain to be one of the most notable manufacturing industry trends that can have a direct impact on several sections of the manufacturing industry including- increasing speed, cost-effectiveness, and security. This technology is also likely to play a major role in enhancing the management, tracking, and transaction reporting in the supply chain.

Request a free proposal to learn how our solutions can help you overcome challenges in identifying the latest manufacturing industry trends and transform your business to gain a competitive edge in the market.

Reshoring

Reshoring or bringing back production operations into the United States is one of the key manufacturing industry trends to watch out for in 2019. There are several factors contributing to reshoring. Firstly, the increase in the standard of living of go-to offshoring countries is resulting in increased wages. Secondly, the countries that offer cheap labor do not have the infrastructure capabilities that are necessary to support the complex manufacturing processes. Today, one of the most notable manufacturing industry trends include automation for basic and repetitive processes, which is also a major contributor to the resurgence in reshoring.

Simplifying supply chain management

Delivering more value to customers when compared to the counterparts in the market plays an integral role in remaining competitive in the market. This is no longer accomplished through pricing strategies as savvy manufacturers are fast moving away from price wars and leveraging ways to gain competitive benefits. This includes simplifying supply chain management to gain operational efficiency, increased visibility and control, improved customer satisfaction, and lower operational costs. Some of the key supply chain technology solutions that can be used to address the challenges in manufacturing include- manufacturing optimization, sales and operations planning, business intelligence, and product lifecycle management.

ERP systems

New manufacturing industry trends such as enterprise resource planning (ERP) are playing a critical role in creating a lean and competitive advantage for manufacturers. ERP systems help manufacturers to streamline processes by automating business process and provide real-time and accurate information which helps reduce the administrative and operational costs. As a result, manufacturers can proactively prevent disruptions, manage operations, and facilitate quicker decision-making.

Why Infiniti?

Leading players in the manufacturing industry are confronting uncertainties in the face of digitization and new customer expectations. Moreover, with the rapidly changing manufacturing industry trends, industrial and manufacturing sector companies are facing the need to develop new strategies and invest in technology to gain a stronger foothold. Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.

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Financial risk analysis

5 Smart Manufacturing Opportunities that Manufacturers Must Grab

Manufacturing is and will continue to be a critical force in both advanced and developing economies. However, the global manufacturing sector has undergone a tumultuous decade. From large developing economies leaping into the first tier of manufacturing nations, a severe recession choking off demand, to manufacturing employment falling at an accelerated rate in advanced economies. The good news here is that the manufacturing industry is all ready to be re-imagined, reinvented, and reborn. Here are five incredibly potent opportunities in manufacturing that manufacturers have to pounce upon if they wish to stay competitive through smarter manufacturing:

Smart manufacturing opportunities in manufacturing

Manufacturing intelligence

Intelligence in the manufacturing industry must be carefully planned, implemented, managed and invested in. This generally requires a completely new view and perspective regarding what is traditionally looked Get More Infoat as strictly a mechanical or procedural challenge. This includes advanced data collection from sensors and actuators, immediate knowledge of inventory, assets, production condition; and increased process, productivity, and cost granularity.

Predictive analytics

Manufacturing intelligence must be used by companies in the manufacturing industry in such a way that it will predict the future so that decisions and actions are taken before problems emerge, before the occurrence of risk, and before opportunities are wasted. This includes enabling predictive technologies, embedded analytics, and rapid response capabilities.

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Quality management

Quality management is the way ahead for how players in the manufacturing industry can achieve nearly zero waste, zero incidents, and zero emissions. The new improvements in quality will develop from factors including information visibility, connectivity, and analytics.

Manufacturing network monitoring

The ability to see and act on your entire network enables companies in the manufacturing industry to predict problems, quickly deploy corrective actions (such as repairs), and keep the entire network humming. This results in improved operational decisions; enhanced remote visibility; and the lowest cost of production possible.

Visibility and visualization

Unless information helps businesses to understand and act, it becomes practically meaningless. It is necessary to have a holistic, dynamic view of the company’s operations in real-time, and visualize people, systems, assets, and inventories as they make their way through a complex supply chain. Manufacturers can see multiple factories in a single view, utilize advanced manufacturing dashboards; and optimize their capacity across the entire enterprise using new instrumentation, networks, and control rooms.


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IR23

5 Trends to Expect in the Future of Manufacturing

The shifts in consumer demand coupled with the changing economics of production and distribution are compelling manufacturing companies to explore radically new ways of creating and capturing value. In fact, manufacturing is no longer limited to simply making physical products. Modern customers demand personalization and customization in their products. The new age industrial revolution also termed as industry 4.0 is powered by innovative technologies such as smart manufacturing, robotics, artificial intelligence and the Internet of Things (IoT). These technologies are expected to be major driving forces in the future of manufacturing. Furthermore, today most industries are increasingly becoming automated and software driven, reducing the human intervention involved. The application of advanced technologies such as nanotechnology, cloud computing and (IoT) is turning tables for manufacturers in ways unimaginable a few decades ago. Request Proposal

Future of manufacturing

 

future of manufacturingNanotechnology

Aerospace and biomedical sectors were the first industries to reap the benefits of nanotechnology. However, this technology has slowly made its way into the manufacturing industry, promising to be a prominent resource in the future of manufacturing. Manufacturing companies are using nanotechnology to manufacture lightweight stronger materials for boats, sporting equipment, and auto parts. It is also used in the production of personal care items such as eyeglasses. This technology is believed to be of a significant importance in the future of manufacturing.

Predictive maintenance and big data

Measuring big data in real-time to improving productivity and efficiency will go mainstream in the future of manufacturing. With the help of predictive maintenance technology, manufacturing companies can predict snags and defects and thus cut downtime and costs. The future of manufacturing will witness big data and predictive maintenance in various aspects of the factory.

Leveraging supply chain

Delivering more value to the customers than the competitors is the key to sustain in the future of manufacturing. While pricing is extremely important, savvy players in the manufacturing industry will continue to distance themselves from price wars by leveraging new technology that simplifies supply chain management. This, in turn, would deliver many competitive benefits that include – being able to operate your business more efficiently, more visibility and control over inventory, reduction of operational costs, and improved customer satisfaction and retention.Ask An Analyst_IR

VR and AR in the future of manufacturing

Advanced technologies such as AR and VR are expected to make a mutually benefitting relationship between man and machine in the manufacturing industry. VR technology can be used to step up the future of manufacturing by interfacing seamlessly with computer-aided designs. With the help of VR, product developers can quickly make modifications and additions to products during the product design stage before they go into modeling and manufacturing processes. AR and VR technologies can also decrease inspection time and assist in detecting errors in addition to improving workers’ sight line, which enables them to complete tasks faster. For instance, by using AR devices such as electronic glasses or goggles, computer-generated graphics can be placed in a worker’s field of vision that provides him with real-time help when it comes to performing a task.

3D printing

3D printing can ensure less expensive and faster production in the future of manufacturing. Rapid prototyping in 3D printing is a highly cost-effective way for product designers to test and troubleshoot their products. In addition, it enables manufacturing companies to produce items on demand rather than manufacturing and warehousing them beforehand. Also, the 3D printing is also playing a great role in transforming the expensive and time-consuming process of tooling for manufacturers. 3D printing enables tooling to be cost-effectively completed on-site, in days and has already been embraced by the automotive and aerospace manufacturing industries.


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IR26

5 Manufacturing Challenges Affecting CIOs of Manufacturing Companies in 2018

MANUFACTURING CHALLENGESToday, chief information officers (CIOs) of manufacturing companies are facing numerous changes that will affect the future growth prospects of manufacturing companies. Driving this change are a number of opportunities to grow and boost manufacturing processes. Though research shows that manufacturing companies will have ample opportunities to grow, CIOs will witness the advent of new manufacturing challenges that will compel them to change the way they look at strategies to improve the scale, speed, and simplicity of manufacturing processes.

At Infiniti, we are constantly in touch with manufacturers and hear first-hand about the issues they face. Since the manufacturing challenges are real, we thought we’d list out a few so that CIOs of manufacturing companies can devise effective business strategies to address them head-on.Get more info

Top manufacturing challenges of 2018

Boosting revenues

One of the biggest manufacturing challenges that CIOs face today is boosting their revenue growth with the technology systems that they already have in place. Manufacturing companies will have to re-strategize their production workflows to meet the demands of short production runs for existing products and streamline new product introductions.

Shortage of skilled workforce

With Baby Boomers exiting the workforce and taking their valuable manufacturing skills with them, new reports claim that more than three million manufacturing jobs will become available over the next 10 years. Manufacturing companies are already feeling the heat when it comes to filling the vacant positions and the impending exodus of Baby Boomers will only add to their growing tally of manufacturing challenges for this year.Get more info

 

Advanced technologies

Though new technologies are aimed at making life easier for all of us, that’s not always the case for manufacturing companies. Technologies such as IoT, industrial automation, cloud and edge computing, and robotics are advancing at a break-neck speed. And by the time IT teams of manufacturing companies adjust and get approvals for new technology installations, a better solution emerges. This rapid development and availability of new technologies will be one of the biggest manufacturing challenges of 2018.

Data security

One of the major manufacturing challenges faced by CIOs this year is ensuring cybersecurity. With advances in technology and advent of new platforms, the risk of data leaks has also increased. Today, hackers aren’t just happy stealing data, they want to extort money by holding the confidential data hostage. In the past year, Ransomware attacks have almost doubled, and manufacturing companies can expect more frequent attempts as they integrate more technologies into their manufacturing processes.Get more info

Regulatory changes

Risk mitigation and avoiding uncertainties are a crucial part of any business process. When manufacturing regulations change, the costs associated with the manufacturing process also ebbs and flows. Tax regulations and trade agreements keep changing with every news cycle and amendments to government regulations can wreak havoc for manufacturing companies. Manufacturing challenges in the form of regulatory changes is one of the major factors influencing the profitability of manufacturers. As a result, CIOs need to be on top of their game at all times and predict changes before time to remain profitable.


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IR36

Why Should You Be Using AR in the Manufacturing Industry?

When you hear the word augmented reality, the first thing that comes to your mind is AR gaming. The application of augmented reality is not just limited to gaming. Its ability to turn the surrounding into an interactive virtual world can augment the experience and performance of any task. Manufacturing industry, in particular, is blessed by such advances in technology, as it increases the process efficiency and helps cut down on production downtime. So what Request Free Proposalare the benefits of using AR technology in the manufacturing industry?

Increase speed of work

It usually takes a lot of time for people to learn assembly and manufacturing skills. This is particularly true in the case of fighter jet engineers who go through years of training to assemble an aircraft. AR technology can hasten the process as it can overlay images in the real world using sensors and cameras. Such information helps engineers to see renderings of bolts, part numbers, and cables with specific instructions on assembling a specific component.

Solving problems

Whenever a problem arises on the shop floor, every team requires real-time access to solve the problem at hand. However, it cannot be possible for all teams to access the problem due to their location. Manufacturing operations employees can directly show all the issues at hand and explain it to the maintenance teams and engineers with the help of AR. Additionally, they can also keep track of the progress of diagnostics processes remotely.

Easy data access

Apart from projecting vital information within a user’s field of view, AR technology also allows service engineers and manufacturers to access data regarding the product or the manufacturing process easily. This includes information on the object’s location in the inventory, lead times to procure them, and their detailed specifications. Also, it is entirely possible to scan QR codes to view live videos, graphics, and images that can assist the engineers in the manufacturing process.

Decreased maintenance time

Augmented reality can project graphics and video in such details that the users would be able to carry out maintenance tasks just by following the instructions. The automotive company Bosch has collaborated with AR firm Reflekt to develop common augmented reality platform (CAP) that can help users with maintenance.

Reduction of production downtime

Production downtime can cause thousands of dollars in losses and incur an opportunity cost in a manufacturing firm. Augmented reality can help maintenance teams and engineers to identify the flaws and prevent downtime from occurring quickly. Teams in the manufacturing setup can use mobile apps to identify the problem on the shop floor and resolve it immediately.

Training uses

AR is one of the most preferred tools when it comes to training and simulation. VR is already extensively used for simulation training for aircraft pilots, military operations, and advanced surgeries. AR can be used in training to facilitate the learning process.

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The World is Embracing Smart Factories – And Why You Should Too!

There have been rapid changes in the manufacturing technologies in recent times. The emergence of automation systems, Industry 4.0, and machine learning have resulted in the convergence of digital and physical worlds. Today, manufacturing is less about producing volumes and more about the intelligent and dynamic creation of value. Advancements in digital technologies have led to the preference for smart factories, where the machinery and equipment can improve processes through self-optimization and automation. The benefits of a smart factory extends Request Free Proposalbeyond manufacturing into functions such as supply chain logistics, planning, and product development.

Advantages of a smart factory

Asset efficiency

Advancements in sensor technology have enabled manufacturing industry to generate huge volumes of data that can be continuously analyzed to reveal asset performance issues, which need corrective optimization. A unique advantage of a smart factory is that human operators aren’t required to analyze such data and implement a corrective course of action. It is entirely possible for such factories to take corrective measures by itself through predictive analytics and machine learning. An increase in asset efficiency translates to lower downtime, optimized capacity, and reduced changeover time.

Lower cost

A smart factory enables manufacturing facilities to operate with lower inventory levels, which further lowers costs related to sourcing and supply networks. Additionally, the material handling costs also drastically decrease alongside wastages and downtime, which directly translates to cost-savings. Also, lower energy usage and quality processes will further reduce the warranty and maintenance costs.

Quality improvements

As discussed, smart factories are capable of implementing a corrective course of action on their own. Such principles can also be used to predict and detect quality defect trends sooner along with their cause. It will inevitably lower scrap rates and lead times; thereby, increasing fill rates and yield. As a result, optimized quality process will ensure quality improvements.

Maximum flexibility

Smart factory logistics systems are equipped to handle a host of different manufacturing environments and production setups. As a result, it can handle the differing nature of operational tasks, ensuring maximum flexibility. Additionally, advanced sensors technology can automatically recognize manufacturing demand fluctuations, which, in turn, allows a company’s supply chain to respond with better agility.

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Harness the Power of Rapid Prototyping in Your Product Design

Imagine a scenario where you manufacture a device in bulk only to find out that some parts don’t work in conjunction with others, deeming the product completely useless. That’s a nightmare for any firm in the manufacturing industry. Manufacturing firms are using rapid prototyping in their product design phase to avoid similar problems. Manufacturers create a 3D model of a part or a product to test its efficiency before manufacturing in large quantities. Rapid prototyping allows product designers to demonstrate the look and feel of the product to clients or in-house management. The manufacturing industry is increasingly adopting rapid prototyping, 3D printing, and additive manufacturing in the product design process to transform the concept into reality effectively.Request Free Proposal So how exactly can design teams and manufacturing companies benefit from rapid prototyping?

Design accuracy and precision

Conventional industrial prototyping was a very iterative process and inefficient, resulting in lower quality manufacturing standards. For instance, design firms used cardboards, empty cans, and deo roll-ons to create the first prototype of a computer mouse. The problem with such prototyping is that it is a distance apart from the final product and fails to acknowledge real-world working conditions. Rapid prototyping allows for flawless product design and flexibility with the help of rigorous testing, evaluation, and quick remodeling capabilities. Rapid prototyping and 3D modeling rely on software such as CAD, which facilitate virtual product trials and error elimination.

Incorporating instant changes

One way of gaining competitive advantage is being the first to introduce innovative products to the market. Being the first-mover in the manufacturing industry requires companies to have a very short time-to-market. Iterative product revisions slow down the product development process and the time-to-market as well. Rapid prototyping allows product designers to instantly incorporate client or management feedback and move the product through multiple changes quickly. This way, the final product meets the market demand and increases the acceptance rates and competitiveness of the company.

Communication of idea

Before a product hits the market, it gets approved by various internal and external stakeholders including management, product designers, marketers, clients, collaborators, and regulatory bodies. If the prototype is weak and doesn’t communicate the idea clearly, companies will face hindrances in getting quick approvals; thereby, delaying the product launch. Rapid prototyping allows companies to build sophisticated designs and present the design idea in a detailed and clear way due to their CAD capabilities. Easy communication of design ideas thereby translates to rapid innovation.

Customizing designs

There’s a high probability of incorporating customized changes along the design process. Rapid prototyping allows for the development of personalized products as per individual requirement without the need for special tools or process. All that is required is a small change in the CAD model, and they can deliver the design as per the requirement of the customer.

Minimizing design flaws

Since rapid prototyping allows for changes to be incorporated swiftly, all design flaws can be addressed instantaneously. With the help of additive manufacturing, the company can identify flaws prior to mass production. Since the prototype material closely resembles the properties and strength of the actual product, it allows for physical tests to be performed effortlessly. Consequently, product faults and usability issues can be identified earlier to prevent hiccups in the manufacturing process later.

Cost and time savings

Additive manufacturing can eliminate the need for developing molds, patterns, and special tools – resulting in massive time-savings. Unlike conventional prototyping methods like CNC machining, rapid prototyping produces minimal wastages as it only prints the materials that are actually required to build the object. As a result, it offers enormous cost and time savings to the manufacturers.

For more information on rapid prototyping in the manufacturing industry, product design, additive manufacturing, and 3D printing:

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