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A CIO’s Guide to Industry 4.0 – The Future of Manufacturing

Industry 4.0 is the next phase of digitalization in the manufacturing sector that is driven by factors including the proliferation of data volumes, growth of connectivity and computational power, and key advancements in manufacturing innovations. Although they are still in the early stages of development, smart factory and industry 4.0 have already begun transforming manufacturing. By embracing industry 4.0, manufacturers can gain much more than just extending their digital reach and or selling new varieties of products and services. Industrial automation can increase productivity and performance and also bring down the overall production costs. Another major benefit of industry 4.0 is that it will greatly promote globalization through worldwide supply chains and sensor networks. Developing the right digital capabilities for becoming a manufacturing 4.0 organization requires a strategic step-by-step approach. This article outlines the key steps critical to success.

According to Infiniti’s industry experts, ‘Digitization is important, but most companies are not prepared enough.’ Want to strategize for successful digital transformation in your business? Request a free proposal to know how our solutions can help.

Industry 4.0Evaluate existing capabilities with expectations

CIO’s must begin by evaluating their existing technological capabilities and compare them with the digital maturity that they expect to achieve. Prioritize measures that directly align with the organization’s overall strategy and will most likely create better business value. It is also vital to communicate and get commitment for the measures that are chosen for not just the top leadership but also ensure that it is evident to people across the organization who are integral to the execution.

Begin with pilot projects

Pilot projects can be used to demonstrate proof of concept and demonstrate the business gains that can be derived from the industry 4.0 strategy. Early success in the pilot projects can also help gain buy-in from the organization and secure adequate funds for the final roll-out. Collaborate with digital leaders outside the company to create pragmatic designs for the industry 4.0 concept, this is can significantly accelerate digital innovation.

Think you are losing out market share to players who have already embraced technological innovations in manufacturing? Get in touch with an industry expert from Infiniti Research to know how our solutions can help you reassert your position in the market.

Map capabilities required to achieve desired goals

The flaws in the pilots for industry 4.0 transformation will help CIOs identify the capabilities that the organization lacks in achieving the desired results. Create a blueprint highlighting the technology enablers that will help propel the business processes forward. The success of an industry 4.0 transformation will largely depend on the company’s ability to deploy appropriate skills and knowledge.

Embrace digital capabilities

A company can encounter several roadblocks in their journey to embrace digital transformation. Data is critical to make the right business decisions and adopt feasible strategies. Combine data from different verticals of business including logistics, QC, and engineering functions and use this to analyze new methods to attract customers. Advanced technologies such as real-time analytics can be used to attract customers and fully capture the potential of industry 4.0.  Actively understanding customer behavior and orchestrating a distinct role for your organization within complex ecosystems will be the greatest breakthrough to successfully adopting industry 4.0 capabilities.

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Reviving the US Manufacturing Sector

MANUFACTURING

The erosion of the US manufacturing sector over the past couple of years have been a big blow on the growth of the US economy. Small and midsize manufacturing companies are the most affected, while large companies in the US manufacturing sector have managed to thrive despite the growing headwinds. Although it is widely believed that little can be done to put an end to the ongoing decline of US manufacturing sector, continued losses are not a foregone conclusion. On the brighter side, the rising demand, productivity gains through technology, and finding growth in new parts of the value chain will likely create an opportunity for the US manufacturing sector to turntables. Given how vital manufacturing is to the broader economy, capitalizing on these opportunities must be given national priority.

We examine some of the key factors that will fuel growth in the future of manufacturing in the United States and how manufacturers can leverage this opportunity to revitalize their business.

Attaining success in the manufacturing industry involves the use of market research, demand forecasting, product development, and distribution. Facing predicaments in handling it all by yourself? Request a free proposal from Infiniti’s industry experts to learn how we can help you.

manufacturing sectorGrowing demand

Although the US market is not the same familiar ground it was in the past, it remains one of the most developed and lucrative markets in the world. Furthermore, the US consumers are more diverse and expect higher quality and varieties at lower prices. Beyond the domestic market, the demand is also soaring in developed and emerging economies around the globe. However, for tapping into demand growth in emerging economies, it is vital to know exactly where and how to compete. Markets including Africa, Brazil, China, and India represent enormous opportunities, but they have dizzying regional, ethnic, linguistic, and income diversity. This translates to the fact that manufacturing sector companies must navigate greater complexity than ever before and identify the most feasible strategies to produce a wider range of product models with differing features, price points, and marketing approaches.

Industry 4.0

In order to enhance productivity, the US manufacturing sector must capture demand opportunities coming their way. Innovative technologies will play an integral role in determining how effectively they can achieve this and compete better in the market. The rise of industry 4.0 in the US manufacturing sector is largely driven by the increase in volume of data available, new forms of human–machine interactions such as the use of AR, and the ability to transmit digital instructions to the physical world. These advanced technologies are designed to run smart, cost-efficient, and automated plants that produce large volumes or plants that produce highly customized products.

Rethink and reinvent your business strategies with advanced market intelligence solutions. Get in touch with us to learn how our manufacturing sector experts can help your organization achieve this.

Rethinking business models, footprint, and sourcing

US manufacturing sector companies are seeking new ways to capture value beyond traditional production processes. Moreover, with changing input costs, the gap between labor cost in the US and abroad have also narrowed and the cost of industrial robots are rapidly falling. As a result, several US manufacturing sector companies are moving their manufacturing base to the home country. Advancements such as the internet of things and robotics can effectively handle dangerous tasks and eliminate safety risks. Beyond the factory floor, new applications for coordinating distributed supplier networks improve the flow and tracking of raw materials and manufactured parts.

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manufacturing industry

Curated Insights on the Manufacturing Industry from Infiniti’s Industry Experts

The past decade has been tumultuous for the global manufacturing sector. Large developing economies made their way into the first tier of manufacturing nations, a severe recession choked off demand, and there was a steep fall in the manufacturing employment in advanced economies. Despite this, manufacturing remains critically important to both the developing and the advanced world. The changing nature of the manufacturing sector means that old responses are no longer sufficient to sustain. While manufacturing remains crucial to support economic stability in both developing and advanced economies, business leaders and policy makers must keep track of the pulse of the sector to identify opportunities and challenges coming their way. We have curated some articles from Infiniti’s thought leaders about how the manufacturing environment is changing and what business leaders must do to adapt.

Key forces that will drive growth in the future of manufacturing in Europe

Europe’s manufacturing industry will play a significant role in building a sustained and competitive economy. The manufacturing sector currently accounts for nearly 15% of Europe’s GDP and will play a significant role in their long-term economic development. According to industry experts at Infiniti, factors including nearshoring in eastern Europe, carbon neutral manufacturing processes, and the rise of industry 4.0 will play a pivotal role in driving the future of manufacturing. Read the article for more insights.

A guide to effectively tackle your manufacturing overhead costs

The current scenario in the US manufacturing sector is much different from what it has been for over the past two decades. As output growth in the US manufacturing industry has been largely concentrated on a few industries such as electronics, pharmaceuticals, and aerospace, there has been a considerable fall in labor share of US GDP. The US manufacturing industry must now focus on positioning themselves to leverage existing opportunities and prepare to compete in the future rather than making attempts to recreate the past or maintain status quo. Gain expert opinion on how companies in the US manufacturing industry can tackle their excessive overhead costs on this blog.

Top manufacturing industry trends

Manufacturing companies around the globe are increasingly exploring radically new ways of creating and capturing value. Furthermore, with the changing demand of consumers, manufacturing will no longer be limited to producing physical products alone, it will largely revolve around personalization and customization. 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. In this blog, industry experts at Infiniti provide comprehensive insights on the top manufacturing industry trends that you must watch out for.

FAQs on smart manufacturing

Smart manufacturing is one of the most trending topics among manufacturing experts right now. Smart manufacturing is a powerful force with the potential to restructure the existing competitive landscape and produce a new set of market leaders. In this blog, experts at Infiniti answer four key questions relating to smart manufacturing and how it is transforming the manufacturing landscape as we know it.

Cost Reduction Strategies in Manufacturing: A Guide to Effectively Tackle Your Manufacturing Overhead costs

manufacturing overhead costs

If the production method is inefficient businesses are less likely to profit from it, irrespective of how impressive their products are. Rather than increasing the price of the product in such situations, it is advisable for manufacturing companies to lower the production costs and the manufacturing overhead costs.

What are manufacturing overhead costs?

Manufacturing overhead is concerned with a company’s manufacturing operations and includes the costs incurred in the manufacturing facilities other than the costs of direct materials and direct labor. Manufacturing overhead costs include all the indirect costs incurred during the production process. Our most successful clients focus on ways to improve costs, profits, and flexibility by reducing manufacturing costs. Manufacturing cost reduction efforts can result in significant product cost savings, manufacturing cost-saving, and life cycle cost saving especially when companies implement the right strategies for the reduction of manufacturing overhead costs.

It is vital for manufacturers to reduce their manufacturing overhead costs without having to compromise on the quality and quantity of the products. Not sure how to achieve this? Request a free proposal from our industry experts to find out.

Cost reduction strategies in manufacturing

Cut down material costs

One of the simplest ways to reduce manufacturing overhead costs in by cutting down the material costs. This can be achieved by tweaking product designs and effectively utilizing all the resources available at hand. It is always beneficial to opt for simpler designs and cost-saving raw materials. The leftover materials including cardboard, metal, and paper can be sent for recycling.

Optimize employee performance

Employees in manufacturing companies must be trained to keep pace with the changing consumer expectations. Training and development activities must be carried out to enhance the skills and productivity of employees in manufacturing facilities. Qualified and skilled employees can help businesses minimize their manufacturing overhead costs that occur due to production inefficiencies.

Get in touch with our experts to know how our advanced solutions for the manufacturing industry can help your business to trim down expenses while improving business efficiency.

Negotiate with suppliers

 Another way of significantly reducing the manufacturing overhead costs is to negotiate with the suppliers to reduce prices. To gain a reasonable price reduction from the suppliers, manufacturers can try offering larger deposits and ensuring that all the bills are settled on time.

Control inventory storage and purchases

The longer stocks are held, the more is the warehousing costs incurred by manufacturers. To avoid this and reduce the resulting manufacturing overhead costs, manufacturers must have a fair idea of when to resupply so that they do not get stuck with excess or obsolete inventory. Furthermore, adequate care must also be given to avoid inventory shortages. Inventory shortages lead to backorders which require manufacturers to add extra shipping costs and even worse, they can lead to unsatisfied consumers.

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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.

Learn more about Infiniti’s solutions for the manufacturing industry

smart manufacturing

Answering 4 Key Questions About Smart Manufacturing

Over the past couple of years, smart manufacturing has been the trending topic of discussion amongst manufacturing experts, strategists, and industry thought leaders. Despite smart manufacturing garnering increasing popularity, many in the manufacturing industry aren’t quite sure of what it entails, its benefits, and how it is relevant in their organization. Smart manufacturing is a powerful force with the potential to restructure the existing competitive landscape and produce a new set of market leaders. Companies that are slow to adopt such advanced technologies and processes could be left behind.  In this blog, experts at Infiniti answer four key questions relating to smart manufacturing and how it is transforming the manufacturing landscape as we know it.

smart manufacturing

What is smart manufacturing?

Smart manufacturing involves the use of fully-integrated and collaborative manufacturing systems that respond in real-time for catering to the rapidly changing demands and conditions in the factory, the supply network, and customer needs. It is a broad concept that cannot be implemented directly in the production concept. It employs computer controls, modeling, big data, and other automation to enhance manufacturing efficiencies.

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What are the benefits of smart manufacturing?

Smart manufacturing opens up new avenues of innovation that will optimize the creation of higher quality products, improve productivity, sustain safer plant floors, and improve energy efficiency. Furthermore, it will give manufacturers the opportunity to boost employment rates over the current national manufacturing workforce. With the adoption of smart manufacturing techniques, more technology based manufacturing job positions will be available, creating direct manufacturing as well as non-manufacturing positions.

What does smart manufacturing mean for manufacturers?

For small manufacturing companies leveraging any type of business intelligence solution from legacy systems has been extremely limited.  Generally, these systems are not interoperable. As business models are increasingly becoming non-scalable, non-replicable, overly complex, and costly, it is increasing the difficulties for small manufacturing firms. Using smart manufacturing technology, small and medium companies in the manufacturing industry will gain access to new and growing forms of business intelligence. It can also be used to analyze data and test simulations that play a significant role in improving products, design, and performance.

Need more information on the key opportunities and challenges facing the manufacturing industry right now and the strategies to overcome them? Get in touch with our experts.

How does data drive smart manufacturing?

Smart manufacturing primarily revolves around harnessing data. Since smart factories are built on the foundation of data, cybersecurity will play a key role in the entire manufacturing ecosystem. While enabling advanced techniques such as smart manufacturing, data security is imperative. Machines, smart sensors and robotic platforms on the shop floor generate data that is necessary for monitoring, maintenance, and the basic management of the production line. However, much of this data remains in information silos within the factory. Greater integration of context data coming from several different data sources can enhance efficiency and increase the speed of production processes.

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manufacturing sector

How the US Manufacturing sector Compares to Other Nations

After several years of falling output and diminishing labor force, the industrial manufacturing sector in the United States has been enjoying resurgence over the past couple of years. According to manufacturing industry experts at Infiniti Research, factors including the strengthening economy, better workforce quality, favorable tax policies and regulatory environment, and reduced transportation and energy costs are catalysts for this revival. In order to move forward, it is essential to understand how the manufacturing industries across the world are performing in comparison to that of the U.S. manufacturing industry. In this blog, experts at Infiniti Research provide insights on the manufacturing trends and some of the manufacturing challenges faced by different nations. They also highlight how the US manufacturing sector compares to these nations.

China has one of the strongest manufacturing industries in the world in terms of manufacturing output and the percentage of its national output that is generated. Meanwhile, Poland has the highest percentage of its workforce employed in manufacturing.

United Kingdom

The drop in the value of the British pound against the U.S. dollar and the euro has strengthened the U.K.’s manufacturing sector, thereby facilitating an increased demand overseas for goods from the country. Furthermore, the manufacturing sector holds a strong presence in the country due to its significant role in the export economy. In fact, the manufacturing sector contributes to a good majority of the U.K.’s overall exports. One of the key manufacturing trends in the U.K. is the rising efforts made to capture a significant share of the overseas market. However, the weak pound can impose manufacturing challenges as it may increase the import cost of certain supplies. Furthermore, as Brexit negotiations unfold, the future of manufacturing in the U.K. will experience significant turbulence.

Most companies in the manufacturing industry often cite congestion, logistical issues, or connectivity problems as major barriers to overcome. Are you facing similar issues in your business operations? RFP to learn how our solutions can help you overcome to these predicaments.

Switzerland

The effective governance policy in Switzerland has played a favorable role in shaping its strong manufacturing g sector. As a result of their long-held international neutrality, the country has transparent and fair processes, strong judicial effectiveness, and good economic and political stability. Moreover, Switzerland prioritizes being a strong trading country. The country has also got a top-notch manufacturing talent pool with a large number of highly-skilled workers. The key manufacturing challenges faced by companies in Switzerland include the cost of production and the strong franc value that could hamper exports.

Brazil

The rising corruption in Brazil is one of the primary factors that has plagued the country, resulting in a flailing manufacturing sector. Corruption makes investors reluctant to pour money into business operations due to chances of long-term uncertainty. Consequently, this dampens the chances of long-term investment and business growth. This can have adverse effects on the country’s manufacturing sector. A healthy manufacturing sector is contingent upon transparency in financial transactions, relative certainty in a country’s political environment, and individuals being held accountable for illegal action.

Indonesia

Although a decade ago Indonesia’s manufacturing sector contributed a significant amount of their GDP, Over the years the industry’s contribution has considerably dipped. Indonesia is largely hampered by anemic labor productivity. The sizeable proportion of small and unproductive firms in Indonesia are dragging down the entire sector. To improve their global competitiveness, Indonesia needs to develop its workforce and advance its manufacturing sector. They must focus on incentivizing manufacturing companies with low productivity to either exit the industry or improve their productivity through technology and skilled labor.

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Manufacturing sector in the US

Skilled workforce, advanced technology, and pro-business policies have propelled the growth of the manufacturing sector in the U.S. Manufacturing contributes to over $2 trillion to the United States economy. The labor costs in the United States are significantly higher than in other countries. However, the levels of productivity found in the United States make up for this difference, making the country an attractive location for manufacturing investment. Furthermore, disruptive technologies including additive manufacturing, 3D-printing, robotics, and the utilization of the IoT and Big Data are revolutionizing the U.S. manufacturing sector. This has not only increased levels of productivity but has also made the United States one of the most attractive locations for high-technology manufacturing firms. The United States has, benefited from open trade policies, and in order to attain continued manufacturing growth, the country should avoid tariff wars or overly restricted trade policies.

The gap in labor costs in the United States in comparison to other countries has started to drop and is expected to continue as the cost of industrial robots falls.

Learn more about how manufacturing sector challenges vary from region to region and how our market intelligence solutions can help overcome them.

workforce management

Drilling Down the Workforce Management Challenges of the Manufacturing Sector

The manufacturing industry in the U.S. has made impressive strides in the past couple of years. The country has witnessed a rise in public awareness about the modern manufacturing industry, increase in jobs returning to the country, and also the advent of new technologies that are driving the industry forward. However, the ongoing struggle to find skilled labor due to the rapid retirement of baby boomers from the sector is proving to be a major workforce management challenge for companies in the manufacturing sector. Apart from this, there are several other challenges that manufacturing companies must tackle in order to sustain the future scalability of the sector.

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Top workforce management challenges

 Hiring the right workforce

Manufacturing operations today are largely different from what it was a decade ago. The advent of digital technologies including robotics and advanced enterprise software are paving way for a new manufacturing environment. The modern workforce must have the skills and expertise to handle the digital systems which have become a part and parcel of the manufacturing sector.  Fewer schools offer shop classes and more students shy away from manufacturing, posing as a workforce management challenge for manufacturers to find the right talent.

Are you a manufacturer facing similar challenges? Request a free proposal to know how we can help you overcome them.

Consistent training and education

With rapid changes taking place in the manufacturing industry, even well-trained employees may face difficulties in keeping pace with these disruptions. Another key workforce management challenges for companies in the manufacturing sector is to ensure consistent training and education that would ensure that employees are up-to-date with the new tech trends and other market changes.

Overcoming stigmas related to manufacturing jobs

Throughout the United States, manufacturing has fallen out of style. High Schools, teachers and parents alike are steering children away from a career in the industry. This sector is currently bogged down by outdated stigmas such as being a dark, dangerous, and an ominous industry creating serious workforce management challenges for this sector. 

Cybersecurity threats

Technology continues to change how manufacturers develop products and interact with customers. As a result, information technology security risks have increased. Despite this, several manufacturers fail to take the necessary steps to protect their data. The number of connected products in manufacturing operations is on the rise, consequently, external and internal vulnerabilities are also increasing in the industry.

How can Industry 4.0 help manufacturers overcome workforce management challenges? Download this free resource to find out:

workforce management

 

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Top 3 Challenges Facing the Manufacturing Industry and Ways to Tackle Them

Leading players in the manufacturing industry are confronting uncertainties in the face of digitization and new customer expectations. The manufacturing industry is one of the important wealth-generating sectors of the global economy and accounts for a significant share of the global workforce to develop materials needed by organizations across various industries. Moreover, as the drumbeat for innovation and digitization grows louder, companies in the manufacturing industry are facing the need to plan new strategies and invest more in technology to gain a stronger foothold. Consequently, the advent of technology is posing a new set of challenges before the industry, which need to be addressed in order to maintain the growth momentum. In this article, we have discussed some of those challenges and have suggested a few measures to tackle them effectively.

Challenges in the Manufacturing Industry

Challenge #1: Shortage of skilled labor

With the baby boomer generation entering the phase of retirement, the manufacturing industry is facing an acute shortage of labor. Today, employers in the manufacturing industry need employees with a different set of skills. There are certain tasks that have become automated and machine sensors have become more commonplace. This has created the need for manufacturers to collect large amounts of data and is opening up new avenues for employment.

Solution: To tackle this challenge, manufacturers need to plan their strategic workforce smartly. Also, they should focus more on recruiting millennials who have technical skills and ‘know-how’. Additionally, there must be an emphasis on STEM (science, technology, engineering, and math) skills to streamline recruitment initiatives.

banner IR

Challenge #2: Management of project

In the manufacturing industry, projects are typically cost, time, and quality sensitive and, as a result, tend to be rigid and tightly controlled. Such rigidity and tight control mean less ability to make adjustments or update scope as the project progresses.  Many of these projects need a design commitment, with little flexibility to alter as requirements change or new information pops up.  This becomes quite frustrating for a team that wants to produce the best product but is handcuffed by deadline constraints.

Solution: To deal with such manufacturing industry challenges, the team leader needs to ask for dedicated resources. Also, utilizing the project service automation software that includes universal resource scheduling can help the manufacturers to quicGet More Infokly find resources that are available and adjust the schedule based on the predicted completion date of the project.

Challenge #3: Analyzing the data

With the increasing use of the Internet of Things (IoT), the manufacturing industry is facing difficulties in aggregating and analyzing the data. While many organizations may have smart machines already on their shop floor, they lack the systems to extract and analyze the data being captured by these systems. This forces manufacturers to miss out on quality.  Therefore, manufacturers are facing the dire need to improve their data mining capacities to improve real-time decisions.

Solution: Implementing an IoT solution designed to help maintenance of predictive analytics, as well as remote monitoring, can help companies in the manufacturing industry to analyze their data in real-time. Also, this can help in predicting the time when maintenance of an asset is required.  Consequently, manufacturers can shift from replace or repair maintenance model to a fix and predict model.


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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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