Technological Advancement: A Boon to Manufacturing Industries
Manufacturing industries play a critical role in shaping a country’s economy and workforce. In developing countries, manufacturing industries provide a pathway from subsistence agriculture and increase the income and standard of living. At the same time, in advanced economies, manufacturing industries are a vital source of competitiveness and innovation, with enormous contributions to export, productivity, […]READ MORE >>
Manufacturing industries play a critical role in shaping a country’s economy and workforce. In developing countries, manufacturing industries provide a pathway from subsistence agriculture and increase the income and standard of living. At the same time, in advanced economies, manufacturing industries are a vital source of competitiveness and innovation, with enormous contributions to export, productivity, growth, research, and development.
How has digitization widened opportunities for manufacturing industries?
Digitization and other technological advancements have brought about a host of opportunities for manufacturing industries, and have added wings to the future of manufacturing.
Improved wireless technology:
A better wireless technology facilitates better mobility across the factory floor. It helps manufacturers quickly act on handheld data and collaborate real-time with remote experts rather than being confined to a control room. In this way, wireless technology makes it easier for manufacturing industries to manage their time and resources
The Industrial Internet of Things(IIoT):
The IIoT influences the future of manufacturing in a big way. IIoT refers to the application of techniques such as machine learning and big data in the industrial settings. IIoT helps connect machines and devices that provide better agility, reduced risks, and increased visibility into operations.
Assist Data-Driven Decision Making:
Connected machinery and devices allow manufacturers to tap into their data and gain complete visibility into the performance and working conditions of their assets and machinery. Subsequently, the results are improved, and there is a visible reduction in downtime and improved inventory turns. It also allows manufacturers to make clear and informed decisions with sufficient data in hand.
Collaboration between IT and OT:
IT and OT in this context refer to information technology and operational technology respectively. Digitization is gradually bridging the gap between information technology and operational technology. This gives room for better partnerships in areas such as cyber security, predictive maintenance, fog computing, etc.; thus, offering new opportunities in manufacturing industries.
Manufacturing industries are stepping into a dynamic new phase. There is a spark in the demand and innovations in this sector, which further brightens their future. As the factories have started to go digital, there is an increasing need for skilled workers, advanced technology, and processes to align the shift to a digital landscape. The future of manufacturing industries mainly lies in efficiently implementing digitization strategies with manufacturing operations. With the increase in scope and implementation of advanced technology in place, manufacturing industries are up-and-coming regarding growth and profits.
To know more about the impact of digitization on manufacturing industries
- Business Intelligence in Manufacturing – Will It Bring about a Paradigm Shift in the Manufacturing Landscape
- Industrial and Manufacturing Opportunities in Emerging Markets: A Market Expansion Strategy
- Manufacturing Industry and its Outlook – Vision 2020