In recent times, technological advancements have transformed the manufacturing industry. As experts speculate the benefits and detriments of these advancements, it is widely accepted that smart manufacturing is leap forward for manufacturers across sectors. Currently, smart manufacturing is becoming the focus of manufacturing globally. It is the integration of the manufacturing industry and new-age information communication technology. As this change permeates the manufacturing process in the form of smart factories and the adoption of industry 4.0, it is transforming traditional manufacturing for the better.
The benefits of smart manufacturing are unparalleled, for instance, it can accurately predict requirements, identify errors, make innovation easier, and make the manufacturing process easier. It is crucial to note that smart manufacturing is the process of combining various technologies and solutions and implementing it into the manufacturing process. These technologies and solutions are referred to as ‘enablers’ and include artificial intelligence, blockchain in manufacturing, industrial internet of things, robotics, and more. Unlike the commonly misconception of it being a direct implementation on the existing process, the actual process is long-drawn and challenging.
For this reason, manufacturing companies across the world are leveraging custom market research solutions, to help them understand the market and make the transition easier. In this article, Infiniti’s research experts highlight the various benefits of, and factors affecting smart manufacturing. Additionally, they highlight the benefits of custom market research for the industry.
Smart manufacturing is taking the world by storm, and it is crucial for manufacturing companies to be prepared. Get more information to learn more about this global phenomenon and what it means for your company.
Smart Manufacturing and IIOT
The industrial internet of things (IIOT) is an ecosystem where every device, machine, and process is connected through data communication. It incorporates machine learning and big data, while harnessing sensor data and automation. The concept behind IIOT is that machines capture, analyze, process, and communicate data better than humans can. Giving manufacturers the opportunity to identify inefficiencies and find solutions faster than they ever could previously. IIOT can make smart manufacturing faster, more efficient, and more profitable. It does this by providing manufacturers with precise information throughout the production process.
The Benefits of Smart Manufacturing
Technological advancements offer various benefits in every industry and sector. In the case of smart manufacturing, these benefits change the manufacturing process entirely. Every smart factory provides manufacturers with the following impactful benefits:
All the information procured and made available through the technology implemented in smart factories allows managers to make more informed decisions. It also makes it possible for manufacturers to link their technology with business goals and measure their key performance indicators more efficiently.
With constant, precise information from their technology, smart factory managers can predict and resolve maintenance issues. This, in turn, avoids downtime and negative effects on product quality.
Significant cost reductions:
Smart manufacturing allows manufacturers to increase forecast accuracy and reduce waste. It also provides better insights into supply chain systems, such as demand levels, inventory, delivery status. This helps reduce costs with appropriate supply-chain and demand management.
With seamless data on bottlenecks, machine maintenance, and functioning, and operational inefficiencies, manufacturers can substantially enhance productivity. Smart manufacturing helps make the required adjustments to improve quality, reduce waste, and potentially increase yield.
Smart Manufacturing and COVID-19
As the world attempts to recover from the COVID-19 pandemic, businesses and manufacturers across the globe suffer losses. With mandated social distancing in most countries, continuing the traditional manufacturing with hundreds of employees present is not possible. This has led to considerable growth in smart manufacturing. With a reduced need for manpower, and high automation, not only can manufacturers continue production, but they can also recover from their losses with high efficiency, and lower costs.
The world is slow to recover from this pandemic, and industries across the globe are changing to a data and IoT dependent work approach. Businesses are encouraged to create more technology-dependent work modules, to reduce risks and losses. Digitizing processes provides manufacturers with increased flexibility that will be essential in coming years. It also allows businesses to protect workers, safeguard jobs, and build an adaptable manufacturing industry.
Identifying and successfully stepping into the future with the manufacturing industry is crucial. As opportunities present themselves, speak to our experts to learn how to seize them in the best way possible.
The Benefits of Custom Market Research for Smart Manufacturers
In times of fast and crucial change, businesses must rethink their business model, marketing approach, and strategies for various facets of the industry. Custom market research solutions address unique business challenges and develop comprehensive, unique strategic solutions. As the smart manufacturing industry grows at breakneck speeds, manufacturers need assistance in successfully transitioning into industry 4.0. Infiniti’s experts further detail the benefits of custom market research solutions:
Custom market research solutions allow businesses to focus on specific pain points and procure target market research regarding them. This targeted data enables businesses to acquire forecasts regarding market trends and market growth in their niche market space. As industry 4.0 evolves, these solutions always allow businesses to be prepared and a step ahead.
Custom market research companies provide insights based on a combination of primary and secondary research. With insights from industry experts and major stakeholders, as well as a compilation of information from various industry forums and databases, this data is detailed and highly insightful. These insights can help manufacturers identify potential risks with proven data and develop actionable strategies as they work towards creating their smart factories.
Custom market research solutions compile information effectively from various sources. Additionally, custom market research companies help companies develop the ideal strategic approach to challenges and overcome them while evolving with the market. Industry 4.0 is challenging, and comprehensive data can help manufacturers embrace the changing market efficiently.
As industry 4.0 and smart manufacturing evolve, companies must ensure they are prepared to evolve as well. Custom market research solutions make this possible. Request a free proposal to gain comprehensive insights and actionable solutions.