Technology acts as a catalyst for eliminating barriers behind the manufacturing industry’s ongoing transformation. It will revolutionize the whole industry by providing increased process visibility and faster production cycle, resulting in substantial cost savings and better customer support. A large portion of the sales growth is expected to come from connected devices like sensors, cameras, and other analytical tools that can transform critical data with multiple machines in real time. This critical data helps in anticipating customer demands in advance.
Key Technology Trends in Manufacturing Industry
Today’s manufacturing trend is all about changing with the tide and to be in a situation to seize new opportunities.
- Predictive maintenance technology – There is a constant need to monitor equipment to keep them functionally optimal. Predictive maintenance technology tests and monitors equipment in course of operation to predict when maintenance is required. It automatically collects data and develops a detailed information system that can understand how systems work and fail, leading to manufacturers saving valuable time, money and resources.
- Supply Chain Optimization – Manufacturers will embrace omnichannel to optimize their supply chain operations. Many enterprises are using cloud-based models to unify multiple processes across networks. It makes real-time data available to all the authorized stakeholders resulting in On-demand visibility across departments.
- Assistive technologies – AR and VR can easily interface with the computer-aided designing system which makes it easy to modify product designs. These technologies assist workers to perform their task more efficiently by identifying errors leading to faster production time.
- Internet of People – Manufacturers are constantly looking for new technologies like cloud-based solutions, which helps in enhancing overall customer experience. Technology will also play a vital role in meeting employee expectations by providing a seamless work experience. This full spectrum of technology support consisting of customers, partners, and employees will play an important role in streamlining the manufacturing industry in the years to come.
Factors influencing the change
- Changing Product patterns – Most of the products are going through the evolution of change. Technological advancements are constantly transforming normal products to smart devices and are converting them into a more intricate, capable, and advanced object. Many products are transcending their roles by providing pay per use on-demand customer services.
- Consumer demand – There has been a drastic shift in consumer’s behavior pattern. Rising consumer power and their increasing demand for personalized and customized service have led manufacturers shift to new technologies.
- Ease in production – Technologies like additive manufacturing are making it possible to manufacture products faster and precise, making the whole production cycle more cost-effective.
- Robust value chain – Digital technologies are providing manufacturers’ the scope to interact directly with the consumer, allowing manufacturers to bypass intermediaries and get first-hand information about customer requirement.
To compete in today’s charged business atmosphere, Manufacturers have to quickly adapt to the latest technologies. They have to aggressively reshape & resize their operational setup in order to anticipate customer demand. There is a constant need to analyze their digital strengths and redesign their strategies with a high level of understanding that can meet their core strengths, operational goals, and vision for the future.
– Pavan Mudholkar,
Sr Research Analyst,