4 Tech Trends in Manufacturing
By now, it’s no secret that technological innovation is transforming industries across all markets, and the manufacturing industry is no different. Manufacturing companies are taking advantage of new technologies to further streamline processes and meet growing customer expectations. According to a 2017 survey by IQMS, 56% of manufacturers note that customers frequently demand short-notice production capabilities.
Beyond simply catching up to the times, manufacturing companies must strive to be at the cutting-edge of industry trends in order to stay relevant and efficient. Technological trends in this field are expected to significantly change the industry on a continuous basis, so remaining adaptable and limber is crucial.
The manufacturing industry must prioritize regular re-investment in processes to stay competitive.
The 4 major sections in which manufacturing professionals are budgeting for today are:
1. Internet of Things (IoT), Specifically Industrial IoT (IIoT)
IoT is defined as the “interconnection via the Internet of devices embedded in everyday objects, enabling them to send and receive data.” IoT touches many areas, and manufacturing is no exception. Businesses are well aware of its potential to streamline manufacturing processes like never before. Going forward, it’s expected that a majority of manufacturers will invest in integrated IoT technology. This will take the form of product monitoring, supply chain monitoring, customer monitoring, and premises monitoring.
2. Artificial Intelligence & Machine Learning
The manufacturing industry is dependent on the idea of reducing errors as much as possible, at all stages of the supply chain. Industry leaders are going above what is humanly possible by employing Artificial Intelligence tools. Advanced algorithms are transforming predictive analytics, supply chain workflow automation, and project lifecycle management.
Robots have long held a place in the manufacturing pipeline. Today, these machines are more adept than ever at mirroring, and going beyond human capabilities. There is no question that robots are an essential tool in optimizing a variety of functions within the supply chain, from inventory, to warehousing, to decision-making, and more.
4. Data & Analytics
It has never been easier for businesses to collect data on their operations with the advent of cloud storage and digital applications. Data, and the effective analysis of that data, helps manufacturers improve their processes with valuable insights. It affords them the ability to innovate faster and stay competitive.
These industry trends will undoubtedly change the landscape of manufacturing on both a short and long term scale. In fact, it is predicted that by 2020, over 60% of manufacturers will rely on digitized platforms, which will support up to 30% of their revenue!
If manufacturing is one of your business’ competencies in any capacity, you must prioritize staying on top of industry trends in order to optimize and innovate. The manufacturing industry is not immune to all of the technological advancements that are rapidly becoming available, and that is a great thing for both businesses and consumers.
At Seldat Technology Services (STS), we are problem solvers, next-generation thinkers, and efficiency aficionados. Operating at both local and global scales, STS offers comprehensive solutions packages developed by in-house industry experts, tested against real-world scenarios, and designed for the changing supply chain. Learn more about Seldat Technology Services’ manufacturing supply chain solutions and get in touch with our experts today.
By Grace Chi, Product Marketing Manager