Innovative Trends In Manufacturing Industry

Innovative Trends In Manufacturing Industry

The world is now at the hands of technology. With every step and every new thing coming up, there is technology involved in each of it. It can be farming, where the use of technology has enabled the farmers to optimize their time and space. It may be the healthcare industry, which is now finding its roots in the vast spread of technology, using it for surgical procedures or even the simplest of the things like blood tests. With this, the manufacturing industry is not the one to lag behind and is also using technology to optimize the productivity and increase the profitability and the revenue. And with this use of technology in almost every sector, we can safely say that we have landed in the fourth phase of the industrial revolution; the one where technology is being used to deliver greater and precise results. Let us now have a look at few of the innovative trends in the manufacturing industry. How the manufacturing industry has leveraged its means and increased the profitability. Each year sees different trends in manufacturing industry. Here, are some of the latest changes which will be followed in 2019.

Predictive Maintenance; Keeping the production at check

Most of the manufacturing industries are turning to the technique of predictive maintenance of the machines. Through this technique, the failure of any component of a machine is predicted way before, which helps in decreasing the downtime of the machine, as that particular part is replaced or changed even before it starts to wither. By applying this technique, the companies can reduce the maintenance cost up to an estimated 20%, which can be used in some other sector and increase the productivity.

Focusing on B2B2C

Many manufacturers traditionally focus on a business model of B2B. But they have found that shifting to a B2B2C business model, which is business-business-customer, is much more beneficial, as they get to communicate directly with the customers and know their rates and demands. Also with a B2B2C business model, you can reinforce and control your own manufactures’ selling retail price (MSRP). For this, you will have to choose an appropriate platform that will support both B2B and B2C business models.

Supply Chain Management

To strive in this competitive world, you need to deliver more value to your customers than to your competitors. This makes sure that your customer base is ever increasing and the old one is intact too. To do this, you need to manage the supply chain. Using conventional ways to manage supply chain may have some defaults. What you can do is use the technological advancements to optimize the supply chain. They benefit you by helping you operate your businesses more efficiently by giving you more visibility, a better control over the inventory, by minimalizing operational costs, thereby improving the customer satisfaction.

Use of ERP systems to streamline the operational processes

The use of an enterprise resource planning system is the key to level up in the competitive world. With the use of ERP systems, the companies manage the different processes by integrating them in one system. The result being that the manufacturers can operate many tasks at a time and prevent any kind of delays or the break-up of information.

Cybersecurity

More than a trend, this is a growing necessity for all the manufacturing companies. The world is now divided digitally and every little thing is up on the IoT. Internet is being excessively used to increase the business, by increasing the reach of it. This simply means that there is even more data on the internet for hackers. This simply means that the data is even more vulnerable now. This calls for appropriate cybersecurity measures so that the data is kept safe from leaking.

Workforce of the Future

As much as the digitalization has influenced the manufacturing, there are chances that it is still an off the shelf solution if the people do not implement it. It is, therefore, necessary for the manufacturers to invest in digital training programs, that will benefit them in the future, and it will also reduce the labour force, and the companies will be forced to employ a skilled workforce. This then raises the bar at every level.

Industry and University collaborations

Up until now, such collaborations were limited, but in the coming years, we will see more such collaborations. These industry-university collaborations will benefit in both sides. The university students will be able to get first-hand experience at the industries, and the industries will be able to train the fresher students and develop the required skill sets in them. This will, therefore, have two-way benefits to the industries as well as the students, who are willing to take up the practical knowledge.
With these innovations and trends in the manufacturing industry, the scenario of manufacturing will surely change, and we will be able to see a much better and skilled workforce, with increased productivity.

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The Enterprise Diary is distinctively focuses on five major industries i.e Technology, Healthcare, Finance, Manufacturing and Consulting.

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