For years, the manufacturing industry has been growing steadily and gradually. However, this scenario has changed in the past couple of years. Today, manufacturers are leveraging the latest technologies such as nanotechnology, cloud computing, and the Internet of Things (IoT) to stay ahead of their competitors and win market share. All of these technologies offer unparallel benefits including cost-cutting in manufacturing, precision, speed, efficiency, and flexibility. Additionally, the introduction of automation and software-driven solutions have also improved the manufacturing process by reducing human intervention, which in turn eliminates errors and delays in manufacturing.
However, it is evident that technology on its own will not grow an industry; rather, it’s the right usage. As a result, manufacturers are leveraging smart manufacturing techniques powered by machine learning and analytics to improve productivity and efficiency. They are also relying on establishing long-term and short-term goals for business growth, setting margins to measure that growth, and then determining what type of machines and technology they need to reach those goals.
Among those technologies, one of the most influential impacts on manufacturing has been of the fourth industrial revolution, or commonly known as Industry 4.0. As one of the most revolutionizing era, Industry 4.0 is dramatically impacting the manufacturing industry and shifted the focus from B2B to B2B2C. Such a shift is benefitting manufacturers in selling directly to the customers, increasing profit, introducing products faster in the market, controlling the MSP, and collecting relevant customer data.
This edition of The Manufacturing Outlook explores many facets of manufacturing technology solutions that are reigning in the commercial world currently.
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