The Internet of Things (IoT) is ushering in a new era of predictive maintenance, self-optimizing production and a host of other benefits. Companies are harnessing the power of their data in new ways, including the use of AI and machine learning. Workforce training is of paramount importance as manufacturers build the skills, they need to exploit new technologies. And virtual and augmented reality and “cobots” are changing how work gets done. More than half of all companies have taken some steps to incorporate these new digital/Industry 4.0 technologies into their operations, but only 5% have fully tapped their potential. It is key to embed new technologies into every facet of your operations and explore the possibilities for launching new, disruptive business models based on digital capabilities like:
Industry 4.0 and digital operations in the manufacturing sector can address key industry issues surrounding IoT, predictive and prescriptive maintenance and services, improved production based on real-time customer experience data and insights.
- Smart factory
- The customer inclusion
- Automated decision-making operations
- VR and IoT to improve assembly
- Optimized supply chains
- More loyalty from customers by collaboration
- Real-time monitoring predictive production
A well-designed and effectively executed manufacturing strategy accelerates revenue growth, boosts customer satisfaction and advocacy, unlocks savings and cash flow, and minimizes risks while enhancing reliability. But most manufactures settle for incremental improvements rather than bold reinvention. Leading manufacturers go a different way. They:
- Define strategy and make key decisions fast
- Foster continuous improvement
- Address structural and systems issues aggressively
- Use benchmarking, price- and cost-experience curves to gain an outside-in perspective.
Some manufacturers will target a complete transformation, while an approach where you pursue discrete initiatives to achieve excellence in pre-selected operational areas fits better in the field of manufacturing.
As technology, demographics, government regulations and policies, and a host of other forces alter the manufacturing landscape, and as manufacturers find that they have exhausted the gains that traditional best practices provide, the time is right to take a more ambitious approach to strategy, one that reignites your growth.