Manufacturing industry is one among those that continues to grow with every successive day. The growth is too swift and requires a change every moment to keep the pace of growth high. There are various technologies that are coming in to existence in the present technological era and also becoming the biggest reason for the growing competition. Apart from this speedy growth, instability of national and international market is also been a hindrance in the route map of manufacturing companies growth. There are many other challenges faced by the manufacturing industries. Are you willing to be a part of manufacturing industry or willing to invest in the same? Then you must first get to know the pros and cons of this industry that may out a great impact on your revenue. There are several challenges faced by the manufacturing industry and each challenge has different type of consequences and also has solutions too. If you are willing to know the manufacturing industry deeper then you are on the right page.
Major Challenge of manufacturing industry and appropriate solutions:
- Demands and products forecast:
For a manufacturing industry it is mandatory to meet the requirement of the market and to do so, they have to be prepared for the future demands without over flooding the products to avoid wastage of products. To attain these objective manufacturing units need to precisely forecast the demand by understanding the market trends and their targeted customers. If any manufacturing fails to forecast the products demand then they have to suffer heavy loss due to lower sales or over investment in production than revenue generation.
Forecasting needs a proper input about the market, market trends and of course purchase history of all customers. Tracking all the information seems to be a tough job, not any more. With the technological advancements, manufacturing industry has got various tool with which they can keep a precise track record of every market movement and can plan the further production strategy based on the received input.
How manufacturing industries resorted the technologies
During the COVID era, those industries that had to decrease their labor load so these industries have resorted to IoT automation, as well as product line plus optimization of factory process, to keep the system as normal as possible. Optimization especially enables cost controlling as well as profitability that are critical for businesses experiencing a drop in sales. We further see how technology helped in reducing workload and meet the demands.
Machine Learning and Artificial Intelligence
As businesses have greater access to information now than before, technologies such as artificial intelligence (AI) as well as machine learning, which allows gathering more data, have a significant influence on manufacturing. Artificial intelligence (AI) does not relate to talking or walking robots, but rather to a computer’s system’s capability to spot patterns and draw appropriate conclusions which might assist manufacturers in making data-driven judgments. Many areas of manufacturing business can benefit from AI as well as machine learning including Management of Inventory, Visibility of the Supply Chain, Cost-cutting in, Warehousing, Asset Management, and Accuracy in Forecasting.
Technology for Supply Chain Management
Developments in HMLV (high mix, low volume) manufacturing is affecting entire supply chain operations. For businesses trying to save money while offering items to customers how and when customers want them, efficient supply chain management is critical. Companies are investing in technology that addresses each step in the production process, including procurement, assembly, inventory, transportation, logistics, as well as sales, according to industry trends. Adding a sensor or barcode to components, for example, allows organizations to scan as well as track parts all through the process, allowing them to identify where improvements could be made immediately.
The world — and also the manufacturing business — has altered because of COVID-19. Manufacturers who want to flourish in this upcoming phase must completely embrace Industry 5.0 and reinvent their businesses’ futures as soon as possible.
How technology can aid manufacturing industries?
Nearly every business is evolving as a result of technological advancements. Manufacturers are continually looking for the newest and best technologies, techniques, and systems to stay competitive in the industry. The following are some technologies that can be seen adopted by the manufacturing industries.
Automation in production is not a new concept, but it has only recently gained general acceptance. Automation is becoming increasingly available to manufacturers, and it is altering the way businesses work. “Automation for everyone” is the industry’s next step. Incredibly simple robotics technologies, easy-to-use MPM (Manufacturing Process Management) systems, as well as human-robot collaborations, make automation feasible. Manufacturing automation helps businesses cut costs, improve operations, and boost profits.
Robotics sales increased by forty one percent in 2019 compared to 2018, mainly in non-automotive professions. AMRs (Autonomous mobile robots) are one key catalyst of the manufacturing revolution. Although robots used to be associated with very complicated technology that necessitated the employment of skilled robotics, emerging robotics technology has made automation more accessible to businesses of any size.
Maintenance that is planned ahead of time, enabled by AI, IoT, and machine learning, helps manufacturers save downtime by detecting faults before they occur. Predictive maintenance technologies can help a manufacturing company save money on maintenance as well as a downtime while also prolonging the life of its equipment.
The above are just a few technologies among the key manufacturing technologies adapted by the manufacturing industries to be competitive. The technology applied in the manufacturing industry is vast which aids the industry to minimise their workloads and also satisfies the demands of customers.
IOT and manufacturing industry
Much is being stated about Industry 4.0 and how this has changed the manufacturing landscape. Manufacturers have been able to improve operational visibility, save costs, shorten manufacturing times, and provide superior customer service owing to Industry 4.0. It is past time to shift our focus beyond Industry 4.0 to Industry 5.0. Whereas the industrial revolution 4.0 concentrated on employing technology to optimize manufacturing methods, the next is all about connecting humans and machines, or human-smart system collaboration.
The Internet of Things is (still) THE Key Factor.
Even though the Internet of Things (IoT) has become a more prevalent and ubiquitous tech inside the manufacturing industry, it continues to have been at the front of trend listings every year due to its versatility and creativity — but the current year is no different. IoT, which also entails the interconnection of distinctive devices inside of an established internet infrastructure has allowed manufacturers to produce knowledgeable, strategic decisions relying on real data as well as to attain a variety of objectives, such as cost reduction, increased efficiency, greater reliability, and innovative products, among others. A study says nearly one-third of industries already have adapted embedded intelligence as well as smart devices.
COVID-19’s remotely monitoring as well as anticipatory maintenance features have reignited demand in the Internet of things. Field service personnel arriving on construction sites on short notice is impracticable, if not impossible, from the public safety standpoint; each work assignment must be methodically planned. IoT devices allow manufacturers to securely monitor the performance of the equipment situated at a different location and recognize possible problems well before defective occurs; IOT also allows technicians to obtain a complete insight into the problem and end up coming up having potential solutions before arriving on the job site, allowing them to get in and out faster.