The Evolving Role Of Advanced Technology In Manufacturing Industry
Automation, robotics, and the execution of advanced manufacturing practices have altered the market ground and the manufacturing processes that take place there. Whereas, the majority of manufacturers consider this impact positive and the latest technologies emerge with challenges. As per the latest research, instigating advanced manufacturing techniques are seen as manufacturers’ greatest area of opportunity.
As manufactures continue to explore different ways to take advantage of advances available, here are few insights to keep in mind:
Fast-growing manufacturers are more tech-oriented.
As compared to their peers, middle-market manufactures that are growing by 10% or more, give more importance to technology. Most importantly, they show interest in new materials and composites, embedded technology, and advanced process control.
Priorities will shift forward.
In upcoming years, manufacturers will pay attention to robotics and advanced automation. Whereas, traditional manufactures believe that new materials, composites, and advanced process controls will be a new issue for the manufacturing industry.
Manufactures will need more capital.
As companies continue to invest in technology, retool factories, and advanced cybersecurity, they will need more capital to meet the requirements. However, those investments should pay off. More than 76% of manufactures expect that productivity will boost in the next five years.
Robotics isn’t the only area getting attention.
Robotics has always got huge attention from the media. However, over the past years, middle-market manufactures technology investments have been equally distributed among robotics and automation, new material, composites, and cybersecurity.
Cybersecurity will become a major concern.
As the industries and products get smarter day by day, the supply chain becomes more integrated into the manufacturing industry. Traditional machines and equipment that were not built for security concerns are being connected now. Moreover, the need for new techniques for cybersecurity will increase.
Advanced technology won’t replace employees.
It could even need a larger workforce, especially among rapid-growing businesses. Overall, 27% of middle-market manufactures trust their workforce will reduce as a result of advanced technology. 45% say that employment will remain the same and 28% say it will increase. It could be a challenge as many manufactures strive hard to find capable employees.
Large, fast-growing manufactures are embracing IoT wearables.
These devices are used mainly to measure environmental conditions, vehicle driving speeds, and distances. To a lesser extent, companies are using them to monitor employees’ location and movement.
