The manufacturing industry marches hand-in-hand with evolving technology. It’s important to have your manufacturing business stay on the leading edge of that technology by keeping on track with both trends and advancements that are becoming available for manufacturers. With the radical changes in how we work, live and play, the speed of digital transformation has accelerated dramatically. But how do you take advantage of these new opportunities without breaking the bank? It takes a balance of investment intelligence, strategic planning and cost management to move your company forward into the fourth Industrial Revolution successfully.
Digital Transformation Technologies Trending in Manufacturing
When you’re looking at the top manufacturing technologies trending in digital transformation, it can seem like a veritable alphabet soup of acronyms. Artificial Intelligence (AI), Internet of Things (IoT), Software-as-a-Service (SaaS) and Augmented Reality (AR) are joined by the move to the cloud and enterprise integration. As these technologies grow, they can drastically improve your company’s efficiency, productivity and overhead. They can provide a strong positive return on your investment, and with wireless connectivity such as 5G, Wi-Fi and Bluetooth make it simple to connect your entire production line. These investments make it simple to develop production schedules, supply maintenance and performance assessments from anywhere with an internet connection.
Using technology only a little over a decade old, collaborative mobile robots, or cobots, are now found in several parts of the world. These robots are AI-enabled, making it simple for them to work alongside human employees. As the technology continues to improve, the robots are becoming more affordable and versatile than industrial robots, partially because AI makes it possible for them to adapt to tasks. They can apply pressure, weld, fasten, make cuts and do similar tasks consistently. This makes your products and processes better, while improving efficiency and productivity, reducing potential safety hazards and making it easier to find labor without eliminating human jobs at factories. It’s expected that the cobot market globally, which was $680.3 million USD in 2019, will grow by 38.5% to $9,342.8 million USD by 2027.
AR apps can make it easier for machine operators to see general maintenance issues, fuel levels and similar information in real time. They can even provide simple repair instructions on the spot. A network of sensors using IoT technology allows your machinery to communicate with cloud software, making it easier to access equipment performance insights, how employees work with their equipment and similar details. The remote workforce caused by COVID-19 has made enterprise software integration and cloud solutions essential for manufacturers to connect user-friendly apps and pertinent data across a range of both in-house as well as remote devices.
How to Manage Manufacturing Costs to Support Smart Investments
If your business is still struggling, start by reducing or eliminating discretionary spending. Using financial statements such as cash flow projections and business forecasts can help you stay ahead of potential shortfalls and deficits. Stay on top of your liquidity needs, assess your borrowing capacity and leave room in your budget to make smart investments in digital transformation that will leave you ahead of the game when the pandemic is a faded memory.
By keeping your spending in check and researching the potential of digital transformation technology, you’ll be ready to make smart investments in your business both now and long into the future.
Corrigan Krause Can Help
The Corrigan Krause Manufacturing Group is here to help you navigate where and how to invest in the right technology for your company. Email info@corrigankrause.com for more information and sign up for our Manufacturing Services newsletter here.
