One of the backbones of a country’s economy is the manufacturing industry. It has gone through many advancements through the years and has survived economic booms and downturns. Today’s technological advances are transforming the industry further. The increased international reach and improved communications provide the manufacturing industry with a long list of cost savings and efficiencies. The manufacturing industry, along with other sectors of the economy, is able to innovate thanks to technology.
Technological advancements have brought radical changes in the industry’s profit making and operations. Faster access to information and easier, more efficient ways to use data and analytics provide the industry with the boost to explore new possibilities in more territories.
Within the manufacturing industry’s inner circle, the advancements that are happening in the industry right now are called the fourth industrial revolution or Industry 4.0, referring to the closer working relationship of man and machine. This means that humans and machines share the responsibilities within a factory, not separately but in harmony.
Many of today’s factories are automated, which makes it possible to work smarter and faster. Automation allows the gathering of vital data regarding operations. When properly analyzed and leveraged, it can lead to reduced costs, improved productivity, better product quality and safer environments for workers.
Technological innovations and development provide better business intelligence, allowing data and action to work together to meet industry demands that can change at a moment’s notice. Business intelligence is able to go through large amounts of data, extracting and collating information that can help different businesses to improve their processes. It can pinpoint errors and provide solutions for the correct actions to implement.
Changes in the manufacturing industry environment
Technology allows data collection, providing ways for efficient monitoring of production, and reduces costs. Companies are able to use predictive analytics to minimize machine breakdowns and other work stoppages that affect production lines, product output, sales, and delivery.
Several exciting things are happening in the manufacturing industry, which not only ensures its survival but predicts the industry’s further growth. Real-time technologies, sensors and other innovations ensure that the manufacturing industry will be smarter and more digitally advanced.
Right now, so many business and industry trends are available for companies to study and implement. It’s up to business leaders to decide how to innovate and evolve to prepare their businesses for the future.
Manufacturing industry trends
Changes in the industry are being embraced by smart corporations. It is predicted that by 2020, nearly 75% of companies engaged in manufacturing will increase their digitization level, investing about $907 billion to turn their organizations into better connected and smarter companies.
Here are some of the trends that will affect the manufacturing companies this year.
1. Industrial Internet of Things
The general Internet of Things (IoT) focuses more on consumers. The Industrial Internet of Things is about revolutionizing the industrial environments of many industries such as factories and power plants. They will be smarter and more efficient, with companies investing more to provide better services, products, and technologies as early as 2020. By 2021, the investment in Industrial IoT solutions is forecast to be around $1.521 billion. The solutions they are looking at concern several features in manufacturing operations, such as production efficiency, production yield rates, accuracy of key metrics and improved production monitoring in real-time.
2. 3D printing
Right now, many manufacturers are already exploring the viability of 3D printing to decrease waste and improve their output. 3D printing has the capability to build one whole piece at once, compared to the old system of having several pieces created and later assembled. A 3D printer is capable of recycling the materials already used and can reduce the waiting time for replacement parts.
With just a single machine, a 3D printer is able to create a seamless production of tangible items. It will provide companies with several possibilities in designing parts that will eliminate processes such as screwing or welding. The possibilities in the mass production of various products such as medical devices and toys through 3D printing are enormous.
3. Augmented reality
Augmented reality (AR) has been around for a while but many experts believe that it is still in its infancy. However, it is a trend that presents many potential. It can be applied to automation, quality assurance, expert support, maintenance and complex assembly of parts and products. AR can help create visual designs and simulations without the creation of prototypes. Manufacturers that are already using AR receive many benefits including increased improvement in factory and workers’ safety, reduction of errors, increased speed in production and reduced production costs.
Augmented reality solutions enable companies to make and test situations virtually. It can be used for remote assistance, allowing people working in different parts of the world to connect and troubleshoot problems in real time.
4. Automation and robotics
While some people believe that automation and robotics mean human workers will be replaced, the trend is for humans to manage the robots. It will create more opportunities to retrain the workforce and give them the skills to manage robots and automated machines. It is not possible to escape the application of robotics in the manufacturing industry. In fact, it is expected in order to grow. The newest trend is the use of collaborative robots or cobots. They work together with humans to reduce hazards and improve the efficiency of production processes. This guide to cobots describes the relationship of man and machine in more detail and points to a brighter future in which automation is advantageous rather than a threat to jobs.
Robotics and automation allow for a higher level of productivity and accuracy that cannot be reached by humans. New versions of robotics have more capabilities such as image and voice recognition. They are able to recreate complex tasks that used to be performed by humans. New robots are easier to use and program, creating precision in production.
Instead of replacing the human workforce, robotics and automation will be used for tasks that may be impossible or unsafe for humans to perform, making them complementary to and not a replacement for workers. Working alongside robots, the entire workforce will be able to increase production.
5. Cloud computing
Although not a new concept, cloud computing will support AR and robotics. Technological advancements provide factories with smart sensors and cloud computing capabilities. The smart sensors can perform various tasks, such as converting units of measurement from collected data, recording statistics, communicating with other machines within the factory, collecting feedback and shutting off faulty machines. All data collected can be stored in the cloud, enabling supervisors, managers, and engineers to retrieve needed information affecting production at any time. Cloud computing will help manufacturers track and analyze all available information to help with their research and development as well.
6. Collaborations between university and industry
Until recently, the collaborations between universities and industry were very limited. Only a few partnerships were available. But it is predicted that this year will be the start of more and stronger collaborative efforts. The two sides will be seeking to use each other’s expertise and resources to improve their products and offerings. They will be increasing their knowledge and understanding of the practical and theoretical application of innovative technologies in the manufacturing industry. For example, enhanced by manufacturing software development, predictive analytics have become a cornerstone in minimizing machine breakdowns and optimizing production line efficiency.
7. Funding and investment in small and medium-sized industries
Established companies are looking for ways to make themselves more agile and innovative. Startups and SMEs are always looking for support and funding. The two are seen to be cooperating with each other so startups and SMEs can have access to funds from larger corporations. In turn, bigger corporations will be able to form collaborations and partnerships with smaller business enterprises and tap into their knowledge and innovative ideas while still maintaining their own independence.
8. Rollout of 5G
5G is predicted to roll out in 2019, which means latency reduction, big improvements in Internet download speeds and people being able to control various devices remotely. Manufacturers and other industry sectors who are looking to invest in the Internet of Things will realize many changes, including true insights and real-time control that will enable them to make intelligent decisions quicker, which will have direct and positive effects on their operations.
9. Better diversity in the workforce
Manufacturers have realized that their financial performance is better if they have a diverse workforce. This trend is expected to continue in 2019 and beyond. As such, there will be tougher regulations and additional scrutiny from the government as the public becomes more aware of it. For forward-thinking organizations, they are likely to improve the diversification of their workforce and create more beneficial programs for them.
10. Blockchain
The manufacturing industry is now affected by blockchain technology. It will have a great impact on the industry’s financial operations. It will have a direct effect on the industry’s cost-effective solutions for company transactions, security, and speed. Blockchain is likely to influence other business areas such as transaction tracking, reporting and other aspects of management.
These are some of the many trends that are seen to affect the manufacturing industry today. Innovations and changes are necessary to meet the increasing and changing demands of customers, which include better transparency and faster fulfillment. Manufacturers have to optimize their performance in order to meet customer expectations.
Making business intelligence accessible
The manufacturing industry relies on proprietary and shared information. With globalization, it is essential for multinational corporations to ensure that information is understood by every stakeholder, from company executives down to workers on the factory floor. This means that information, from data analyses to protocols, guidelines, laws, instructions, and manuals for machine operation are available in the language that is understood by the specific users. This means having information accurately translated by subject matter experts in the different fields of the manufacturing industry. Rely on the expertise and experience of the translators of Day Translations, Inc. to provide you with the most accurate manufacturing translation. Our native-speaking translators are subject matter experts, with years of field experience, ensuring that they understand your specific industry deeply and know the right terminology and requirements of your company.
We offer a full suite of language solutions from translation and localization, to interpreting services. We work with over 100 languages, from the major world languages to minor ones, and even ones that may be obscure to some. With Day Translations, you do not have to wait, as every day is business day for us. We are open 24/7, 365 days a year to answer your translation needs immediately. You can call us at 1-800-969-6853 or send us an email anytime at your convenience.