Unlocking Growth Opportunities Through Data-driven Smart Manufacturing

The importance of data in unlocking the potential of smart manufacturing and the need for companies to choose a partner with industry-specific knowledge and experience to guide them in implementing the right solution.

FREMONT, CA: The advent of the digital era has brought about significant changes in how businesses conduct their operations, including the manufacturing industry. To remain competitive and profitable, businesses must adopt technology-driven strategies to optimise their operations, with smart manufacturing being a crucial aspect.

There is an increasing focus on achieving profitable growth while upholding high-quality standards in the manufacturing industry. Manufacturers are now prioritising the enhancement of their operations and procedures to boost productivity and be lucrative while ensuring that product quality remains uncompromised. 

Manufacturers believe that organisations lack the technology needed to outpace the competition, as compared to 2022. Cybersecurity risk rank highest as the obstacle respondents are looking to mitigate with smart manufacturing initiatives. 45 per cent of industrialists cite improving quality as the primary positive outcome they want to achieve with smart manufacturing initiatives.

Technology is becoming more prevalent in the manufacturing industry. Cybersecurity risks are one of the primary challenges that industrialists want to address through smart manufacturing initiatives. Improving product quality is crucial for ensuring that products meet the required standards and are of superior quality.

Maximising the Use of Data

Smart manufacturing technology assists companies in maximising the use of data. In a world that is progressively reliant on data, businesses must concentrate on extracting the most valuable insights from the information gathered. This assists organisations in making better-informed decisions, streamlining operations, and cutting expenses.

Technology plays a vital role in mitigating risks and driving growth. However, one-third of manufacturers are unable to choose a specific solution due to the abundance of systems and platforms available, leading to a state of technological paralysis. Companies need to seek out partners with extensive expertise and experience in the industry, providing advice and guidance in implementing an appropriate solution.

Positive Impact on Employees

Incorporating advanced technologies can have a favourable effect not only on a company's growth. 89 per cent of manufacturers intend to maintain or increase employment levels following the implementation of technology. Furthermore, 36 per cent of respondents anticipate being able to reassign current staff to new positions as a result of the increased use of technology.

The adoption of smart manufacturing technology is becoming increasingly important for manufacturers who want to remain competitive and profitable in today's data-driven world. Advanced technologies such as the quality management system (QMS), manufacturing execution system (MES), and enterprise resource planning (ERP) bring significant benefits to companies. However, there are still challenges to overcome, including employee resistance to technology adoption and a lack of expertise in managing the implementation of smart manufacturing.

Despite these challenges, companies in the Asia-Pacific region are showing a growing interest in smart manufacturing. With close to half of APAC manufacturers planning to adopt smart manufacturing within the next year, the region is poised for significant growth. Additionally, the adoption of smart manufacturing technology has a positive impact on employment, with most companies planning to maintain or increase their workforce. By adopting smart manufacturing technology, companies make more informed decisions, improve efficiencies, and reduce costs, ultimately leading to profitable growth.