The world is now
Let us now have a look at few of the innovative trends in manufacturing industry 2021. How the manufacturing industry has leveraged its means and increased profitability. Each year sees different trends in manufacturing industry.
Predictive Maintenance; Keeping the production at check
Recent trends in the manufacturing industry are turning to the technique of predictive maintenance of the machines. Through this technique, the failure of any component of a machine is predicted way before, which helps in decreasing the downtime of the machine, as that particular part is replaced or changed even before it starts to wither. By applying this technique, the companies can reduce the maintenance cost up to an estimated 20%, which can be used in some other sector and increase the productivity.
Focusing on B2B2C
Many manufacturers traditionally focus on a business model of B2B. But they have found that shifting to a B2B2C business model, which is business-business-customer, is much more beneficial, as they get to communicate directly with the customers and know their rates and demands. Also with a B2B2C business model, you can reinforce and control your own manufactures’ selling retail price (MSRP). For this, you will have to choose an appropriate platform which will support both B2B and B2C business models.
Supply Chain Management
To strive in this competitive world, you need to deliver more value to your customers than to your competitors. This makes sure that your customer base is ever increasing and the old one is intact too. To do this, you need to manage the supply chain. Using conventional ways to manage supply chain may have some defaults. What you can do is use the technological advancements to optimize the supply chain. They benefit you by helping you operate your businesses more efficiently by giving you more visibility, a better control over the inventory, by minimalizing operational costs, thereby improving the customer satisfaction.
Use of ERP systems to streamline the operational processes
The use of enterprise resource planning system is the key to level up in the competitive world. With the use of ERP systems, the companies manage the different processes by integrating them in one system. The result being that the manufacturers can operate many tasks at a time and prevent any kind of delays or the break-up of information.
More than a trend, this is a growing necessity for all the manufacturing companies. The world is now divided digitally and every little thing is up on the IoT. Internet is being excessively used to increase the business, by increasing the reach of it. This simply means that there is even more data on the internet for hackers. This simply means that the data is even more vulnerable now. This calls for appropriate cybersecurity measures so that the data is kept safe from leaking.
Workforce of the Future
As much as the digitalization has influenced the manufacturing, there are chances that it is still an off the shelf solution if the people do not implement it. It is, therefore, necessary for the manufacturers to invest in digital training programs, that will benefit them in the future, and it will also reduce the labor force, and the companies will be forced to employ skilled workforce. This then raises the bar at every level.
Industry and University collaborations
Up until now, such collaborations were limited, but in the coming years, we will see more such collaborations. These industry-university collaborations will benefit on both sides. The university students will be able to get first-hand experience in the industries, and the industries will be able to train the fresher students and develop the required skill sets in them. This will, therefore, have two-way benefits to the industries as well as the students, who are willing to take up the practical knowledge.
With these innovations and trends in the manufacturing industry, the scenario of manufacturing will surely change, and we will be able to see a much better and skilled workforce, with increased productivity.