Digital transformation has arrived in manufacturing and the potential shows no signs of abating. European Commission research estimates Industry 4.0 will boost manufacturing production by 20% by 2020, thanks in part to a 50% decrease in downtime. Darren Duke, business analyst at world-leading foam product manufacturer Zotefoams, explains how manufacturers can harness data to create actionable business insights, and how emerging technologies can be applied to refine today’s manufacturing processes.
There is no ‘silver bullet’ technology to guarantee growth for manufacturers, but there is a winning attitude. Businesses that keep an open mind to all possible technology options and take the time to review them will stand a better chance of making the right investment – one that will power the business ahead of its competitors. For that, you need an open enterprise strategy that enables you to maintain that sort of open mind.
No ‘one size fits all’ approach to technology investment
Investing in good analytic and reporting software can help you spot trends or outliers early – allowing you to respond in an agile way. Used right, this sort of software will help you react faster to market and customer needs.
To prepare for market fluctuations, manufacturers should run a regular portfolio management exercise and see how changes in the next year could move products around a tool such as the Boston Matrix which analyses businesses based on their growth and market share. They can then consider what opportunities or problems will arise and prepare for them accordingly.
Key technology trends for manufacturers
To successfully ride the wave of digital disruption, manufacturers must embrace the move towards fast data analysis, interaction through social networks and a move towards a light, app-based suite of systems.
At Zotefoams we are always looking to gather information from real-time or near-real-time automated analysis using artificial intelligence (AI) to highlight trends that a human may miss.
That means that AI can help us be more proactive in quality, product and customer service areas. We also really like the way the technology is changing to allow us to pick up social media trends and industry conversations – revealing market insights such as untapped customer needs. We all know that younger business system users are used to an app-based ecosystem. Systems we use such as Microsoft Dynamics 365 are particularly valuable in delivering this, as they allow businesses to design their own, tailored apps to increase productivity and streamline business processes.
Read more on this blog here