Manufacturing Overhaul on the Anvil

CIOReviewIndia Team | Wednesday, 17 June 2020, 13:15 IST

Manufacturing sector today is striving to enhance its business agility to cope with the market volatility. Being more agile in terms of operations and delivery has become one of the top priorities for manufacturers. It is gradually becoming evident that the way forward for manufacturers to achieve this goal is to adopt new technologies and bring about a digital transformation. However, while doing so, they also need to be wary of unsuccessful implementations or adoptions that do not fetch the expected return. Hence, they must follow a calibrated approach towards technological advancement.         

With the increasing application of Internet of Things in several industries, the phenomenon has given a nudge to usage of wearable technology. We are seeing more and more players from the manufacturing industry, inculcating it in their daily operations. Those who are facing challenges are roping in specialists in the segment to move further down this path. As a result, we are seeing an increasing investment in wearable devices. Another major concern for manufacturers is to ensure effective equipment maintenance which is a prerequisite for the success of a manufacturing operation. So, manufacturers must keep honing their skills to predict any failure and reduce downtime. This is where predictive maintenance can come in handy for manufacturers, allowing them to optimize maintenance in real time. What is more is that it extends the longevity of the machinery and ensures smooth operation. Considering the importance of analyzing production data and extracting insights from it to identify potential issues, predictive maintenance has become more underscored in the context of Industry 4.0.  

According to Michael Strand, Senior Vice President at Hitachi Solutions America, “IoT and predictive analytics are having a major impact on manufacturing, offering exciting new opportunities for connecting operations and transforming business processes.”           

With 5G networks creating new revenue streams for the industry, manufacturing sector is going to be one of the beneficiaries. Experts believe that in addition to energy and utility, the manufacturing industry is going to be one of the most potential rich sectors that can leverage it to evolve faster. As per a report from Ericsson, the expected addressable market in 2026 will be USD 113 billion, a substantial 7 percent potential revenue growth from current service revenue forecasts.

In the times to come, for manufacturers to strengthen their foothold in the market and hold on to the current traction amidst the continued market volatility, resiliency is the most sought after aspect. With chances of the situation not getting better any time soon, manufacturers need to increase their operational resilience and bet big on their core offerings. 

Don't Miss ( 1-5 of 25 )