How manufacturers can thrive in the digital era?

In this digital era where there is wide adoption of technologies as well as its integration into various forms of business, the manufacturing industry is no exception. They are one of the early adopters of this digital transformation. There is a lot more to be explored and adopted. Here’s a comprehensive explanation of how manufactures can thrive in this digital era.

1. Adopting latest industry technologies: The 4^th industrial revolution or Industry 4.0 is the next step in digitization for the manufacturing industry. This is the era of connectivity, advanced analytics, augmented reality and advanced engineering (manufacturing technology). It opens up a huge potential in operations and production. It also requires upskilling and reskilling of manufacturing industry employees and getting them ready for the future of technology.
2. Big Data and Analytics: Vast amount of data is generated from various aspects of businesses. Using big data analytics to gain actionable insights will help business in making real time decision making by identifying defects in real time. It will help in optimizing the production schedules.
3. Improving supply chain: Technologies provide better control with real time supply chain planning and management allowing manufacturers to track the inventory, plan production activity and collaboration. Block chain technology in supply chain provides transparency and security by providing a detailed record of all the transactions and product movement process.
4. Artificial Intelligence (AI): Machine Learning and predictive analytics allow manufactures for real time automated process planning. Predictive analytics predicts the possible down-time or equipment failure even before thy occur, allowing for a better manufacturing process.
5. Implementing robotics: Implementing robotics and automating repetitive tasks results in increased efficiency and also reduces human errors. This improves safety in manufacturing plants. Robots combined with humans give amazing productivity results and enhanced flexibility in plants.
6. Implementing Internet of things (IoT): Manufacturing business reap benefits from IoT by transforming most processes and gathering data becomes effective and easy. This transforms traditional and newer sectors into cost-effective and innovative ones. It can be used in various manufacturing processes to collect real time data on usage patterns, maintenance and product performance. This data can be used to improve product quality and performance.

7. Cybersecurity: With increased use of digital platforms, privacy of information and cyber threats or data breach has become a common risk factor. Manufacturers need to invest in strong security measures to protect sensitive data, intellectual property and digital operational infrastructure from cyber-attacks.

8. Cultivating digital culture: Manufacturers need to adopt the culture of innovation and continuous learning within the organizations. It is needed to successfully navigate in the digital era. This involves providing employees the training and resources to adopt these technologies allowing them to drive this digital transformation.

With increased adoption of digital transformation, one must be aware that adopting a wrong approach can be worse than not adopting any. Certain factors play a major role in the success of every digital transformation move, like:

1. Strategy: Strategy development should be the first step before adopting the above aspects. Strategy should cover all aspects of digital adoption from data generation to interpretation to analysis. It should also include a clear plan on human or capital required to achieve optimal results by digitization. Expert help and assistance should be pursued when required.
2. Communication and education: It is important for all the stake holders to communicate in advance and achieve clear outcomes. With training and better education, employees will better understand digital solutions and improve decision making.
3. Data Management: Constantly collecting, analyzing and interpreting data helps companies keep track of their digital transformation, optimize solutions and yield improved results.