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Making the Case for Digital Investment in a Recession

Mrunmayee Honrao | July 14, 2022 | 900 views | Read time: 01:56 min
MAKING THE ARTICLE
Given the current state of the economy, industrial executives may be asking their CTOs, "Why do a digital transformation and risk diluting our margins when our EBIT numbers are excellent?"
  • Our competitors will do it if we do not.
  • Customers have requested it, and we must comply.
  • The world is becoming more digital, and we must adapt.
  • To increase our total addressable market, we must diversify our business portfolio.
  • All of these digital and technological investments have been made to support this strategy.

All of these are valid reasons to get started and keep going. However, there aren't enough to persuade a CEO and CFO to "swallow the fish “and invest in low-return innovations. This becomes even more complicated when your performance is exceptional and you are growing. Furthermore, most companies have reported record profits since the pandemic and are now facing what could be a major recession.

In the context of the impending economic slowdown, there is a better way to persuade these executives to support your digital initiatives and invest in recurring business models.

First, you must alter the overall narrative of your business cases and investment requests. Profitable growth must be prioritized over explosive growth at any cost or growth that is not supported by convincing evidence of success. SaaS providers and tech start-ups with a manufacturing component are currently facing an investment crunch and have begun to cut costs and focus on profit. So, referring to successful unicorns and the rule of 40, for example, would not be a clever idea today! Second, in order to make the case for investing in digital innovations, you must change the overall arguments.


Five critical considerations for your business case presentation:

  1. Maintain focus and reinforce the current business model
  2. Prioritize high-profit margin areas
  3. Concentrate on differentiation and high-value innovations
  4. Ascertain that your sales enablement program is well-executed
  5. Involve finance to obtain profit and loss projections

The pursuit of growth for the sake of growth is no longer an option. The new strategy is to grow to support the core and increase profitability. This may necessitate changes in the way your digital organization operates, is

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TT Electronics Integrated Manufacturing Services

The company is a trusted partner to some of the world’s leading manufacturers in the transportation, industrial, medical and aerospace & defence sectors.

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MANUFACTURING TECHNOLOGY

Additive Manufacturing in the Aerospace Industry

Article | June 2, 2022

Over the last few years, additive manufacturing (also known as 3D printing) has garnered much attention and appreciation, both from consumers and the manufacturing fraternity. 3D printing, which started as a prototyping technology, has come a long way since its inception. To put it in simple words, additive manufacturing (AM) is a game-changer for manufacturers of all sizes. Traditional ways of generating products such as machining, cutting, turning, shaping, milling, and other "subtractive" manufacturing processes can be supplemented, and in some circumstances, completely replaced, by additive manufacturing. When we look at the bigger picture, AM is transforming people’s lives, which includes but is not restricted to just medical advances, safer transportation, highways, or any other infrastructural developments. Manufacturers can now swiftly make mock-ups of a new product or a part to fulfill a specific market niche, which can lead to the production of high-profit margin products. When additive manufacturing is used from start to finish, the overall manufacturing process becomes even more streamlined. Given the advantages of AM, it's only natural that the technology would be used in the aerospace industry. According to MarketanndMarkets, aerospace 3D printing is expected to exceed $3 billion by 2022 due to the rising demand for lightweight 3D printed parts for aircraft engines. Here are some areas where AM is implemented in the aerospace industry. Constructing Rocket Bodies: Relativity Space is a California-based aerospace manufacturing firm that focuses on creating manufacturing technologies, launch vehicles, and rocket engines for commercial orbital launch services. Their Stargate manufacturing facility is known to house the world's largest 3D printers. These printers use direct energy deposition and patented alloys to make the outer bodies of their rockets. When compared to traditional launch vehicles, 3D printing allows them to quickly create integrated components with a 100-fold lower part count. This also reduces weight and increases reliability, both of which are critical to the economics of space launch. It further allows designers to explore numerous designs in a short time span and helps enhance the overall quality and arrive at a better design. Designing Rocket Engines: Rocket Lab is a public American aerospace company that specializes in small satellite launches. Their Rutherford rocket engine was first tested in late 2016, and over 200 of these game-changing variants have been manufactured since then. The combustion chambers, injectors, pumps, and main propellant valves of this engine were all 3D printed utilizing electron-beam melting. The resulting engine is simple, dependable, and light, weighing only 35 kg (77 lb), making it perfect for low-cost space launches. Their new Curie and HyperCurie thrusters, which operate outside Earth's atmosphere, are based on the same principles. Designing Astronaut Outfits: Additive manufacturing isn't just for making actual rockets; it may also be used to create improved, refined astronaut outfits. The costumes of SpaceX's crew were partially produced with additive manufacturing when they sent humans into space. Even though the company has kept much of the underlying technology under wraps, a source shared that the helmet was made by using 3D printing technology and it had integrated valves, visor retraction and locking mechanisms, and microphones built into the structure. Wrapping Up: The current pace of manufacturing and engineering really necessitates the need for everyone to invest in additive manufacturing.” Cory Larson WMEP Manufacturing Solutions Consultant – Automation & Cybersecurity, Registered Practitioner, CMMC-AB AM is also gaining traction in the commercial manufacturing and fabrication markets. Metal fabrication companies all around the world have begun to provide additive manufacturing solutions in addition to subtractive methods like CNC machining. 3D printing is swiftly becoming one of the cornerstones of the industry 4.0 movement due to its capacity to generate high-tolerance parts and rapid prototypes at a substantially reduced cost.

Read More
MANUFACTURING TECHNOLOGY

AR/VR in Manufacturing: Breaking the Mold

Article | May 25, 2022

The manufacturing industry is known for its agility in adopting new technologies to revolutionize processes. In a way, many industries can learn to replicate the speed with which manufacturing undergoes transformation. The use of Augmented Reality (AR) and Virtual Reality (VR) in manufacturing is yet another frontier the industry is surpassing as it transitions to Industry 5.0. While VR is a fully digital environment that can be accessed through a VR headset, whereas AR overlays the real-world with digital information that is experienced through a smartphone or a display-based device like a heads-up display (HUD). For a long time, manufacturing has been marred by skill gaps, talent shortages, and a high employee attrition rate. But there’s hope, AR/VR is creating ground-breaking ways to optimize factory operations. The Journey of AR/VR Applications: From Gaming to Manufacturing Gaming was the first industry to use AR/VR. Multiple industries are now recognizing its value and innovating ways to implement AR/VR applications into critical areas of operations. In healthcare, AR/VR applications are used to simulate a controlled, high-risk medical environment in order to train medical professionals. Right at the Assembly Line, Minus the Risks Similarly, the manufacturing industry is discovering multiple areas of application for industrial AR/VR, from the warehouse to the training centers. When it comes to training employees, AR is making waves. In a setting where employees have to often manage complex tasks and multi-functional operations, AR applications are enabling manufacturers to simulate hands-on training without the risk of accidents. In addition, it can bypass any wastage of raw materials or avoid expensive mistakes. From the inspection perspective, 3D imaging can be used to build a digital VR twin of a wiring box. In the instance of a failure, the VR twin allows even an untrained worker to cross check the correct configuration and troubleshoot the problem. Companies Spearheading the Use of Industrial AR/VR With so many compelling AR/VR applications in training, several companies are using the technology in exciting and innovative ways. Industrial software solutions provider Honeywell has multiple trailblazing training methods. One of them is a VR training simulator used to train new technicians in high-risk, failure scenarios. The method doubled the skill retention compared to other training methods. The new training method has also enabled Honeywell to engage young workers better, simultaneously ensuring better employee retention. Guided Accuracy with AR/VR LightGuide is another AR/VR firm that is at the forefront of using cutting edge applications on the factory floor. The organization used digital traceability and live data to revolutionize over 1000 processes for leading manufacturers across the world. They use AR/VR for inspection and assembly of automotive headliners. The technique projects diagrams of harnesses, glue paths, and tape placements onto headliner blanks. The process also uses 3D sensors to confirm placement. The Long and the Short of It The manufacturing industry is forging ahead with the best in AR/VR technologies. The challenge of making it affordable for all types and sizes of manufacturing process is the next plan of action. There is much to be achieved with the two technologies, the most important of which is cost-effectiveness, speed and quality. AR/VR technologies are set to be at the helm of many processes, regardless of the volume and scale, AR/VR integration would help solve real world problems within manufacturing and talent management.

Read More
MANUFACTURING TECHNOLOGY

The Rise of Industry 5.0: When Men and Machines Work Together

Article | May 19, 2022

From Cyber-physical to Human Cyber-physical Systems (H CPS) Nurturing human-machine interaction in manufacturing will require the adoption, standardization, and implementation of new technologies. One of these new technologies is the cobot, or collaborative robot, the next generation of robots will be aware of human presence. It will understand the goals and desires of its human operator at the assembly line and learn to predict behaviors in advance. This will take automation at the assembly line to the next level, boosting efficiency tenfold. Human Cyber-Physical Systems will also help bridge the gap in accountability, sustainability, and safety left by Industry 4.0. Digital technology has spread its tentacles deep into the manufacturing industry. As the emergence of Industry 4.0 shows, cyber-physical systems at the heart of production are paving the way for future innovation. Many industries are still far from digital transformation. The Fourth Industrial Revolution, or Industry 4.0, originated from a German government strategy document. The initiative aimed to transform cyber-physical systems that used the Internet of Things (IoT) to communicate and the cloud to store and secure data into integrating human intelligence. This is where Industry 5.0 came in the picture. First introduced at the CeBIT 2017 held in Hannover; it was then called Society 5.0 and focused on resilience and sustainability of manufacturing. According to a survey by Accenture, 85% of 500 manufacturing executives agreed that robots and workers working together on production lines would become the norm. However, the human-integrated aspect of Industry 5.0 isn’t a standalone feature. Moving Towards Society-Centric Manufacturing Unlike in the past industrial revolutions, the current manufacturing industry focuses more on mitigating the adverse effects of production and manufacturing. Building synergy between man and machine is becoming the mainstay of Industry 5.0owing to the emergence of growing human-centric, socially-impactful manufacturing. This is accomplished by implementing environmentally responsible practices or through human intervention. In addition, Industry 5.0 extends its human-centric approach to push for relentless mass personalization that combines artificial intelligence and data analytics. “For companies that make engineered-to-order products, tedious design and engineering tasks are often the bottlenecks for selling more products and preparing them for each customer.” Scott Heide, Chief Executive Officer at Engineering Intent Corporation In a Nutshell Concerns about job loss no longer hold strong. This is partly due to the inseparable nature of human intelligence from innovation and how it is used in automation. Industry 5.0 has galvanized this approach. Its three main components: smart systems, smart devices, and smart automation will synergize physical and human intelligence to achieve resource optimization, seamless personalization and societal growth and harmony. There is a school of thought that says machines will be able to customize manufacturing by using data and AI. It may seem like a continuation of job losses due to automation, but even then, human intelligence cannot be replaced and that is the true rationale behind the emergence of Industry 5.0.

Read More
MANUFACTURING TECHNOLOGY

Multi-Channel Inventory Management: A Guide to Assured High Returns

Article | May 18, 2022

Multi-channel selling is a significant component of manufacturing. Modern buyers expect more from their buying experience, and one of them is being able to access different touchpoints to make a purchase. It is a challenge that modern businesses must address. And it all starts with prudent warehouse inventory management. But how can businesses stay ahead of the curve with a complex web of retail, wholesale, ecommerce, and logistics? This is precisely where multi-channel inventory management comes in. Multi-channel inventory management is the process of managing and keeping track of inventory sold from multiple locations through various selling channels. In this article, we will talk about how smart inventory management for a business with multiple sales channel can increase profits when done right. How C-Suites Can Unravel the Complex Web of Multi-Channel Selling When it comes to optimizing and addressing challenges in inventory management, warehouse management software is known to do wonders. But, when a business uses multiple channels to reach out to more consumers, generate more sales, and increase brand awareness, it also merits a holistic strategy. Management at the inventory level is key to fully unlock its revenue potential in a multi-channel marketplace. When C-levels are looking for ways to optimize operations, inventory management presents a massive opportunity. It is possible to solve many bottlenecks using proven strategies and established information and automation best practices. “Continuous process improvement by definition is ongoing. A static value proposition is hackneyed in no time.” Thomas R. Cutler, President and CEO, TR Cutler, Inc. Loss from Overstocking and Phantom Stocks Unoptimized inventory allocation is one of the costliest and most common challenges faced by multi-channel businesses. According to research commissioned by OrderDynamics, businesses worldwide lose over $471 billion from overstocking and $634 billion from out-of-stock orders. As a multi-channel seller, you must ensure that each channel has the corresponding inventory. Not doing so can lead to order cancellations or delays, or unsold stock. All of these can significantly reduce your profit margin. The Solution: Real-time Inventory Visibility Giving your warehouse managers the clarity they need in manufacturing inventory management can tackle the problem of overstocking. In addition, inventory management tools update inventory levels in real-time, so they don’t have to keep a close eye on inventory at every channel. Additionally, a synchronized inventory storage system can also help boost productivity and improve customer experience. Whether you use a periodic or continuous inventory management system, adding automation and integration with other tools will only help in providing clarity and flexibility. Slowdown in Logistics Due to Unoptimized Warehouse Space Distributed inventory is another aspect of multi-channel inventory management that can be used to create more traction and profit. Warehouse space is valuable for multi-channel businesses. With scattered locations and fluctuating demands, it can be difficult to forecast the optimal distribution of inventory across all channels as well as warehouse locations. According to manufacturing.net, about 20 to 30% of the inventory in a warehouse is obsolete. This clearly indicates the need to fully utilize storage and eliminate hurdles in warehouse inventory management. The Solution: Supply Chain Forecasting A combination of automation technologies can be used to build a multi-channel inventory management stack. The first is using demand sensing, an automation technology that uses real-time data to identify and anticipate short-term demand patterns. Sporting apparel giant, Nike has used demand sensing to effectively cut down on lead times by weeks. Another technology to consider in optimizing your warehouse space is Multi-Echelon Inventory Management, or MEIO. It has a holistic approach where it performs planning, optimization and forecasting across the supply chain. MEIO is also the answer to the scalability of modern multi-channel inventory management that offers comprehensive visibility and efficient rebalancing of inventory in real-time. Considering that 51% of sellers still lack forecasting software, as per a Zentail survey, the opportunity for C-levels is immense. Final Thoughts: Getting Impressively High Returns When done right, optimizing all aspects of multi-channel order management can yield impressive returns. The use of technology in automation and data analytics makes it easier to decode the complexities of a multi-channel operation. A storage and inventory management system may not have all the answers to the profitability puzzle. It is assured to lead to reduced inventory costs, improved performance of the supply chain network, and better responsiveness. This inevitably creates a powerful revenue generating multi-channel business. Frequently Asked Questions Can my existing ERP work as multichannel inventory management software? ERPs like SAP, Netsuite, or Oracle are designed to manage back-office processes and lack the specialization required to manage ecommerce and wholesale processes. Although they come with integrated solutions, their quality may not be up to the mark. What is the cost of multichannel inventory management software? While inventory management software ranges from free to thousands of dollars, the base price varies as per functionality. Some software services charge extra depending on the scale, volume, and integrations. What are the primary techniques of inventory management? Most manufacturers use three primary techniques to address challenges in inventory management: the pull strategy, the push strategy, and the just-in-time (JIT) strategy.

Read More
MANUFACTURING TECHNOLOGY

Additive Manufacturing in the Aerospace Industry

Article | June 2, 2022

Over the last few years, additive manufacturing (also known as 3D printing) has garnered much attention and appreciation, both from consumers and the manufacturing fraternity. 3D printing, which started as a prototyping technology, has come a long way since its inception. To put it in simple words, additive manufacturing (AM) is a game-changer for manufacturers of all sizes. Traditional ways of generating products such as machining, cutting, turning, shaping, milling, and other "subtractive" manufacturing processes can be supplemented, and in some circumstances, completely replaced, by additive manufacturing. When we look at the bigger picture, AM is transforming people’s lives, which includes but is not restricted to just medical advances, safer transportation, highways, or any other infrastructural developments. Manufacturers can now swiftly make mock-ups of a new product or a part to fulfill a specific market niche, which can lead to the production of high-profit margin products. When additive manufacturing is used from start to finish, the overall manufacturing process becomes even more streamlined. Given the advantages of AM, it's only natural that the technology would be used in the aerospace industry. According to MarketanndMarkets, aerospace 3D printing is expected to exceed $3 billion by 2022 due to the rising demand for lightweight 3D printed parts for aircraft engines. Here are some areas where AM is implemented in the aerospace industry. Constructing Rocket Bodies: Relativity Space is a California-based aerospace manufacturing firm that focuses on creating manufacturing technologies, launch vehicles, and rocket engines for commercial orbital launch services. Their Stargate manufacturing facility is known to house the world's largest 3D printers. These printers use direct energy deposition and patented alloys to make the outer bodies of their rockets. When compared to traditional launch vehicles, 3D printing allows them to quickly create integrated components with a 100-fold lower part count. This also reduces weight and increases reliability, both of which are critical to the economics of space launch. It further allows designers to explore numerous designs in a short time span and helps enhance the overall quality and arrive at a better design. Designing Rocket Engines: Rocket Lab is a public American aerospace company that specializes in small satellite launches. Their Rutherford rocket engine was first tested in late 2016, and over 200 of these game-changing variants have been manufactured since then. The combustion chambers, injectors, pumps, and main propellant valves of this engine were all 3D printed utilizing electron-beam melting. The resulting engine is simple, dependable, and light, weighing only 35 kg (77 lb), making it perfect for low-cost space launches. Their new Curie and HyperCurie thrusters, which operate outside Earth's atmosphere, are based on the same principles. Designing Astronaut Outfits: Additive manufacturing isn't just for making actual rockets; it may also be used to create improved, refined astronaut outfits. The costumes of SpaceX's crew were partially produced with additive manufacturing when they sent humans into space. Even though the company has kept much of the underlying technology under wraps, a source shared that the helmet was made by using 3D printing technology and it had integrated valves, visor retraction and locking mechanisms, and microphones built into the structure. Wrapping Up: The current pace of manufacturing and engineering really necessitates the need for everyone to invest in additive manufacturing.” Cory Larson WMEP Manufacturing Solutions Consultant – Automation & Cybersecurity, Registered Practitioner, CMMC-AB AM is also gaining traction in the commercial manufacturing and fabrication markets. Metal fabrication companies all around the world have begun to provide additive manufacturing solutions in addition to subtractive methods like CNC machining. 3D printing is swiftly becoming one of the cornerstones of the industry 4.0 movement due to its capacity to generate high-tolerance parts and rapid prototypes at a substantially reduced cost.

Read More
MANUFACTURING TECHNOLOGY

AR/VR in Manufacturing: Breaking the Mold

Article | May 25, 2022

The manufacturing industry is known for its agility in adopting new technologies to revolutionize processes. In a way, many industries can learn to replicate the speed with which manufacturing undergoes transformation. The use of Augmented Reality (AR) and Virtual Reality (VR) in manufacturing is yet another frontier the industry is surpassing as it transitions to Industry 5.0. While VR is a fully digital environment that can be accessed through a VR headset, whereas AR overlays the real-world with digital information that is experienced through a smartphone or a display-based device like a heads-up display (HUD). For a long time, manufacturing has been marred by skill gaps, talent shortages, and a high employee attrition rate. But there’s hope, AR/VR is creating ground-breaking ways to optimize factory operations. The Journey of AR/VR Applications: From Gaming to Manufacturing Gaming was the first industry to use AR/VR. Multiple industries are now recognizing its value and innovating ways to implement AR/VR applications into critical areas of operations. In healthcare, AR/VR applications are used to simulate a controlled, high-risk medical environment in order to train medical professionals. Right at the Assembly Line, Minus the Risks Similarly, the manufacturing industry is discovering multiple areas of application for industrial AR/VR, from the warehouse to the training centers. When it comes to training employees, AR is making waves. In a setting where employees have to often manage complex tasks and multi-functional operations, AR applications are enabling manufacturers to simulate hands-on training without the risk of accidents. In addition, it can bypass any wastage of raw materials or avoid expensive mistakes. From the inspection perspective, 3D imaging can be used to build a digital VR twin of a wiring box. In the instance of a failure, the VR twin allows even an untrained worker to cross check the correct configuration and troubleshoot the problem. Companies Spearheading the Use of Industrial AR/VR With so many compelling AR/VR applications in training, several companies are using the technology in exciting and innovative ways. Industrial software solutions provider Honeywell has multiple trailblazing training methods. One of them is a VR training simulator used to train new technicians in high-risk, failure scenarios. The method doubled the skill retention compared to other training methods. The new training method has also enabled Honeywell to engage young workers better, simultaneously ensuring better employee retention. Guided Accuracy with AR/VR LightGuide is another AR/VR firm that is at the forefront of using cutting edge applications on the factory floor. The organization used digital traceability and live data to revolutionize over 1000 processes for leading manufacturers across the world. They use AR/VR for inspection and assembly of automotive headliners. The technique projects diagrams of harnesses, glue paths, and tape placements onto headliner blanks. The process also uses 3D sensors to confirm placement. The Long and the Short of It The manufacturing industry is forging ahead with the best in AR/VR technologies. The challenge of making it affordable for all types and sizes of manufacturing process is the next plan of action. There is much to be achieved with the two technologies, the most important of which is cost-effectiveness, speed and quality. AR/VR technologies are set to be at the helm of many processes, regardless of the volume and scale, AR/VR integration would help solve real world problems within manufacturing and talent management.

Read More
MANUFACTURING TECHNOLOGY

The Rise of Industry 5.0: When Men and Machines Work Together

Article | May 19, 2022

From Cyber-physical to Human Cyber-physical Systems (H CPS) Nurturing human-machine interaction in manufacturing will require the adoption, standardization, and implementation of new technologies. One of these new technologies is the cobot, or collaborative robot, the next generation of robots will be aware of human presence. It will understand the goals and desires of its human operator at the assembly line and learn to predict behaviors in advance. This will take automation at the assembly line to the next level, boosting efficiency tenfold. Human Cyber-Physical Systems will also help bridge the gap in accountability, sustainability, and safety left by Industry 4.0. Digital technology has spread its tentacles deep into the manufacturing industry. As the emergence of Industry 4.0 shows, cyber-physical systems at the heart of production are paving the way for future innovation. Many industries are still far from digital transformation. The Fourth Industrial Revolution, or Industry 4.0, originated from a German government strategy document. The initiative aimed to transform cyber-physical systems that used the Internet of Things (IoT) to communicate and the cloud to store and secure data into integrating human intelligence. This is where Industry 5.0 came in the picture. First introduced at the CeBIT 2017 held in Hannover; it was then called Society 5.0 and focused on resilience and sustainability of manufacturing. According to a survey by Accenture, 85% of 500 manufacturing executives agreed that robots and workers working together on production lines would become the norm. However, the human-integrated aspect of Industry 5.0 isn’t a standalone feature. Moving Towards Society-Centric Manufacturing Unlike in the past industrial revolutions, the current manufacturing industry focuses more on mitigating the adverse effects of production and manufacturing. Building synergy between man and machine is becoming the mainstay of Industry 5.0owing to the emergence of growing human-centric, socially-impactful manufacturing. This is accomplished by implementing environmentally responsible practices or through human intervention. In addition, Industry 5.0 extends its human-centric approach to push for relentless mass personalization that combines artificial intelligence and data analytics. “For companies that make engineered-to-order products, tedious design and engineering tasks are often the bottlenecks for selling more products and preparing them for each customer.” Scott Heide, Chief Executive Officer at Engineering Intent Corporation In a Nutshell Concerns about job loss no longer hold strong. This is partly due to the inseparable nature of human intelligence from innovation and how it is used in automation. Industry 5.0 has galvanized this approach. Its three main components: smart systems, smart devices, and smart automation will synergize physical and human intelligence to achieve resource optimization, seamless personalization and societal growth and harmony. There is a school of thought that says machines will be able to customize manufacturing by using data and AI. It may seem like a continuation of job losses due to automation, but even then, human intelligence cannot be replaced and that is the true rationale behind the emergence of Industry 5.0.

Read More
MANUFACTURING TECHNOLOGY

Multi-Channel Inventory Management: A Guide to Assured High Returns

Article | May 18, 2022

Multi-channel selling is a significant component of manufacturing. Modern buyers expect more from their buying experience, and one of them is being able to access different touchpoints to make a purchase. It is a challenge that modern businesses must address. And it all starts with prudent warehouse inventory management. But how can businesses stay ahead of the curve with a complex web of retail, wholesale, ecommerce, and logistics? This is precisely where multi-channel inventory management comes in. Multi-channel inventory management is the process of managing and keeping track of inventory sold from multiple locations through various selling channels. In this article, we will talk about how smart inventory management for a business with multiple sales channel can increase profits when done right. How C-Suites Can Unravel the Complex Web of Multi-Channel Selling When it comes to optimizing and addressing challenges in inventory management, warehouse management software is known to do wonders. But, when a business uses multiple channels to reach out to more consumers, generate more sales, and increase brand awareness, it also merits a holistic strategy. Management at the inventory level is key to fully unlock its revenue potential in a multi-channel marketplace. When C-levels are looking for ways to optimize operations, inventory management presents a massive opportunity. It is possible to solve many bottlenecks using proven strategies and established information and automation best practices. “Continuous process improvement by definition is ongoing. A static value proposition is hackneyed in no time.” Thomas R. Cutler, President and CEO, TR Cutler, Inc. Loss from Overstocking and Phantom Stocks Unoptimized inventory allocation is one of the costliest and most common challenges faced by multi-channel businesses. According to research commissioned by OrderDynamics, businesses worldwide lose over $471 billion from overstocking and $634 billion from out-of-stock orders. As a multi-channel seller, you must ensure that each channel has the corresponding inventory. Not doing so can lead to order cancellations or delays, or unsold stock. All of these can significantly reduce your profit margin. The Solution: Real-time Inventory Visibility Giving your warehouse managers the clarity they need in manufacturing inventory management can tackle the problem of overstocking. In addition, inventory management tools update inventory levels in real-time, so they don’t have to keep a close eye on inventory at every channel. Additionally, a synchronized inventory storage system can also help boost productivity and improve customer experience. Whether you use a periodic or continuous inventory management system, adding automation and integration with other tools will only help in providing clarity and flexibility. Slowdown in Logistics Due to Unoptimized Warehouse Space Distributed inventory is another aspect of multi-channel inventory management that can be used to create more traction and profit. Warehouse space is valuable for multi-channel businesses. With scattered locations and fluctuating demands, it can be difficult to forecast the optimal distribution of inventory across all channels as well as warehouse locations. According to manufacturing.net, about 20 to 30% of the inventory in a warehouse is obsolete. This clearly indicates the need to fully utilize storage and eliminate hurdles in warehouse inventory management. The Solution: Supply Chain Forecasting A combination of automation technologies can be used to build a multi-channel inventory management stack. The first is using demand sensing, an automation technology that uses real-time data to identify and anticipate short-term demand patterns. Sporting apparel giant, Nike has used demand sensing to effectively cut down on lead times by weeks. Another technology to consider in optimizing your warehouse space is Multi-Echelon Inventory Management, or MEIO. It has a holistic approach where it performs planning, optimization and forecasting across the supply chain. MEIO is also the answer to the scalability of modern multi-channel inventory management that offers comprehensive visibility and efficient rebalancing of inventory in real-time. Considering that 51% of sellers still lack forecasting software, as per a Zentail survey, the opportunity for C-levels is immense. Final Thoughts: Getting Impressively High Returns When done right, optimizing all aspects of multi-channel order management can yield impressive returns. The use of technology in automation and data analytics makes it easier to decode the complexities of a multi-channel operation. A storage and inventory management system may not have all the answers to the profitability puzzle. It is assured to lead to reduced inventory costs, improved performance of the supply chain network, and better responsiveness. This inevitably creates a powerful revenue generating multi-channel business. Frequently Asked Questions Can my existing ERP work as multichannel inventory management software? ERPs like SAP, Netsuite, or Oracle are designed to manage back-office processes and lack the specialization required to manage ecommerce and wholesale processes. Although they come with integrated solutions, their quality may not be up to the mark. What is the cost of multichannel inventory management software? While inventory management software ranges from free to thousands of dollars, the base price varies as per functionality. Some software services charge extra depending on the scale, volume, and integrations. What are the primary techniques of inventory management? Most manufacturers use three primary techniques to address challenges in inventory management: the pull strategy, the push strategy, and the just-in-time (JIT) strategy.

Read More
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TT Electronics Integrated Manufacturing Services

The company is a trusted partner to some of the world’s leading manufacturers in the transportation, industrial, medical and aerospace & defence sectors.

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NTT DATA and Cogniac Bring Artificial Intelligence to Manufacturing

NTT DATA | June 30, 2022

NTT DATA Italia, the Italian division of the IT services leader, announced a partnership with computer vision software leader Cogniac Corporation. Cogniac's visual data processing platform will enhance NTT DATA's smart factory capabilities in Italy. Italy is a world leader in many manufacturing sectors, including machine tools, fashion, food products, automobiles, and pharmaceuticals, and is the second largest manufacturing country in Europe. As businesses improve their product manufacturing and distribution processes with integrated technologies that enable them to leverage business and engineering intelligence and analytics, the industry is rapidly transitioning to Smart Industry 4.0. With NTT DATA at the forefront of this transformation, Cogniac and NTT DATA have formed a strategic partnership that leverages Cogniac's low-code/no-code technology to create advanced vision inspection applications for manufacturers across the globe. "An integral part of successfully deploying computer vision applications is the integration point that NTT DATA provides across the manufacturing sector. For NTT DATA customers, the combined value of NTT DATA and Cogniac can significantly improve and automate the quality control process," -said Chuck Myers, CEO of Cogniac. We are positive that it will help NTT DATA Italia achieve its goal of Smart Industry 4.0 by increasing efficiency and adding value. Cogniac's AI can identify any camera-captured production detail. Using Cogniac's intuitive interface, a business process expert can create computer vision applications to improve and automate manual processes. The platform marks a step toward industrial digitization and can be used in any industry. The manufacturing industry is ripe for AI advancement. Gennaro Masullo, manufacturing manager at NTT DATA Italia, is excited to work with Cogniac to bring AI to the manufacturing industry. NTT DATA has put its distribution network at the service of Cogniac to help it reach its full potential because we value dialogue with innovative technology partners.

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Rockwell Automation Brings Smarter Drive Capabilities to More Applications

Rockwell Automation | July 26, 2022

Rockwell Automation, Inc. (NYSE: ROK), the world's largest company dedicated to industrial automation and digital transformation, announced the launch of PowerFlex AC variable frequency drive portfolio in Asia Pacific to support a broader range of motor control applications. This will give customers more flexibility, performance and intelligence in their next generation drive through TotalFORCE Technology. The new PowerFlex 755TS drive is the first six-pulse drive to incorporate TotalFORCE technology from Rockwell Automation to help customers get the most out of their equipment. Previously only available in PowerFlex 755T drives with active front-end technology, TotalFORCE can now be used in a wider range of applications. This includes traditional fan, pump, and conveyor applications, and more advanced motor control processes that require high-performance features typically found in specialized drive solutions. This addition brings a simplified and consistent user experience to virtually any motor control application in three key ways: Flexible, high-performance control: The drive's power range, voltage classes and performance capabilities meet the requirements of a wide range of motor control applications. This allows users to leverage a common drive for multiple applications, which can simplify support and reduce burdens on staff. Operational intelligence: Built-in predictive models use continuous operation monitoring to calculate the expected remaining life of drive components. These insights help users reduce unplanned downtime and maintenance costs by replacing components as needed instead of on a fixed schedule. Eased commissioning and optimization: Using a suite of features referred to as Adaptive Control, the drive monitors machine characteristics that can change over time and automatically compensates for changes. This helps users commission the drive quickly and maintain it for the life of the drive without a tuning expert. It also helps reduce mechanical wear and improve uptime. "Significantly more industrial companies can experience the benefits of TotalFORCE technology now that it's available in a traditional six-pulse drive, No other drive on the market delivers the combined performance and intelligence capabilities of the PowerFlex 755TS drive, which helps improve operational productivity and reduce burdens on the workforce." -Sav Papadopoulos, business manager for low voltage drives, Asia Pacific, Rockwell Automation. The PowerFlex 755TS drive is available with an option for enhanced corrosive gas protection (XT) that helps improve uptime and extend the drive's operating life in corrosive gas environments. The drive has been tested and validated in one of the most severe corrosive-environment-test protocols. These tests combine industry-leading, 30-day exposure in mixed flow gas testing per ASTM B845 Method K with additional proprietary tests that go beyond any industry standard requirement known to date. To help strengthen cybersecurity in industrial operations, the 755TS drive is CIP Security capable. When implemented, CIP Security helps fortify a control system by providing data authenticity, integrity and confidentiality. This helps defend against the risk of someone remotely accessing a network and acting maliciously. The 755TS drive is designed to ease migration from other PowerFlex 750 drives. The 755TS drive is also a drop-in mechanical and electrical replacement for other PowerFlex 755 drives, even using the same physical dimensions, mounting-hole and wiring locations. It also uses the same slot-based architecture that allows users to continue using I/O and safety cards from their existing 750 drives. Lastly, Premier Integration into the Logix control platform helps ease drive configuration and programming. About Rockwell Automation- Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 25,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing The Connected Enterprise to life across industrial enterprises

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MANUFACTURING TECHNOLOGY

3D Systems to Accelerate High Volume Additive Manufacturing with Acquisition of dp polar GmbH

3D Systems | August 09, 2022

Today, 3D Systems (NYSE:DDD) announced that it has entered an agreement to acquire dp polar GmbH, the German-based designer and manufacturer of the industry’s first additive manufacturing system designed for true high-speed mass production of customized components. Central to dp polar’s patented continuous printing process is a large-scale, segmented, rotating print platform that eliminates the start/stop operations of virtually all additive manufacturing platforms. Traditional printers operate on a Cartesian Coordinate system in which the print head moves sequentially from point to point throughout component production. With dp polar’s technology and patented polar coordinate control, the print heads remain stationary above the rotating platform, providing a continuous print process. This approach not only dramatically speeds component production but also minimizes wear and vibration associated with traditional print head motion. With this modular approach, the rotating platform can be mated with a variety of printing technologies and can even accommodate pick-and-place robotic systems that can embed electronics or other features into the body of the component as it is printed. With this acquisition, 3D Systems will leverage its industry-leading polymer materials portfolio as well as Oqton’s software technology to bring true high-speed, mass production additive manufacturing to a breadth of industries including aerospace, automotive, foundries, consumer goods, and healthcare. “This acquisition is the next step in executing on our investment strategy to provide our customers with an industry-leading additive manufacturing solutions portfolio to address their critical applications challenges, dp polar has designed a very unique system that provides true high-volume production. The ability to print a broad range of materials, alongside the printer’s modular design that enables multiple processes in one high-speed platform not only increases productivity by orders of magnitude but also reduces the total cost of ownership. Particularly impressive is the level of machine intelligence embedded in the platform’s operating system, which enables continuous operation across the large, rotating print platform. This unique capability is central to the exceptional throughput, economics, and versatility of dp polar’s 3D printing system. By combining our renowned polymer materials portfolio with this first-to-market high-speed production technology, I believe we’ll affect a monumental shift in production workflows for high-value applications in industrial and healthcare markets.” -Dr. Jeffrey Graves, president and CEO, 3D Systems. The printing process designed by dp polar allows for simultaneous application of different materials to precisely define the desired performance properties in components – such as elasticity, hardness, temperature resistance, or coloring – with high precision. The high-speed additive manufacturing solution can integrate pre-processing, production, and post-processing elements, and seamlessly connects with ERP systems. This enables end-to-end traceability and quality assurance which is vital for applications in highly regulated markets such as aerospace and healthcare. “As the founder of dp polar GmbH, I am very excited about the unique opportunity to work with a leading provider of highly professional 3D printing systems, The synergy that results from the combination of our two companies is particularly valuable: the mass production solutions meet a range of industrially mature AM materials. With additive manufacturing, the industry is now getting the chance for real mass production for the first time.” -Hans Mathea, CEO, CTO and founder, dp polar GmbH. About 3D Systems: More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials, and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive, and durable goods. About dp polar: Founded in 2014, dp polar is a dynamic, rapidly growing, technology-oriented company based closed to Karlsruhe/Germany. We design, develop and deliver 3D printing systems for additive mass manufacturing for industrial and healthcare applications. Using our patented High-Speed Rotative AM Process (HSR), we achieve unprecedented industrial AM productivity. We offer a comprehensive solution to automate and productively integrate additive manufacturing into the validatable end-to-end overall process. The complete documentation guarantees continuous traceability. Track-and-trace coding ensures the finished print object is forgery-proof at highest quality standard. Everything we do, we believe in challenging the status quo. We believe in thinking differently.

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MANUFACTURING TECHNOLOGY,DIGITAL TRANSFORMATION

NTT DATA and Cogniac Bring Artificial Intelligence to Manufacturing

NTT DATA | June 30, 2022

NTT DATA Italia, the Italian division of the IT services leader, announced a partnership with computer vision software leader Cogniac Corporation. Cogniac's visual data processing platform will enhance NTT DATA's smart factory capabilities in Italy. Italy is a world leader in many manufacturing sectors, including machine tools, fashion, food products, automobiles, and pharmaceuticals, and is the second largest manufacturing country in Europe. As businesses improve their product manufacturing and distribution processes with integrated technologies that enable them to leverage business and engineering intelligence and analytics, the industry is rapidly transitioning to Smart Industry 4.0. With NTT DATA at the forefront of this transformation, Cogniac and NTT DATA have formed a strategic partnership that leverages Cogniac's low-code/no-code technology to create advanced vision inspection applications for manufacturers across the globe. "An integral part of successfully deploying computer vision applications is the integration point that NTT DATA provides across the manufacturing sector. For NTT DATA customers, the combined value of NTT DATA and Cogniac can significantly improve and automate the quality control process," -said Chuck Myers, CEO of Cogniac. We are positive that it will help NTT DATA Italia achieve its goal of Smart Industry 4.0 by increasing efficiency and adding value. Cogniac's AI can identify any camera-captured production detail. Using Cogniac's intuitive interface, a business process expert can create computer vision applications to improve and automate manual processes. The platform marks a step toward industrial digitization and can be used in any industry. The manufacturing industry is ripe for AI advancement. Gennaro Masullo, manufacturing manager at NTT DATA Italia, is excited to work with Cogniac to bring AI to the manufacturing industry. NTT DATA has put its distribution network at the service of Cogniac to help it reach its full potential because we value dialogue with innovative technology partners.

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DIGITAL TRANSFORMATION

Rockwell Automation Brings Smarter Drive Capabilities to More Applications

Rockwell Automation | July 26, 2022

Rockwell Automation, Inc. (NYSE: ROK), the world's largest company dedicated to industrial automation and digital transformation, announced the launch of PowerFlex AC variable frequency drive portfolio in Asia Pacific to support a broader range of motor control applications. This will give customers more flexibility, performance and intelligence in their next generation drive through TotalFORCE Technology. The new PowerFlex 755TS drive is the first six-pulse drive to incorporate TotalFORCE technology from Rockwell Automation to help customers get the most out of their equipment. Previously only available in PowerFlex 755T drives with active front-end technology, TotalFORCE can now be used in a wider range of applications. This includes traditional fan, pump, and conveyor applications, and more advanced motor control processes that require high-performance features typically found in specialized drive solutions. This addition brings a simplified and consistent user experience to virtually any motor control application in three key ways: Flexible, high-performance control: The drive's power range, voltage classes and performance capabilities meet the requirements of a wide range of motor control applications. This allows users to leverage a common drive for multiple applications, which can simplify support and reduce burdens on staff. Operational intelligence: Built-in predictive models use continuous operation monitoring to calculate the expected remaining life of drive components. These insights help users reduce unplanned downtime and maintenance costs by replacing components as needed instead of on a fixed schedule. Eased commissioning and optimization: Using a suite of features referred to as Adaptive Control, the drive monitors machine characteristics that can change over time and automatically compensates for changes. This helps users commission the drive quickly and maintain it for the life of the drive without a tuning expert. It also helps reduce mechanical wear and improve uptime. "Significantly more industrial companies can experience the benefits of TotalFORCE technology now that it's available in a traditional six-pulse drive, No other drive on the market delivers the combined performance and intelligence capabilities of the PowerFlex 755TS drive, which helps improve operational productivity and reduce burdens on the workforce." -Sav Papadopoulos, business manager for low voltage drives, Asia Pacific, Rockwell Automation. The PowerFlex 755TS drive is available with an option for enhanced corrosive gas protection (XT) that helps improve uptime and extend the drive's operating life in corrosive gas environments. The drive has been tested and validated in one of the most severe corrosive-environment-test protocols. These tests combine industry-leading, 30-day exposure in mixed flow gas testing per ASTM B845 Method K with additional proprietary tests that go beyond any industry standard requirement known to date. To help strengthen cybersecurity in industrial operations, the 755TS drive is CIP Security capable. When implemented, CIP Security helps fortify a control system by providing data authenticity, integrity and confidentiality. This helps defend against the risk of someone remotely accessing a network and acting maliciously. The 755TS drive is designed to ease migration from other PowerFlex 750 drives. The 755TS drive is also a drop-in mechanical and electrical replacement for other PowerFlex 755 drives, even using the same physical dimensions, mounting-hole and wiring locations. It also uses the same slot-based architecture that allows users to continue using I/O and safety cards from their existing 750 drives. Lastly, Premier Integration into the Logix control platform helps ease drive configuration and programming. About Rockwell Automation- Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 25,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing The Connected Enterprise to life across industrial enterprises

Read More

MANUFACTURING TECHNOLOGY

3D Systems to Accelerate High Volume Additive Manufacturing with Acquisition of dp polar GmbH

3D Systems | August 09, 2022

Today, 3D Systems (NYSE:DDD) announced that it has entered an agreement to acquire dp polar GmbH, the German-based designer and manufacturer of the industry’s first additive manufacturing system designed for true high-speed mass production of customized components. Central to dp polar’s patented continuous printing process is a large-scale, segmented, rotating print platform that eliminates the start/stop operations of virtually all additive manufacturing platforms. Traditional printers operate on a Cartesian Coordinate system in which the print head moves sequentially from point to point throughout component production. With dp polar’s technology and patented polar coordinate control, the print heads remain stationary above the rotating platform, providing a continuous print process. This approach not only dramatically speeds component production but also minimizes wear and vibration associated with traditional print head motion. With this modular approach, the rotating platform can be mated with a variety of printing technologies and can even accommodate pick-and-place robotic systems that can embed electronics or other features into the body of the component as it is printed. With this acquisition, 3D Systems will leverage its industry-leading polymer materials portfolio as well as Oqton’s software technology to bring true high-speed, mass production additive manufacturing to a breadth of industries including aerospace, automotive, foundries, consumer goods, and healthcare. “This acquisition is the next step in executing on our investment strategy to provide our customers with an industry-leading additive manufacturing solutions portfolio to address their critical applications challenges, dp polar has designed a very unique system that provides true high-volume production. The ability to print a broad range of materials, alongside the printer’s modular design that enables multiple processes in one high-speed platform not only increases productivity by orders of magnitude but also reduces the total cost of ownership. Particularly impressive is the level of machine intelligence embedded in the platform’s operating system, which enables continuous operation across the large, rotating print platform. This unique capability is central to the exceptional throughput, economics, and versatility of dp polar’s 3D printing system. By combining our renowned polymer materials portfolio with this first-to-market high-speed production technology, I believe we’ll affect a monumental shift in production workflows for high-value applications in industrial and healthcare markets.” -Dr. Jeffrey Graves, president and CEO, 3D Systems. The printing process designed by dp polar allows for simultaneous application of different materials to precisely define the desired performance properties in components – such as elasticity, hardness, temperature resistance, or coloring – with high precision. The high-speed additive manufacturing solution can integrate pre-processing, production, and post-processing elements, and seamlessly connects with ERP systems. This enables end-to-end traceability and quality assurance which is vital for applications in highly regulated markets such as aerospace and healthcare. “As the founder of dp polar GmbH, I am very excited about the unique opportunity to work with a leading provider of highly professional 3D printing systems, The synergy that results from the combination of our two companies is particularly valuable: the mass production solutions meet a range of industrially mature AM materials. With additive manufacturing, the industry is now getting the chance for real mass production for the first time.” -Hans Mathea, CEO, CTO and founder, dp polar GmbH. About 3D Systems: More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials, and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive, and durable goods. About dp polar: Founded in 2014, dp polar is a dynamic, rapidly growing, technology-oriented company based closed to Karlsruhe/Germany. We design, develop and deliver 3D printing systems for additive mass manufacturing for industrial and healthcare applications. Using our patented High-Speed Rotative AM Process (HSR), we achieve unprecedented industrial AM productivity. We offer a comprehensive solution to automate and productively integrate additive manufacturing into the validatable end-to-end overall process. The complete documentation guarantees continuous traceability. Track-and-trace coding ensures the finished print object is forgery-proof at highest quality standard. Everything we do, we believe in challenging the status quo. We believe in thinking differently.

Read More

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