Article | December 30, 2021
Risk management in manufacturing has always been a top priority for manufacturers to avoid any unfortunate incidents. As a result, it is possible to create a more secure work environment for employees by conducting risk assessments and implementing remedies.
“If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.”
– Gary Cohn, an American Business Leader.
As of 2019, the worldwide risk management market was valued at $7.39 billion, and it is expected to rise at a CAGR of 18.7% from 2020 to 2027, according to allied market research.
Why is Risk Assessment Critical in Manufacturing?
The manufacturing industry must have a credible risk assessment and management plan to defend itself from any breaches. Risk assessment helps firms understand the dangers they face and their implications if their systems are compromised. Hence, risk assessment is very critical in the manufacturing industry.
Five Risk Assessment Principles
Identify hazards/risks - Employers must examine their workers' health and safety risks. Therefore, an organization must regularly inspect its employee’s physical, mental, chemical, and biological threats.
Identify who may be hurt and in what way – Identifying the personnel both full-time and part-time at-risk. Employers must also examine threats to agency and contract personnel, visitors, clients, and other visitors.
Assess the risks and act accordingly - Employers must assess the likelihood of each danger causing injury. This will evaluate and lower the chance at the working space. Even with all safeguards, there is always some danger. Therefore, employers must assess if danger is still high, medium, or low risk.
Get the Risks Documented - Employers with five or more employees must record the critical findings of the risk assessment in writing. In addition, register any risks identified in the risk assessment and actions to minimize or eliminate risk.
This document confirms the evaluation and is used to examine working practices afterward. The risk assessment is a draft. It should be readable. It shouldn't be hidden away. The risk assessment must account for changes in working techniques, new machinery, or higher work objectives.
5 Manufacturing Risks to Consider in 2022
Accidents at Work
Even if official safety policies and programs are designed, followed, and enhanced, manufacturers may endure workplace accidents and injuries. Risk assessment for workplace accidents assists in mitigating the negative impact on both employees and the organization.
Manufacturers have distinct issues regarding fuel handling and hazardous waste disposal in facilities. Sudden leaks or spills may be extremely costly to clean up and result in fines from state and federal agencies. Risk assessments for such plant accidents assist businesses in mitigating financial losses.
Essential machinery throughout the production process might fail at any time, incurring significant repair or replacement costs. Therefore, it's critical to recognize that business property insurance may not cover mechanical issues.
Risk assessment and prepayment solutions protect against equipment failures without interfering with typical company operations.
Supply Chain Disruption
Dependence on your supply chain may result in unintended consequences that are beyond your control. For example, if you experience downtime on the manufacturing line due to a supplier's failure to supply materials or parts, you risk losing revenue and profitability. If a disturbance to your supply chain poses a hazard, risk management can assist you in managing it more effectively by quickly identifying the risk and providing a suitable response.
Operation Temporarily Suspended
Depending on the severity of the weather event, a factory might be severely damaged or perhaps utterly wrecked. While major repairs or rebuilding are being undertaken, recouping lost income might be vital to the business's future profitability.
Risk assessment in this area enables your organization to budget for overhead expenditures such as rent, payroll, and tax responsibilities during the period of suspension of operations.
Risk management is critical in manufacturing because it enables manufacturers to comprehend and anticipate scenarios and create a well-planned response that avoids unnecessary overhead costs or delays in delivering the production cycle's final result. Manufacturing risks are undoubtedly not limited to the risks listed above and may vary according to the nature of the business and regional environmental conditions. Therefore, create a well-defined strategy to overcome threats in your business and be productive at all times.
How are manufacturing business risks classified?
In most cases, the business risk may be categorized into four types: strategic risk, regulatory compliance risks, operational compliance risks, and reputational risks.
Why should a manufacturer conduct a risk assessment?
Every manufacturing employment has risks for injury or illness. But risk evaluations can significantly minimize workplace injuries and illnesses. In addition, they assist companies in discovering strategies to reduce health and safety risks and enhance knowledge about dangers.
Future Of Manufacturing
Article | October 27, 2021
Technologies in the manufacturing industry are upscaling daily. Manufacturers are keen to embrace the latest manufacturing trends to improve their manufacturing process, total production rate, and product quality at their factories. Manufacturing technology advances have also boosted production speed while retaining product quality.
“As technology takes over and enhances many of the processes we used to handle with manual labor, we are freed up to use our minds creatively, which leads to bigger and better leaps in innovation and productivity.” – Matt Mong, VP Market Innovation and Project Business Evangelist at Adeaca.
Apart from manufacturing technology developments, we will look at new manufacturing business trends in this article, which will help you achieve maximum customer engagement and a positive relationship with your target consumer groups.
So, let's see some of the top manufacturing business trends that are assisting the industry in improving its business processes.
Manufacturing Business Trends: 2022
Manufacturers must adopt a business procedure that focuses on the target consumer group. Also, incorporating social responsibility and technology into company procedures would be beneficial.
Here are five ways manufacturing leaders are becoming more communicative and results-oriented in their manufacturing and consumer experience strategies.
Deliver a One-of-a-kind Digital Experience
Every industry's target demographic is now online. Manufacturers must use digitalization to interact with their target consumer group to be noticed and remembered. Maintain an active presence on all popular digital platforms used by your target demographic. Post your new products, business strategy, or get genuine customer feedback on your brand and products. Engage your target audience and keep them informed of your progress in making their lives easier.
“Marketing is VERY important to any company, although I generally see it being justified by the number of web hits or ‘leads’ that come in” – John Hays, Director of Sales at BALYO
Allow your clientele to interact with your products digitally. To be a part of the new digital revolution in any industry, create a new digital business model.
Initiative for Ecosystem Partnership
An ecosystem partnership is a network of enterprises working together to provide a product or service to meet changing market needs. A partner ecosystem can generate customer-ready solutions faster. It also helps firms to co-create value. This value is demonstrated in extraordinary customer and partner experiences. The B2B ecosystem partners work together to bring mutual benefits to their companies.
Revenue Generation via Data Monetization
Data monetization allows industrial CIOs (Chief Information Officers) to monetize their digital products and services. Rapid digitization in manufacturing generates massive data. CIOs may monetize and distribute data across ecosystems. CIOs can leverage information as a resource to generate new services or business models. This ensures revenue even when external reasons like supply chain issues or human resource shortages interrupt the firm.
Using the Equipment as a Service (EaaS) Approach
EaaS, or Pay-Per-Use, is defined as: A business model where equipment is rented rather than sold, with remote diagnostics and predictive maintenance solutions offered by the vendor.
Using Eaas reduces capital expense, improves data reliability, and lowers operating costs. As a result, producers can undertake all production-related tasks with precision.
Bosch RexRoth CytroBox – a Perfect Example of EaaS
The global equipment-as-a-service market is estimated to develop at an 11.5 percent CAGR from 2021-2027. (OpenPR)
The RexRoth Cytrobox from Bosch is an example of EAAS. This hydraulic power unit converts electrical power into hydraulic fluid pressure and flow to move and force a machine. They are widely utilized in presses and tooling equipment.
It can handle up to 33 kW in a small space. Its exceptionally flexible; its unique design allows it to run efficiently and quietly. In addition, modern automation and sensor packages allow easy integration into modern machine designs.
Benefits of Bosch RexRoth CytroBox
It provides data insights during the long lifecycles
Using this hydraulic power unit on a lease can save a lot of money which cost $100.000
It requires heavy maintenance cost as per its type of usage that can be avoided with the EaaS approach
Shifting the Emphasis from B2B to B2C
Many firms are moving their attention from B2B to B2C to understand their target consumer better. This new strategic approach helps producers identify market needs and gain real-time feedback on their products. This method helps producers increase profit margins while also controlling the product's interaction with the intended audience.
The latest manufacturing trends will take you to the cutting edge of manufacturing. The manufacturing developments in 2022 will boost the total manufacturing market in the coming years, allowing manufacturers to generate more business revenue.
What is the manufacturing industry's future?
Industry 4.0 is rapid technological progress in production and is transforming the worldwide manufacturing industry. According to bccresearch's market research, the global manufacturing and process control market is predicted to increase from $86.7 billion in 2020 to $117.7 billion in 2025, a CAGR of 6.3 percent.
What is the industry 4.0 technology in the manufacturing industry?
IoT, industrial internet of things (IIoT), Cyber-physical systems (CPS), cloud computing, artificial intelligence, big data, machine learning, robotics, virtual reality, augmented reality, and additive manufacturing or 3D printing are some technologies that are used in industry 4.0 factories.
What are the current technology trends in the manufacturing industry?
AI, robots, 3D printing, and the like are all the latest manufacturing trends in manufacturing technology. Additionally, enterprise resource planning (ERP), cloud computing, and machine vision all play a significant part in advanced manufacturing.
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"text": "IoT, industrial internet of things (IIoT), Cyber-physical systems (CPS), cloud computing, artificial intelligence, big data, machine learning, robotics, virtual reality, augmented reality, and additive manufacturing or 3D printing are some technologies that are used in industry 4.0 factories."
"name": "What are the current technology trends in the manufacturing industry?",
"text": "AI, robots, 3D printing, and the like are all the latest manufacturing trends in manufacturing technology. Additionally, enterprise resource planning (ERP), cloud computing, and machine vision all play a significant part in advanced manufacturing."
Manufacturing Technology, Future Of Manufacturing
Article | July 12, 2022
Anticipating the future of manufacturing. Let’s dig deeper into how to achieve it!
Over the past five years, forecasts regarding manufacturing employment haven't moved much; the assumption has been that millions of open positions will go unfulfilled by 2025. According to predictions, there would still be 2 to 3 million unfilled jobs in the manufacturing sector even in 2030. Manufacturers and software developers won't just stand around and contemplate what to do, though. Let’s predict what the manufacturing industry will look like.
Employers are having a very hard time finding people eager to work in both the manufacturing and service sectors. Manufacturers won't turn down business because the industry is booming. They will have to move more quickly with their automation plans. The need to conduct business and find cost-effective ways to meet customer demand is at issue. Humans are causing the crisis that will lead to their own replacement by becoming more expensive and unreliable employment solutions—the typical self-fulfilling prophecy.
AoT- The Automation of Things:
Industrial IoT and the Internet of Things (IoT) will evolve into the AoT, or Automation of Things. This has been happening quickly over the past five years, and it is speeding up as manufacturers determine what tasks can be completed by software, robotics, and machines.
It is a symphony of movement, yet automation has displaced a number of workers who either need to be retrained for a different position or are taken into account when calculating productivity. In science fiction writing from just 20 years ago, the idea of machines developing machines and even creating smarter machines is becoming a reality.
From Inquiry to Invoice:
Software developers, machine builders, futuristic engineers, financial directors, supply chain managers—everyone in organisations is planning solutions for the manufacturing industry five, ten, even twenty years into the future. From the first enquiry to the last billing, every manufacturing job will change, most likely faster than before. Every job function performed now, not simply the open positions, is called into question by the lack of willing workers for the future.
This is manufacturing revolutionised: the continuing, relentless, perpetual adaptation and modification of work processes to maintain manufacturers' competitiveness in a local to global economy. Those who automate stand a chance of thriving, while those who do nothing will follow in the footsteps of the horse and buggy.
Article | April 23, 2020
So you’ve realized that your traditional growth tactics just weren’t working, and you’ve taken steps to get your inbound marketing program off the ground. Great! To refresh, inbound marketing focuses on creating educational content that pulls people toward your industrial website. Now what? Well, now comes the hard part - you’ll need to create content that your prospects actually want to read. Don’t panic. While this can seem like a big undertaking, understanding the inbound marketing funnel can make this process a lot more manageable - not to mention a lot more effective. Let’s take a look at some content examples that have produced great