Article | November 1, 2021
Manufacturing processes will undergo significant transformation in 2022 as a result of advanced manufacturing technology. The changing manufacturing industry is full of digitization to improve processes, products, productivity, and business revenue.
Manufacturers must realize the advantages of advanced manufacturing and learn to enhance their production processes to increase their manufacturing plant's productivity. Once you understand the heart of your business and where to integrate technology, you're halfway to success.
The manufacturing industry's top professionals have also recognized the technology shift and are supporting upskilling in the manufacturing business. Mr. Matt Mong has said in his interview with Media7,
“Once you start to look at yourself in the right way and realize that projects are at the core of your business, it is easy to see how you should use technology to support your business.” – Matt Mong, VP Market Innovation and Project Business Evangelist at Adeaca
Importance of Advanced Manufacturing
Adopting innovative manufacturing technologies has several advantages that grow its acceptance and relevance among manufacturers across industries. The following are the most significant advantages of advanced manufacturing.
Amplifying the product and process quality
Improvement in productivity
Encourages new ways to innovation
Decreases production time
Considering the factors above that contribute to the production process becoming more efficient, productive, and revenue-generating, advanced manufacturing will continue to dominate the manufacturing business in 2022.
Top Five Technologies That Are Advancing Manufacturing in 2022
To better understand the current trends in manufacturing technology, let us comprehend the technologies that are advancing the manufacturing industry. Additionally, discover how these technologies help manufacturers to advance their manufacturing processes.
Cloud computing in manufacturing is used for marketing, product development, inventory management, and productivity management. It stores software and commercial data via internet connections. Cloud computing is becoming a prevalent technology because it enables manufacturers to improve communication and manage the entire production cycle effectively.
According to MarketsandMarkets' study, the global cloud computing market will also increase to 832.1 billion dollars by 2025, growing at a 17.5 percent annual rate in the following years.
Benefits of Cloud Computing
Fewer technical issues when compared to traditional software use
Cost savings because no in-house servers are required
Cloud computing enables easy scalability for your developing firm
Cloud computing provides centralized control and access from any device
How did McDonald's use AWS cloud computing services to transform their customer service?
Additive manufacturing enables the fabrication of lighter, more sophisticated designs that would be impossible or prohibitively expensive to fabricate using conventional dies, molds, milling, and machining techniques. Rapid prototyping is another area where additive manufacturing thrives.
As a result, it is gaining a grip in the manufacturing business. According to Statista's market research, the additive manufacturing industry is worth approximately 12.6 billion US dollars in 2020 and is predicted to increase at a compound annual growth rate of 17% until 2023.
Benefits of Additive Manufacturing
Reduces material waste
Simplifies manufacturing processes
Additive manufacturing enables on-demand production
Increases supply chain flexibility
The finished product can be made close to the end customer
Robots are used in manufacturing to automate repetitive tasks, resulting in a more efficient assembly line. Humans and robots work together on a variety of things as well during the production of various products. Many jobs are hazardous or necessitate many supplies, which could be harmful to the human workers themselves. So, in such instances, robots play a significant role in executing manufacturing operations.
Robotics' increasing application in production is transforming it into a necessary component of industrial processes in the future. According to Mordorintelligence's study, the robots industry was worth USD 27.73 billion in 2020 and is predicted to reach USD 74.1 billion by 2026, growing at a CAGR of 17.45 percent between 2021 and 2026.
Benefits of Robotics
Increased productivity when compared to traditional manufacturing
Consistent speed and quality during goods production
Increased workplace safety for all employees at the manufacturing plant
Aids in more efficient use of floor space
Internet of Things
The Internet of Things allows devices to interconnect with one another and exchange data. The IoT connects assets to processes, systems, and people in manufacturing. This enables improved process integration, increased efficiency, and the advancement of manufacturing to the next transformation phase, Industry 4.0.
According to Mordorintelligence's market research, the global IoT market is estimated to reach USD 1,386.06 billion in 2026, up from USD 761.4 billion in 2020, a CAGR of 10.53 percent over the forecast period of 2021 to 2026.
Benefits of Internet of Things
It contributes to increased energy efficiency by identifying and optimizing underperforming devices
It monitors all processes and parameters to determine when to replace specific components
It improves product quality by analyzing and correcting issues at any stage of the manufacturing process
It reduces downtime by detecting and alerting production line personnel to problems
It enables more informed decision-making by unlocking
Virtual reality enables plant managers to mimic manufacturing processes and assembly line layouts to discover potentially harmful scenarios. Additionally, virtual reality can immerse an employee in a future workstation and then capture their movement to assess task feasibility and proficiency. As a result, the usage of virtual reality in manufacturing is increasing daily and is widely seen as the industry's future.
According to market research firm markets and markets, the worldwide virtual reality industry is estimated to rise by USD 20.9 billion by 2025, expanding at a 27.9 percent compound annual growth rate from 2020 to 2025.
Benefits of Virtual Reality
Enables a more thorough examination of the product's design
Enables the gathering of feedback on future items before they are launched in the real world
In recent years, advanced manufacturing technology has helped the manufacturing industry become more efficient, precise, and goal-oriented. As a result, manufacturers are eager to upgrade their current manufacturing facilities to state-of-the-art facilities. As a result, manufacturing companies would become more competitive and an integral industry component if they implement cutting-edge technologies.
How do you define advanced manufacturing?
Product and process improvement through inventive use of new technology is called advanced manufacturing.
Which sectors are utilizing cutting-edge technology?
Aerospace, Medical, Electronics, Transportation, Energy, and Consumer Product Production Companies are the top businesses or sectors that use cutting-edge technologies with sophisticated manufacturing.
What is the difference between conventional manufacturing and advanced manufacturing?
Traditional manufacturing adds value to attain the goal. Traditional manufacturing adds value to attain the goal. But, on the other hand, advanced manufacturing covers production methods in specific industries like aerospace, medical, pharmaceutical, etc.
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.
Article | February 8, 2021
Manufacturers of highly configurable products want to maximize engineering resources. By capturing knowledge and decision-making, the newest best-in-class engineering automation software speeds development of subsequent design iterations. Automating rules for engineer-to-order (ETO) manufacturers configures custom versions; these technologies allow custom products to reach markets faster and with less friction. More compelling proposals, higher quality products, and reduced engineering costs provide a rapid ROI (return on investment).
A typical design engineering cycle and common questions
Article | July 27, 2021
Filmmaking is manufacturing. To date, no one has made the direct correlation between the two. As many entertainment professionals know, the budget gap between indie productions and big studio blockbusters continues to grow. The day of mid-budget, independent (indie) movies is disappearing as fast as the middle class in the American economy. According to newbiefilmschool, the average budget is barely at $2 million for these pictures and producers have been forced to adapt by discovering creative ways to decrease costs, while maintaining a high production values for a sophisticated audience with high expectations.
Though there are many ways to cut costs, any business professional will agree to go with the options that bring down the budget the most. Just as dog is man’s best friend, here are three reasons why manufacturers have become the same for a filmmaker by saving money and time for every type of production.
Film equipment manufacturers
No long may a film lack quality in picture, sound, and bad acting. Once acceptable, these older movies were produced with the technology and film equipment constraints and from limited funding. Film equipment manufacturers from cameras, sound equipment, and computers cost less to achieve high production values. Film equipment companies face increasing competition, which has driven down the purchase price. Better equipment with significant technology improvements has reframed the indie film industry with high-level sound and image capture quality.
The transition of cameras from film to digital was a notable shift for manufacturers. Many industry-insiders believe that digital is free, and film is expensive, but there is more the manufacturing construct. Digital cameras, when compared to film cameras in the same market price bracket, are much more expensive than analog counterparts. It is true that film costs money and is single-use. Digital memory cards are relatively expensive and can be reused. Film also needs to be developed and there is a cost associated with that production cost. There are other ways in which digital modalities save filmmakers.
Across all industries, efficiency always wins. Innovative manufacturers have developed machines to make numerous jobs easier for everyone. Machines have been assisting filmmakers since the invention of the camera. AI (artificial intelligence) is poised to change film even more and continues to augment human creativity. Storytellers work with computers during every process of creating a motion picture which has sped up the time it takes to complete each-step in film making.
Automating pre-production processes, such as creating a budget and writing a script, is analogous to an ERP (enterprise resource planning) software for a traditional manufacturing operation. The Movie Magic budgeting software by Entertainment Partners has made creating a budget more efficient and accurate. Screenwriter programs vary from the downloadable Final Draft, and the purely cloud based, Celtx, are the reasons automated scriptwriting is the norm. These programs also automatically format writing to industry standards, facilitating the creative process.
Automation in post-production is equally advanced through editing software for video, sound, effects, and colors all the way to distribution and promotional content. Editing footage from digital rather than film saves time and money. Industry favorites include Adobe Premiere Pro and Apple’s exclusive Final Cut Pro and are used on almost all well-known movies and TV shows.
The impacts of COVID-19 on entertainment manufacturers
Without question, the pandemic has affected every industry by creating an unanticipated production standstill. Entertainment manufacturers have sacrificed countless productions, lost billions of dollars, and major talent agencies have furloughed hundreds of employees. This negative impact is not just difficult for indie filmmakers, big studios are suffering just as much with production delays and cancellations still happening as this article goes to press.
Any way back to the set is better than no set at all. A new necessity for productions to safely reopen includes epidemiologists and other public health specialists; they provide detailed strategies dealing with large crews who work in cramped spaces, makeup artists who get face-to-face with actors who kiss, hug, and fight on set. These COVID-19 consultants rely on the manufacturing industry for PPE supplies and carry out regular PCR tests. Face coverings and hand sanitizing stations have also become the norm, just like most other manufacturing operations.