Trends to Boost Your Manufacturing Business in 2022

Bhagyashri Kambale | October 27, 2021
TRENDS TO BOOST YOUR MANUFACTURING BUSINESS IN 2022
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.

Final Words

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.

FAQs

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.

Spotlight

MaxLite

MaxLite has 25 years of experience providing certified energy-efficient lighting solutions to the commercial building, OEM and residential markets. One of the first movers into LED technology in the industry, MaxLite offers an extensive line of state-of-the-art indoor and outdoor LED lamps and luminaires. We are a four-time recipient of the prestigious ENERGY STAR® Partner of the Year Award for our industry leadership and continue to be at the forefront of energy efficient technologies through the innovative research and development capabilities of our New Jersey headquarters and California facility.

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Additive Manufacturing: A Ground-breaking Change to Empower Industry 4.0

Article | November 20, 2021

Advanced manufacturing enables the concept of industry 4.0 and represents a significant milestone in the manufacturing industry. Additive manufacturing is a critical component of the industry 4.0 concept, propelling the industry to new heights of innovation. In various fields that are not immediately related to industry 4.0 or manufacturing, additive manufacturing has alternatively been referred to as 3D printing. The numerous advantages of additive manufacturing, such as reduced cost and time, are boosting its popularity and use in manufacturing and other industries. “Digital technology is so empowering on so many fronts, but for it to be empowering, it must be for everyone.” – Michael Walton, Director, Industry Executive (Manufacturing) at Microsoft. The global market of additive manufacturing is anticipated to increase at a 14.42 percent compound annual growth rate from USD 9.52 billion in 2020 to USD 27.91 billion in 2025. According to this market research, the future of 3D printing or additive manufacturing is quite bright in the coming years, and we will see widespread application across industries. First, let us understand the idea of additive manufacturing and its benefits to various industries. Concept of Additive Manufacturing Additive manufacturing is building a real thing from a three-dimensional computer model, often by successively layering a material. This technique utilizes computer-aided design (CAD) software or 3D object scanners to command devices to deposit material in exact geometric shapes layer by layer. As the name implies, additive manufacturing involves the addition of material to produce an object. Additive Manufacturing Benefits Produces Fewer Scraps and Trash When we compare additive manufacturing to traditional manufacturing techniques such as milling or turning, additive manufacturing adds only the amount of material required to build a product. As a result, it generates less waste and conserves scarce resources. Reduces the Time and Cost of Prototyping Making a product prototype is now faster, easier, and cheaper. Other production processes, like milling, have high setup and material costs. Prototyping is less expensive and takes less time, so you can quickly produce, test, and modify. It also shows practically instant verification of progress done. It Encourages the Digitalization of Businesses Continuous and effective communication between devices, machines, and robots is required for additive manufacturing. However, this is only achievable with effective digitization of production processes. As a result, businesses invest more in digital and IoT, a prerequisite for Industry 4.0. It Simplifies the Assembling Process by Condensing it into a Single Component Additive manufacturing in Industry 4.0 also simplifies the production process, especially product assembly. A traditional component requires numerous manufacturing procedures. This increases material and labor expenses as well as production time. However, additive manufacturing allows you to print the group in one piece. The Top Three Industries That Make the Most Use of Additive Manufacturing Additive manufacturing is presently used in a variety of industries. However, specific sectors make the best use of it. Thus, we will examine the industries embracing additive manufacturing technology and emerging with new life easing solutions. Healthcare In the healthcare industry, dentistry is the critical application of additive manufacturing. Technology helps it create bridges, crowns, braces, and dentures, always in high demand. Additive manufacturing has also been used to create tissues and organs, surgical tools, patient-specific surgical models, and personalized prosthetics. For example, many medical equipment companies employ 3D printing to build patient-specific organ replicas that surgeons can practice before completing complex surgeries. Aerospace Additive manufacturing is utilized to fabricate metal brackets that serve as structural components within airplanes. Prototypes are increasingly being printed in three dimensions, allowing designers to fine-tune the shape and fit of finished parts. In addition, interior airplane components such as cockpit dashboards and door handles are manufactured using 3D printing services. Automotive 3D printing can manufacture molds and thermoforming tools, grips, jigs, and fixtures for the automotive industry. Automakers utilize additive printing to customize parts for specific vehicles or drivers (e.g., seats for racing cars). An appealing colored dashboard, efficient fuel systems, and complicated braking mechanisms are all possible with 3D printing in the automotive industry. Therefore, it is best suited for pre-production, manufacture, and modification of automotive parts. How Does NASA use additive manufacturing in its space projects? The space environment has always been unpredictable, and scientists must be adequately prepared before embarking on any space mission. They must consider the durability and weight of all the objects they propose to transport into space. To land any object on a planet that does not have a flat surface or similar weather conditions to earth, scientists must design each object with these considerations in mind. “You always want it to be as light as possible, but you also want it to be strong enough.” Chris Chapman, NASA Test Engineer. It is not conceivable to make items capable of dealing with all the changes on other planets and achieving these project objectives using conventional materials and production processes. However, scientists do require a technique that will enable them to manufacture lighter and stronger objects for their space missions. 3D printing has played a significant part in meeting this demand and has provided space projects to manufacture objects that would withstand any unexpected events during space missions. For example, NASA employed 3D-printed metal components in their Mars project. NASA's specialized engineers are utilizing additive manufacturing to create rocket engines and possible Moon and Mars outposts. NASA used the 11 3D printed metal components on its Mars mission as well. It employed 3D printed components for the first time in the Curiosity rover, which landed on Mars in 2012. It was a successful project, and NASA has since begun employing 3D printed parts in its space missions to make machines lighter while remaining robust and functional. Final Words Additive manufacturing technology is making a real difference in the manufacturing process, and it is becoming the trending technology in the manufacturing industry. The benefits of additive manufacturing make the manufacturing process more advanced, easy, and customer-oriented. Additive manufacturing is the major transformation in the manufacturingindustry and will take it to new heights of precision. FAQs Why is additive manufacturing critical? Additive manufacturing reduces the time and cost of prototyping and reduces the scraps amount during the manufacturing process of any object. In addition, it simplifies multiple processes from various industries. Are additive manufacturing and 3D printing the same? Yes, additive manufacturing and 3D printing are the same processes with different names as per the choice of the different industries. For example, in some industries such as space missions, It is also referred to as Fused Deposition Modelling (FDM). Which is the most applied sector for additive manufacturing? Healthcare is the industry that utilizes additive manufacturing technology the most. It also helps medical practitioners practice surgery on any critical body part with its 3D printed model from human tissues. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is additive manufacturing critical?", "acceptedAnswer": { "@type": "Answer", "text": "Additive manufacturing reduces the time and cost of prototyping and reduces the scraps amount during the manufacturing process of any object. In addition, it simplifies multiple processes from various industries." } },{ "@type": "Question", "name": "Are additive manufacturing and 3D printing the same?", "acceptedAnswer": { "@type": "Answer", "text": "Yes, additive manufacturing and 3D printing are the same processes with different names as per the choice of the different industries. 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5 Stats to Reshape Manufacturing Customer Experience in 2022

Article | November 20, 2021

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Manufacturing Customer Experience Statistics Make your manufacturing business more customer-centric and reap the benefits that many customer-centric companies, such as Apple, Nissan, and Chick-fil-A, are experiencing. To better understand what the customer and industry have explored regarding the customer experience in 2022, below are some statistics from well-known businesses. #Stat 1 Businesses that prioritize customer experience see an 80% increase in revenue. (Source: Forbes) A positive customer experience increases customer interest in the product and acts as a form of word-of-mouth marketing. This way, the business benefits from increased sales and organic promotion by genuine consumers, critical for any manufacturing organization. # Stat 2 73% of customers say that customer experience influences their purchasing decision. (Source: PWC) Customers are not solely concerned with the product's quality or pricing. Instead, they are interested in the complete experience they get while purchasing a product. Therefore, if customers have a negative experience during the purchasing trip, it is pretty likely that they will leave the purchase process in the middle and hunt for other viable solutions on the market. Whereas, if the purchasing journey and post-purchase service are satisfactory, they will gladly purchase the goods and suggest new clients to your business. # Stat 3 By 2023, AI and machine learning will manage around 40% of all consumer contacts. (Source: Super Office) Manufacturing production and revenue are increasing as a result of technological advances and applications. However, the customer experience is not far behind in implementing cutting-edge technology like AI, VR, and AR. For instance, chat bots are the best example of how artificial intelligence, natural language processing, and machine learning are being used to increase consumer engagement. Virtual interaction is becoming more prevalent in the manufacturing industry daily, and both manufacturers and customers like this digital interaction. “Our interactions with our customers have become much more virtual, which frankly seems to work well for the customer and us.” – Scott Heide, Chief Executive Officer at Engineering Intent Corporation Technology application in manufacturing will be maximized, and businesses intend to automate the customer experience by 2023. # Stat 4 According to 70% of customers, an ideal customer experience should be quick, convenient, and cooperative, as well as friendly. (Source: Adobe) Customer service is a skill, and it's always a good idea to put yourself in your clients' shoes. According to an Adobe study, 70% of customers want a quick and convenient service that saves them time. In addition, they anticipate full collaboration throughout the purchasing process, including post-purchase servicing. # Stat 5 72% of customers with a good consumer experience will tell six or more people about it. (Source: Nice Reply) In the first statistic, we discussed word-of-mouth marketing. You will always receive referrals for the excellent products or services you provide to your target consumer group. Customers that have a positive experience will always bring you two additional potential customers, and this number will grow exponentially with each pleasant experience delivered by your organization. How did MacDonald's plan to increase revenue simply by improving the customer experience? When McDonald's revenues started to decline, they focused on the customer experience rather than marketing strategies. They began by listening to their clients and giving them a more streamlined experience. Customers told McDonald's to simplify the menu, increase order accuracy, and use higher-quality ingredients. McDonald's also improved store interiors and introduced digital self-order kiosks and table service, reducing customer wait times. BTIG predicted a 4.1% increase in revenues as these modifications were made. As a result, McDonald's may outperform competitors by improving total customer service. Final Words Customer experience is crucial in manufacturing, and manufacturers must leverage digital customer experience trends to improve their reputation. These a fore mentioned customer experience statistics can assist you in shaping a compelling client experience for 2022 and propelling your organization to new heights of success. FAQs Why should a manufacturing company invest in customer experience? Client experience improves customer retention, builds brand reputation, and gives companies a competitive edge. So manufacturers must invest in the consumer experience. What is the difference between customer service and customer experience? Customer service is one aspect of the customer journey, whereas consumer experience is the sum of all customer encounters with the brand. What does a customer experience include? Customer experience is the overall perception of your business or brand. It is the consequence of a customer's engagement with your website, customer service, and the product they purchase. So, it is the aggregate of all elements from browsing to buying to the product experience. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why should a manufacturing company invest in customer experience?", "acceptedAnswer": { "@type": "Answer", "text": "Client experience improves customer retention, builds brand reputation, and gives companies a competitive edge. So manufacturers must invest in the consumer experience." } },{ "@type": "Question", "name": "What is the difference between customer service and customer experience?", "acceptedAnswer": { "@type": "Answer", "text": "Customer service is one aspect of the customer journey, whereas consumer experience is the sum of all customer encounters with the brand." } },{ "@type": "Question", "name": "What does a customer experience include?", "acceptedAnswer": { "@type": "Answer", "text": "Customer experience is the overall perception of your business or brand. It is the consequence of a customer's engagement with your website, customer service, and the product they purchase. So, it is the aggregate of all elements from browsing to buying to the product experience." } }] }

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Is Additive Manufacturing the Key to Restore American Manufacturing?

Article | November 20, 2021

Additive manufacturing in America plays a significant part in reviving the manufacturing industry and establishing the country as a leader in applying additive manufacturing technology. The United States was formerly the industrial leader, but it fell out of favor between 2000 and 2010 for many reasons, including recession and structural and financial instability. In this challenging time, technology interventions such as additive manufacturing in the manufacturing business have allowed the industry to survive. As per the recent report by A.T. Kearney, the USA, the industry leader in manufacturing, has worked hard to reclaim its top position in manufacturing and has also been named the leader in additive manufacturing. Let's look at which fields of America are utilizing the benefits of additive manufacturing technology to reclaim its position as the industry leader. Additive Manufacturing in America The manufacturing industry is gravitating toward additive manufacturing, sometimes known as 3D printing. The numerous advantages of additive manufacturing, such as the reduction of material waste, the reduction of prototyping time, the reduction of prototyping costs, the creation of lightweight objects, and the ease with which it can be implemented and recreated, are making it more popular around the world, including in the United States. In the United States, the additive manufacturing and material industry is expected to be worth $4.1 billion by 2020. China is the world's second-largest economy and is expected to reach a projected market size of US$14.5 billion by 2027, with a CAGR of 27.2 percent from 2020 to 2027 . How is America Leverages the Additive Manufacturing? US Airforce has launched research into 3D printing The US Air Force has begun researching 3D printing replacement parts for old planes utilizing a 3D printing platform. The project initiative credit goes to 3D Systems, Lockheed Martin, Orbital ATK, and Northrop Grumman. America Makes will observe the project in its third stage and be led by the University of Dayton Research. The Air Force Laboratory financed the Maturation of Advanced Manufacturing for Low-Cost Sustainment (MAMLS) program. The US Air Force will investigate how the 3D printing technology may reproduce components for outdated aircraft. Using additive manufacturing, the replacement parts may be created faster and in smaller batches, with no minimum order quantity. In addition, applying additive manufacturing will reduce the aircraft ground time and eliminate the need for parts warehousing. American Manufacturing Companies and Additive Manufacturing 3D Systems, Inc. 3D Systems is an additive manufacturing company. Their work goes beyond prototyping. The company's experts use their deep domain expertise in aerospace and healthcare industries to produce competitive additive manufacturing solutions. This global leader in additive manufacturing helps you define business needs, verify manufacturing flow, and scale manufacturing flow. General Electric GE has seen the benefits of additive manufacturing and its options for product design, such as the potential to build lighter, more vital components and systems. As a result, they created goods that are better performing, more sophisticated in design, and easier to produce. Ford Ford's advanced manufacturing center in Michigan is all about additive manufacturing. The company employs 3D printing extensively in product development and is looking to integrate it into manufacturing lines. As a result, additive manufacturing is now a critical aspect of the Ford product development cycle, enabling prototype parts and product engineering exercises. Final Words The American manufacturing industry has experienced a renaissance as a result of the advent of additive manufacturing. Additionally, it has built its national accelerator and leading collaborative partner in additive manufacturing, "America Makes," which is the largest manufacturing industryglobally in terms of revenue and operates in a variety of areas. However, it is mainly focused on 3D printing or additive manufacturing, which is undoubtedly reviving the country's manufacturing sector. FAQs What are the significant challenges in additive manufacturing? Limitations in terms of size, consistency of quality, scalability, a limited variety of materials and high material costs, and limited multi-material capabilities are only a few of the prevalent issues associated with additive manufacturing technology. Which company is leading in additive manufacturing technology in the USA? 3D Systems Corp. is the leading company in additive manufacturing technology with a revenue of $566.6 million. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the significant challenges in additive manufacturing?", "acceptedAnswer": { "@type": "Answer", "text": "Limitations in terms of size, consistency of quality, scalability, a limited variety of materials and high material costs, and limited multi-material capabilities are only a few of the prevalent issues associated with additive manufacturing technology." } },{ "@type": "Question", "name": "Which company is leading in additive manufacturing technology in the USA?", "acceptedAnswer": { "@type": "Answer", "text": "3D Systems Corp. is the leading company in additive manufacturing technology with a revenue of $566.6 million." } }] }

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Spotlight

MaxLite

MaxLite has 25 years of experience providing certified energy-efficient lighting solutions to the commercial building, OEM and residential markets. One of the first movers into LED technology in the industry, MaxLite offers an extensive line of state-of-the-art indoor and outdoor LED lamps and luminaires. We are a four-time recipient of the prestigious ENERGY STAR® Partner of the Year Award for our industry leadership and continue to be at the forefront of energy efficient technologies through the innovative research and development capabilities of our New Jersey headquarters and California facility.

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