Many experts have come out with numerous predictions on the trends that are going to be dominant in the manufacturing sector. Not everything that has been forecast has become a fact!
But yes! There are several trends that have become integral elements of the industry. These, in fact, are key facets that all manufacturers need to make note of, while planning business operations for subsequent ten years. This particular write-up would briefly elaborate on few of the major trends.
- The future is Industry 4.0: By making a mention of “Industry 4.0”, reference is made to the trend where, data exchange and automation is heavily being relied upon, by manufacturing sector. Installation of robots and enabling the teaming-up of people and robots are things that organizations cannot afford to ignore!
- IOT (Internet of Things): There is an incessant increase in the number of manufacturing plants that depend on IOT. With IOT, there is linking of several devices in the organization. This is highly useful for realization of objectives such as enhanced safety, decline in costs, safeguard against non-compliance issues and manufacture of innovative products, etc.
- Younger business leaders: One more prediction is that, persons born during the last two decades of previous century shall now become the business leaders. They are going to take over the mantle from their seniors and operate as leaders of numerous prominent organizations.
- Blockchain technology: Many factories have now chosen the Blockchain technology, which has put them in a position of power that is without a precedent! The sophistication of the technology is such that, organizations are not going to be impeded in tracking all elements of supply chain and promptly rectify any issues. This improved transparency, other than reducing costs, will address the all-important facet of security, as well.
- Direct interaction with customers: Well, there is a speedy rise in the manufacturing units that are opting to sell their offerings directly to customers. For this purpose, they are relying on diverse e-commerce platforms. Due to the direct interaction, it’s become possible for sellers to carry out transactions very fast. Additionally, manufacturers are able to develop customer database, which will be very helpful for future.
- VR (Virtual Reality) and AR (Augmented Reality): Modifying products during the stage of design has now become an entirely uncomplicated matter, with advent of VR and AR technologies. The technologies are also greatly assisting workers, for execution of different tasks. Providing training to workers lacking the required skill has become simple, too.
- Eco-friendly manufacturing processes: The manufacturing industry has started to go with eco-friendly processes. Due to this, the flow of product is not restricted to just one direction, it is in both ways; materials that are recyclable are again being to put into use. This, apart from being a good environmentally-friendly practice, is cost-effective, as well.