Technology is bringing about sweeping change in the manufacturing sector. With this technological evolution, the term ‘factory’ is moving away from the image of tall smokestacks and winding queues of workers and is entering the age of the ‘smart factory’. The move towards the smart factory is a revolution of sorts where technologies such as IoT, cloud, Artificial Intelligence, Robotics, and others are helping them increase efficiencies, reduce waste, improve costs, and make the factory environment optimized and more secure.
It is becoming abundantly clear that to stay relevant in an increasingly competitive market, manufacturing companies have to pay attention to their digital transformation initiatives to capably usher in the age of Industry 4.0. According to PWC’s fourth annual ‘Industry 4.0 Global Digital Operations Study, 2018 – Digital Champions, 86% of the 2000 manufacturers surveyed expect to see revenue gains and reduced costs as a result of their digitization efforts over a period of five years.
Quite understandably, manufacturers have to jump onboard the digital transformation bandwagon, if they haven’t done so already. As we enter into this new age of manufacturing and that of connected consumers and customized experiences, here are five trends to keep a close eye on.