How Technology Has Changed the Manufacturing Industry

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Technology has a huge role in how all industries are rapidly changing. While many people were excited to see the changes in 2019, the changes to be seen this year are even greater. The manufacturing industry is no exception to seeing the changes brought on by an increase in technological advancements. Though the industry is seeing changes in a variety of ways, the biggest and most disruptive change to be seen in the manufacturing industry is what they should make themselves as opposed to outsourcing.

The Use Of AI In Manufacturing

Many manufacturers are already taking advantage of the use of artificial intelligence and other technologies such as the internet of things (IoT). For those already ahead of the game, 2020 will bring about early adoptions for things like 5G internet capabilities, 3D printing and wider use of AI applications. Many of these new applications are not going to be adopted into current technology cycles, but the focus will be on having them replace current cycles altogether.

These new technologies are going to find their way to the foundation of innovative business models and new revenue streams to help change the very nature of the manufacturing industry.

Top Technology Predictions In 2020 For Manufacturing

  1. More Machine Customers For 5G Than Human Customers

By the end of the year, it is expected that there will be more manufacturing devices being used and connected to 5G than there will be people connected to devices using 5G internet connectivity. A representative from Forbes has pointed out there will be a tremendous impact regarding 5G internet connectivity. He says it will enable new technologies such as TV shows, streaming music and movies to be played uninterrupted on any type of mobile device.

In the manufacturing industry, 5G will have a bigger impact on transforming devices that enable automated industrial processes. Many of these advancements are going to enable autonomous driving and the ability to connect AI to the auto industry. We will see an increase in smart cities that have connected transportation, logistics and infrastructures. There’ll be an enhancement in the healthcare industry from blockchain and robotics to wearable telemetry.

  1. B-2-B-2-C Technology Model Competes With B-2-C Model
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Servitization is becoming a global trend that is moving manufacturers to step off of their traditional perch at one end of the value chain and move towards the consumer. The objective is to produce companies with product-oriented services for their products and to sell them on a subscription basis. In 2018, data from the IFS indicated that over 62% of manufacturing companies were already seeing benefits from aftermarket revenue streams. These benefits were being seen through warranties, parts and proactive service contracts.

Even when manufacturers are selling products through their channels of distribution, they can use technology to support or service the same products through their life cycles using artificial intelligence and other advanced technologies. This allows manufacturers to have service relationships with their customers to improve their revenue streams.

  1. Manufacturers To See Improvement Using AI Technology

By 2022, many manufacturing companies will see an increase of over 10% in productivity using artificial intelligence technology. IFS started working with manufacturing clients to help them combine multiple large data sets with machine learning applications. This combination is to help companies identify patterns and find strategies that will improve their operations that most human minds could never conceive.

Most manufacturers already used some type of automation in their plants. Automation can help streamline processes, but artificial intelligence will be able to help manufacturers create new types of processes to improve their productivity levels and automate much of the quality management.

In the coming years, many manufacturers may also begin using artificial intelligence-powered applications to help with planning and forecasting. With the right data sets included, some manufacturers may be able to align their demand projections with the supply chain to get valuable insights that used to be unimaginable. This is leading to a new mindset in the manufacturing industry that includes the process as beginning in a factory and then finishing when goods leave to the customer from the warehouse.

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