Video Transcript
As we look ahead to 2024, it’s with an eye on both challenges and opportunities — especially when it comes to technology. For the manufacturing sector, this means keeping tabs on the trends that shape the industry and using them to your advantage. We’ve identified four technology trends we expect to impact manufacturers in 2024.
Deloitte recently described the concept of the “smart factory” as being “in full swing.” For manufacturing businesses, this means incorporating the Industrial Internet of Things (IIoT) and data-driven processes while applying analytics to enable actionable insights based on the information these tools uncover.
Digital twin technology involves utilizing a simulated environment to apply solutions before the cost-intensive option of shutting down a line. According to Gembah.com, more manufacturers will leverage this opportunity to cut costs and improve decision-making — offering a “trial run” for maintenance or modification before applying these fixes in real time.
Companies will see growing use cases for artificial intelligence (AI). For example, manufacturers can use AI for everything from forecasting and planning, inventory management and inspections, to R&D and design objectives; even leveraging it to reduce downtime. As the development of this emerging tech continues, manufacturers will look to reap even more benefits as they further digitize their factories.
Software company Aptean recently revealed the results of a survey where it suggested a more tried-and-true solution — automation — was still bearing fruit. Aptean said that automation investments for their respondents were yielding, on average, 30% growth compared to those using manual processes. They emphasized that, amid supply chain disruptions and higher costs, automation was still a key solution being leveraged to counteract challenges.
While manufacturing is an industry in flux, so too is it ripe for opportunity. For many businesses, this means investments in leading-edge technologies to help accelerate their factory’s push toward the future.
