In a complex industry like manufacturing, AI, ML, and advanced analytics can offer many opportunities to enhance competence and increase the profit margins that cannot be ignored.
FREMONT, CA: Industry 4.0, the fourth industrial revolution, is transforming manufacturing by offering manufacturers with the chance to employ advanced manufacturing potential and Information Technology (IT) during the product lifecycle. Therefore, manufacturers are benefitting from amplified visibility into operations, faster production times, substantial cost savings, and the ability to offer excellent customer support.
Consequently, the only way manufacturers can stay ahead of opponents and win market share in today’s swiftly morphing situation is to embrace change.
Artificial Intelligence (AI) and Machine Learning (ML)
In a complex industry like manufacturing, AI, ML, and advanced analytics can offer many opportunities to enhance competence and increase the profit margins that cannot be ignored. The more complexities a company faces, the higher the opportunity to employ the technologies to get the required competitive edge to succeed.
The technologies are not limited to one area of the business; they can perk up a business’s performance in each area. Whether it is in the supply chain, on the factory floor, or in customer relations, there are multiple ways the technologies can improve the business practices.
2020 is the year in which one is expected to see the much talked about technology— 5G to be brought out on a larger scale, and is likely to have a big effect on smart manufacturing. 5G will facilitate manufacturers to enhance latency and permit real-time communication on a scale never seen before.
Not all manufacturers will be able to take advantage of the benefits of 5G (it will greatly depend on the areas it is available in), but those who are will have a great chance to develop their processes and continue to become more competent.
Engaging with Customers
As technologies like 5G carry on to make everything more interconnected, the customer to the business relationship is closer than ever. Consumers expect to be closely involved in the industrialized process and to have more personalization options than before. Technology has permitted a more collaborative relationship between customers and companies, but one should know how to employ technology efficiently and be able to leverage the data received from the customers to generate more value for them. With 2020, the ability to learn about customers is high, but one should embrace the aptitude and utilize it to progress the customer experience.