Strategic Priorities For IT Leaders in the Manufacturing Sector
Ever since the first wave of pandemic shutdowns hit the world, segment recoveries for the manufacturing industry had become uneven. And while no organization from any other sectors was hit in the same manner, which is why the impact of their annual performance would vary. It would depend on the different pockets where they felt the greatest impact. For some, 2021 needed to focus on rebuilding the lost revenue streams, while for others, it might require recalibrating supply networks to serve different market demands.
However, in my opinion, there is one thing in common that every manufacturer across the world needs to focus on. What’s that? Strategic priorities, of course! Focusing on strategic priorities would mean a commitment to increasing agility in operations. What are some of the most important strategies that the leaders in the manufacturing world need to consider to seal 2021 with a positive outlook? Let’s take a look!
Strategic Priorities To Develop A Cohesive Ecosystem
By continuing to invest in digital initiatives across that production processes and supply networks, manufacturers today can respond to the disruptions. Focusing on strategic priorities will enable organizations to build resilience in such a way that they can thrive in any environment.
Let’s examine some of the strategies that manufacturers need to focus on for 2021 and beyond.
1. Welcoming The Promises Of Industry 4.0
Technology has forever been opening up opportunities for manufacturers to redesign and reimagine their processes. One of the best ways in which manufacturers will be able to build resilience in their operations would be by embracing the evolutions taking place in robotics and automation.
The rise of collaborative environments has led to the development of robots or bots in the industry. These collaborative tools, also known as cobots, help automate different project processes and eliminate difficult & time-consuming aspects of the manufacturing process.
Several small and mid-sized manufacturing companies have also embraced the ability of collaborative robots to work alongside skilled operators and generate quicker returns. Further, there’s also potential in the software industry, with pre-engineered peripherals making a significant contribution to the manufacturing industry.
Whichever form of technology the manufacturer decides to implement in their organization, there is no doubt that automation will only increase efficiency in processes and data use.
2. Embracing Additive Manufacturing
Advancement in software and the introduction of novel materials in the additive manufacturing industry have led to innovative new applications. For instance, there has been immense progression with the streamlining process for prototyping, which has great potential for mass personalization in manufactured products.
Going forward, 3D printing is going to transform the manufacturing landscape with a growth rate of 13% from $9.87 billion now to $31 billion by 2029, as part of the digital manufacturing growth spectrum. With an automated assembly, industries will combine plastic parts with 3D printed metal, while data payloads will be coded right into the surface texture of 3D printed parts.
3. Working With Wearables
Wearables have taken on a whole new meaning than just eye-based units in 2021. Wearables also include applications that are capable of increasing production efficiency and enhancing the safety of workers. Wearables in the manufacturing industry need to augment the ability of workers to perform their tasks.
Take, for instance, voice recognition. It needs to become fully developed for noisy manufacturing environments, and manufacturers need to be extremely conscious of this use. It is also important for manufacturers to prioritize the use of VR and AR for industrial training purposes.
4. Enhancing Investments In The IoT Vertical
More and more companies are continuing to invest in the Internet of Things (IoT), which means that if you have not yet implemented it, it would be safe for you to assume that you are falling behind the competition.
Investing in IoT can help you increase your operational efficiency and to guide deployment plans in a much smarter manner. It can be beneficial in almost every area, including the supply chain sector, logistics, and improving employee and customer experience, and predictive maintenance.
For the manufacturing industry, this implementation can also help prevent different equipment from sudden malfunctioning, slowing down, or even halting operations. Further, it can be especially useful in maintaining equipment on the floor as it helps manufacturers quickly and easily track repairs and maintenance. Simply put, investing in the IoT vertical can give you a massive edge over the competition in the years to come.
Final Thoughts
Steering through industry changes and achieving success is not an easy feat, especially in the case of a devastating pandemic. In such a scenario, manufacturing CIOs need to embrace enhanced flexibility, resilience, and innovation in strategic priorities as the way forward. This is one of the best ways to contribute to the recovery of the manufacturing industry from the ravages of Covid-19 and emerge victorious on the other side. Do you think the same? Please let me know in comments.
About Author:
Saumil Shah, the CSO at Rishabh Software, is a technocrat with a successful track record of helping clients solve complex business problems. Under his strategic presidency, Rishabh has established a prominent market presence across multiple domains like Healthcare, Retail, Manufacturing, FinTech & more. He is an alumnus of IIT-Kanpur & London Business School and has been on the advisory panel of industry-leading bodies like NASCOM and GESIA. When he’s not busy solving business technology challenges, he enjoys playing tennis or football.
