Internet of Things Archives

#1 – Cloud Computing

According to an Oxford Economics study, 59-60% of small and midsize manufacturers plan on leveraging the cloud to host more forward-looking technologies, such as robotics and on-demand 3D printing. The companies need these technologies to stay relevant at all times.

For example, cloud-based Enterprise Resource Planning solutions are helping manufacturers automate specific back-office functions to increase their operational efficiency. ERP software integrates every aspect of manufacturing workflows such that all business functions rely on a centralized database.

The system provides a real-time, 360-degree-view of materials and supplies, human resources, scheduling, sales, customer relations, finance, and accounting. With timely access to accurate information, manufacturers can streamline production processes, improve customer service, and reduce costs.

Digitizing the supply chain enables manufacturing companies to automate mission-critical workflows. It’s helping decision-makers in the industry to identify resources that need deployment or adjustment to meet production objectives in time. Also, automating approval processes and reporting increases speed to market, giving manufacturers a competitive edge.

#2 – On-Demand Additive Manufacturing

On-demand 3D printing is the future of manufacturing. Indeed, additive manufacturing (AM) wouldn’t materialize without digital technology. It involves building physical, 3D products by adding successive layers of raw material. Typical applications include prototyping, industrial tooling, and the development of market-ready products like footwear and prosthetics.

Potential benefits of on-demand AM include:

Custom products: Through AM technology, manufacturers offer their customers a way to build highly personalized products.

On-demand availability: Products are available on-demand via 3D printers, enabling manufacturers to differentiate themselves by responding quickly to customer demand.

Lower shipping costs: Strategically-located 3D printers mean shorter delivery times and shipping distances. With cloud-based, on-demand AM technology, small and midsize manufacturers can reduce or eliminate the cost of sourcing parts overseas.

#3 – Big Data and Analytics

SMEs in the manufacturing industry are leveraging big data to extract in-depth insights into raw material usage and movement of finished parts through their system. Machine learning (ML) algorithms are helping these companies produce actionable business intelligence by analyzing data from disparate structured and unstructured sources. The resultant analytics may inform the development of high-quality products to drive revenue. It also helps streamline manufacturing processes to cut costs.

#4 – Internet of Things (IoT)

Manufacturers are using IoT technology to digitize key assets and workflows to streamline operations, grow business, and surpass customer expectations. They’re attaching digital sensors to physical production systems or assembly lines. These interconnected devices provide better visibility into the whole value chain, enabling manufacturers to extract system performance data, spot potential bottlenecks, and drive operational efficiency.

#5 – Mobile Technology

Mobile technology allows small and midsize manufacturers to grow and expand to new locations and markets without incurring extra infrastructure costs. Their employees can access company networks and cloud-based computing resources via the internet to work and collaborate from remote locations. As such, technology increases employees’ productivity.

Digital transformation enables small and midsize manufacturers to streamline and automate mission-critical processes, resulting in operational efficiency. It provides in-depth business intelligence to inform product development, hiring decisions, customer engagement, and supply chain strategies. These companies are leveraging an array of technologies, including the cloud, IoT, ML, robotics, and mobile solutions, to drive business growth and beat their competition.

Do you desire to adopt forward-looking digital technologies to achieve your business goals and keep pace with your manufacturing competitors? Contact us today for an expert evaluation of viable ERP and technology options!

Digital technology is transforming business and service delivery models at an astonishing rate. Businesses that fail to adapt quickly will miss out on immense opportunities to drive efficiency in the value chain.

The good news is that high-tech firms are doing the heavy lifting, so you don’t have to spend a lot of time and money in research and development. They’re leading the transformation of the digital economy by researching, incubating, and developing market-ready solutions that various industry verticals can adopt right away.

With their innovative and disruptive solutions, here are some of the possibilities tech leaders are opening for businesses.

#1 – Outcome-Based Business Models

For companies to maximize profits, they need to limit spending to only what’s necessary for their essential operations. Outcome-based business models enable them to save money by paying for results rather than equipment or systems. For example, you can leverage advanced computer systems in the cloud, such as e-commerce software, without having to own or maintain the necessary hardware or software.

In the healthcare industry, practitioners may subscribe to diagnostic services, such as MRI systems, where they only pay for usage (scans). The equipment or service provider incurs the cost of acquiring and operating it. Similarly, a compressed air customer may prefer paying for usage rather than buying and servicing air-compression systems or cylinders.

#2 – IoT-Powered Innovations

The Internet of Things is one of the most advanced technologies that companies can leverage to drive customer service and satisfaction. After attaching digital sensors to the equipment and systems they offer, manufacturers are accessing massive chunks of usage data in real-time. They’re monitoring user preferences and identifying product features that require modification or upgrading to address specific customer needs.

IoT is an enabler of outcome-based subscription models too. For example, the technology can track compressed air consumption so that the customer pays for the amount used only.

#3 – Streamlined Business Processes

Companies can now utilize advanced tech formulas to streamline business processes and drive revenue.

For example, a digital supply chain is visible to all relevant players and entities, from marketing, sales, product development, and manufacturing to finance, inventory, suppliers, and customers. It’s an integrated ecosystem that enables multiple companies and business units to collaborate, plan, analyze, and make critical decisions based on real-time intelligence.

With a digital supply chain, you can predict demand across channels and implement strategies to satisfy it. It provides the intelligence required to match financial and business planning with demand patterns. Available in the cloud, the technology provides full transparency into sales data, order fulfilment, stock levels, and supply chain bottlenecks, helping streamline stock management.

Companies can streamline their procurement processes with digital supply chains. The solutions provide real-time insights into global demand dynamics, enabling firms to respond quickly. They capture data, such as customs duty and exchange rates, letting companies incorporate logistics costs into their pricing strategies and order fulfilment.

Manufacturers may also boost their operational efficiencies by digitizing their production processes. They can leverage smart technology and connected devices to extract performance data, identify potential issues, and ensure continuity of operations. The tech fosters stronger collaborations between manufacturers and their suppliers and customers.

Likewise, digitizing business processes helps attain customer intimacy by delivering highly-tailored solutions. Advanced tech firms are providing the computing resources that enterprises need to analyze customer requirements and configure and price complete as-a-service products accordingly.

#4 – Digital Talent Management

High-tech talent management tools can help organizations improve workplace conditions and employees’ productivity. Available as SaaS solutions, the technologies include employee onboarding and training systems that facilitate on-demand or on-the-job learning. They’re built to appeal to the learning preferences of the millennial workforce. Instructional videos, gamification, and nuggets of information make for a captivating learning experience for the younger employees.

Some of these solutions have big-data analytics capabilities that employers may leverage to attract, develop, and retain top talent.

Top tech firms have already developed and tested the digital solutions required to improve your business processes and achieve operational efficiency. What you need to do to leverage cutting-edge technology and drive a profitable value chain could be as simple as just plug and play. Contact us today for in-depth insights into revolutionary tech products!