Over the past several decades, the manufacturing sector has undergone extreme changes. Its success in the stock market has risen over the long term and has performed better in the market.
Manufacturers are at risk due to this COVID-19 pandemic. For the next coming years, how will the manufacturing sector stay resistant? In the middle of the COVID-19 pandemic, our manufacturing trends in 2020 offer insights that can help leaders manage volatility, expand organizational flexibility for the future, and adapt, improve, and thrive.
This year started with the manufacturing industry when they began to increase some intensity the COVID-19 pandemic stuck.
Achievement in the present chemical industries generally depends upon organizations’ capacity to constantly re-evaluate vital direction, move with agile development, and ability to adapt to changes.
Overall, industries must adapt rapidly to these changes if they wish to grab new market openings, increase a competitive edge, and overcome difficulties.
Wearable Technology – The growth of the Internet of Things ( IoT) in industrial applications has made its way to the overall presence in the manufacturing industry of wearable technology. Nowadays manufacturers are looking and investing in wearable devices with various sensors that can be used by their employees in the organization.
According to a recent EHS Today report, features found in wearable devices allow organizations to track and improve productivity, safety, and efficiency in the workplace. Moreover, employers are able to gather valuable data, track activities, and provide customized experiences based on needs and requirements. Mobility, comfort, operational performance, and much more are factors contributing to the increased adoption of wearable technology. For exercise and health monitoring, smartphone alerts at a glance, and even contactless payments, customers use wearable technology. It has been found that wearable technology is growing in the manufacturing industry.
Prioritize Customer Service – Although customer support has been a key priority for manufacturers, it will become even more essential by continuing to combine technology with production. As Industry data collection and monitoring tools spread in the organization, through dashboards and other tools, clients will have more insight into production status. Manufacturers can always improve efficiency and focus on quality and service to the customers, which will come with increased exposure and success for everyone.
Maintenance – Successful monitoring and maintenance are essential to every manufacturer’s success. So, it goes without saying that it is highly important to be able to expect failures and minimize unavailability. These all must be provided by predictive maintenance. Finally, it provides manufacturers with the means to simplify real-time maintenance activities, extend the life of their equipment, and prevent damage. Maintenance is not without its difficulties however manufacturers need to gain insights into the information they are gathering and how frequently those information patterns occur in the organization in order to construct predictive maintenance effectively.
Virtual Reality Technology and Augmented Reality Technology- Virtual reality and augmented reality are growing increasingly in the industrial sectors in the coming years. In different ways, these developments may influence areas such as training and maintenance, hands-on training, remote maintenance, and control over processes. In an effort to encourage digital communication in the future manufacturers are becoming keener on finding ways to integrate these innovations into their organizations.
Cyber Security – It is not possible to overlook the value of cybersecurity in manufacturing. Cyber Security is the most important concern in every industry. Every day, more and more connected devices are included in organizational processes, so it really comes down to the fact that the manufacturing industry needs to gain a strong understanding of how to treat them best. CyberSecurity will stay significant for organizations of various types and sizes. With malware and numerous associations having been unfortunately influenced by the expanded ransomware, organizations can’t bear to neglect cybersecurity.
- Be Open to Innovation and Partnerships – There must be a clear understanding of the capabilities a partner could offer, which is destined in achieving competitive positions in the industry and helps achieve certain goals.
- Adjust expenditures with development in mind – Industries need to capture any growth opportunity and sustainability through the improvement of their activities.