Production of various products requires several stages, from domestic production of the needle to the manufacturing of huge machines including giant ships. Manufacturing mostly uses the latter range of manufacturing and refers to the commercial industrial production of goods for sale and consumption with the help of tools and advanced machinery. Manufacturing involves changing the shape of raw materials into products fit for final use known as finished products.
The subject of manufacturing technology is very vast and includes various types of tools are required to manufacture finished products which range from simple hand-held tools, lathe machines, grinders, milling machines to highly adaptable and complicated computerized numerical control or CNC machines and so forth.
Slowdown and its consequences on manufacturing
Low consumer demand has negatively affected production in the automobile and allied sectors, as well as consumer goods. While the base effect has pushed it down, the slowdown in the auto and durable goods segments is quite palpable and is getting reflected slowly in other sectors, too. Policymakers of Industry and Internal Trade have emphasized on this issue and cited various factors for the slowdown such a slackening domestic demand, global uncertainty weakening demand for exports, and prevailing low levels of investment.
Latest trends in manufacturing and hope of growth
IoT: Manufacturers are increasingly leveraging the Internet of Things (IoT), which entails the interconnection of unique devices within an existing internet infrastructure, to achieve a variety of goals including cost lowering, improved efficiency and safety, meeting compliance requirements, and product innovation. IoT’s survival is based on three factors: widely Internet access, sensors, and cloud computing. IoT and predictive analytics are having a major influence on manufacturing, offering exciting new chances for linking operations and transforming business processes. Innovation is driving business development, and technology is allowing manufacturers to enhance with an increasingly digital-first business environment.
Predictive Maintenance: Predictive maintenance programs monitor equipment using any number of performance metrics. By self-configuring the data collection process by the use of IoT technology, manufacturers can establish a better understanding of how systems work and when they will fail. The capability to predict when maintenance should be performed saves manufacturers valuable time, money, and resources. Generally, supervised tests can be conducted while equipment is in operation, which means there is no loss of production due to equipment shutdown.
B2B2C: Many manufacturers who traditionally had a B2B business model are shifting to a B2B2C (business-to-business-to-consumer) model due to the many benefits selling directly to consumers provides including increased profit, faster time in the market, brand control, price control, and better customer data. To successfully sell direct to consumers you’ll need to select the right e-commerce operations that support both your B2B and B2C sales platforms. It will have to supply order fulfillment and tracking, secure payments, customer service management, and sales and marketing activity tracking while providing a 360° view of all your B2B and B2C customer interactions.
3D Printing: The producer will benefit from quicker, less costly manufacturing as a result of 3D printing. It makes fast-paced prototyping, which is a highly cost-effective way for product designers to test and troubleshoot their products, possible. In addition, it allows manufacturers to manufacture items on demand instead of having to manufacture and warehouse them.
The expensive and lengthy process of tooling for manufacturers is already being transformed by 3D printing. Manufacturing of molds, jigs, and fixtures used in the mass production of heavy equipment take months previously, was very expensive and typically involved utilizing tooling companies headquartered overseas. 3D printing makes it possible for tooling to be cost-effectively completed on-site, in days and has already been embraced by the automotive and aerospace manufacturing industries.
VR and AR: Assistive technologies, such as augmented reality (AR) and virtual reality (VR), will continue to create mutually beneficial partnerships between man and machine that positively impact manufacturers. VR is quick to modify and add to the product design stage before they go into modeling and manufacturing processes. It can also cut down inspection time and assist in detecting errors in addition to improving workers’ sightline, which enables them to complete tasks faster.
Technology is making every step of the manufacturing process smoother
The manufacturing industry has become an important sector in promoting economic growth across the globe. Only the development of modern forms of the industry can guarantee the most rapid and steady movement along the road of progress. The present role of the manufacturing industry is that it makes it possible not to hurry with the development of certain branches and enterprises. Manufacturing is getting more efficient, customized, modular, and automated. But factories remain in dilemma. Manufacturers are known to be sluggish adopters of technology, and many may oppose making any new investments. As digitization becomes the new standard in the industry, competitive stress will intensify the inventive to grow.
Most of the changes in manufacturing will come through robotics, AI, and basic IoT digitization. Better data and advanced robotics will maximize a factory’s output while minimizing cost and defects. Meanwhile, as cutting-edge categories like block-chain and AR are being piloted in industrial settings, manufacturing could eventually be taken to unprecedented levels of frictionless production and worker augmentation.