A Disruptive Business Environment and an Increasingly Digital Economy Necessitate Smart Manufacturing
Manufacturers face several challenges - the continuing effects of the COVID-19 pandemic, a shortage of skilled workers, supply chain disruptions, cybersecurity issues, and geopolitical risks such as the Russo-Ukrainian War. To thrive, they need to be agile in an increasingly disruptive world while meeting their business and operational objectives.
Smart manufacturing enables manufacturers to address current and evolving challenges. The use of AI, ML, cloud, AR, VR, IIOT, digital twins, robotics, and advanced analytics helps manufacturers address specific challenges. For example, the use of AR/VR can improve workforce productivity, efficiency, and safety. Easy and affordable access to technologies along with practical use cases is a driver for adoption.
In addition, the modularization of software and technology helps manufacturers make incremental investments and enjoy quick value and targeted technology adoption while providing a path to growth. Companies are moving their industrial applications to the cloud - a cloud-based smart manufacturing platform strategy helps consolidate software systems and enables effective digital transformation. Finally, ESG initiatives and sustainability goals are also priorities for manufacturers, which this research service discusses.
