A new era has dawned in the manufacturing industry which is largely driven by digitalization, information technology and customization. These changes can be defined by several megatrends that are sweeping across the manufacturing footprint.
The pros and cons of the Digital Age
Information technology, along with other emerging technologies, are causing a dynamic and continuous change in the ways things get done. For example, smartphones today are miniaturized, have high processing capabilities and are way cheaper than their counterparts from the 60s.
On one hand while this can be a good thing, it also has the power to disrupt whole industries and reshape the workforce like the extinction of weavers and camera film makers.
But new technology and innovation brings with it new processes and advanced business models. For example, 3D printing is enabling the mass production and customization of products by small firms. Other emerging technologies to look out for include nanotechnology.
Big Data and Real-Time Information
The capacity to process large volumes of data for economic purposes has transformed customer care across retail and finance sectors. Big Data also plays a crucial role in manufacturing, with the fast-track incorporation of information technology. This will lead to more accurate forecasting and analysis of plant performance.
Big Data is buoyed by open platforms and crowdsourcing, which enable customer interaction like never before. The design, distribution and service is slated to get a complete overhaul with manufacturers becoming more knowledgeable.
Revolutionizing the workforce
The demographics of the workforce are rapidly changing with 10,000 baby boomers retiring each day. This is a cause of worry among manufacturers who see the institutional knowledge being lost and finding it hard to replace them with millennials who are disinterested in manufacturing jobs. Today, manufacturers are in dire need of a new wave of workforce that is equipped to work on the 21st-century shop floor.
