Manufacturers are constantly looking for ways to improve their processes, often searching for means of optimization in a world where elements of production are getting more expensive. As the industry continues to change over time, leaders should understand their current state of competitiveness and find methods for improving that factor in the future.
A new study from Deloitte and the Council on Competitiveness, a D.C.-based nonprofit, asked about three dozen manufacturing executives and national laboratory and research facility directors their opinions on what advanced manufacturing technologies were the most crucial to overall growth. Their response?
"Analytics, in a variety of forms, is at the top of the list," Deloitte vice chairman Craig Giffi, said.
The report listed 10 of the most promising manufacturing technologies. In order of importance, they are:
We will take a closer look at predictive analytics, the Internet of Things and advanced materials, analyzing their benefits to manufacturing and how Mexico is an ideal environment for both elements to thrive.
Predictive data analytics integral to advancement
Predictive data analytics can serve both individual manufacturers as well as the industry as a whole. Since this factor has been deemed the most important for growth by market leaders, manufacturers will benefit from focusing on elements including artificial intelligence and machine learning. In fact, this market is slated to climb from less than $1 billion in 2013 to $36 billion in 2016, according to the Deloitte report.
Using predictive analytics allows manufacturers to take both a broad and specific look at certain areas of improvement for their industry. According to IT Toolbox, these elements include:
Investing in predictive analytics enables manufacturers to streamline their process, making it less viable to serious problems which could cause downtime and a loss in profits.
"Over time, these IoT-connected machines will become more complex."
Internet of Things gives manufacturing a boost
With advanced software and network connectivity, paired with high-performing sensors, the IoT allows machines to interact digitally. Manufacturers currently use IoT-enabled devices to track assets in their factories, increase analytic functionality through predictive maintenance and consolidate their control rooms, according to Business Insider.
Although the solutions currently is use are still fairly basic, over time these connected machines will become more complex. Manufacturers already invested in IoT are already seeing the results. In fact, these companies saw an increase in revenues by 28.5 percent between 2013 and 2014, according to a TATA Consulting study.
These technologies can help manufacturers become more competitive in their industry. By automating and improving the productivity, maintenance and operation of machines and entire systems, better connecting people to controls to pinpoint efficiency flaws and improvement of supply and logistics management, manufacturers can stay ahead of the currve.
Advanced materials critical to competition
To remain competitive in their industries or to surpass other businesses completely, manufacturers must utilize more advanced materials that offer more strength and are less expensive to produce. The Deloitte/ CoC report listed some important examples of equipment components on the rise in the near future:
These materials will help manufacturers keep their costs low, while still producing strong and stable products. Furthermore, including these elements in the manufactured goods will help companies remain competitive in their market.
Mexico: Where manufacturers thrive
Companies from around the globe have moved their operations to Mexico. The country offers many advantages to manufacturers looking to improve their level of competitiveness in their market. As the push for big data and advanced materials continues to grow over time, Mexico can provide an environment where these tools can truly thrive, allowing manufacturers to gain exposure in their industry and increase their profits.
Let's take a closer look at some of the aspects of manufacturing in Mexico that can help big data and advanced materials advance in this setting:
A greater focus on predictive analytics, the Internet of Things and advanced materials is changing the face of manufacturing around the world. Companies need to utilize these strategies and technologies to become more competitive in their industry, improve their process and increase their profits.
Today, many manufacturers make the decision to move their operations to Mexico. Due to the country's investment in education and its workforce, Mexico can provide highly skilled labor that will be able to put the findings of Big Data into effect. Furthermore, Mexico's maquiladoras system, commercialization of LiFi, participation in NAFTA, intellectual property protection and investment in IoT gives manufacturers an environment where their businesses can truly thrive.