In today’s Internet of Things (IoT) world, smart products offer customizable, data-driven solutions that simplify our lives. From smart watches to smart security systems, the technology is everywhere. The manufacturing industry, however, has been slower than other industries to adopt. While this was initially not seen as a major setback, the pandemic has disrupted the manufacturing ecosystem in such a way that investors are forced to reevaluate their go-forward strategies.
Data has shown that smart factories were better prepared to navigate the pandemic and have the capacity to weather any global disruption in the future. IoT connectivity and data-driven insights continue to help manufacturers anticipate, automate, and innovate post-COVID-19. In a recent poll of CEOs conducted by Deloitte, 85% of leaders expect investments in smart factories to rise by June 2021 while 62% of manufacturers have increased their commitment to smart manufacturing initiatives. On average, they expect 36% of all factory investments to flow towards smart technologies, which is a whopping 20% greater than pre-COVID findings.
By investing in smart technologies, manufacturers are able to transform a wide range of operational processes and strategic applications. For example, advanced plant maintenance solutions such as the Res.Q Machine Inventory (MI) monitor all plant-related concerns and machine movement regardless of them being internal (within premises) or an external (out of site location). It can also trigger breakdowns and system alerts, manage rent in/out machines, and carry out the entire service management process from auto-generating service calendars to assigning mechanics for upcoming services and calculating machine running cost among others.
Res.Q QMS, on the other hand, is a perfect example of strategic application of smart technologies. It is a cloud-based solution that leaves no stone unturned in managing production quality on the factory floor. It streamlines quality inspection and eliminates reporting time lags to enable faster, data-driven decision-making which is key to navigating the post-pandemic world. By adopting a quality management system, manufacturers can also spot noncompliance early, minimizing waste of raw resources and time.
The sooner manufacturers adapt smart technologies, the more flexible they become in their ability to predict and react to shifts in demand, supply chain interruptions, and changing market conditions. It would in turn help them produce more relevant, better products at a faster pace and higher productivity levels.
However, given the perceived complexity of the transition, manufacturers often tend to get crippled by analysis paralysis. This can be avoided through insights from early adopters who have successfully scaled their digital strategies. Janaka De Silva, Director at NC Fashions says “RES.Q helps us identify & correct quality issues at their infancy” which can be a major competitive advantage to push manufacturing boundaries. For Lasantha Ranasinghe, General Manager, Operations Administration, Hirdaramani Mercury Apparel, Res.Q smart manufacturing solutions have enabled access to production-crucial information & reports on-the-go anytime, which is crucial for decision making in large manufacturing plants.
In a pandemic-stricken world, conventional manufacturing has reached a dead-end. Should you remain competitive in 2021 and beyond, a smart factory will have you better prepared no matter what the future may hold.