Category: Cloud, Data Engineering & Analytics, IoT, Digital Transformation
Accelerate Your Journey To Smart Manufacturing Transformation - The Ecosystem Approach
The disruption of COVID-19 has created an assortment of challenges for the manufacturing industry. According to the research, manufacturing production shrank by about 25% after the eruption of a pandemic.
Consequently, it created a budget strain to remain operational by implementing a digital solution during this unusual situation. With the economic downturn, firms must accelerate smart manufacturing in order to derive a future competitive market and overcome the difficulties to improve production.
Although Digital transformation is an optimal solution, combining it with the manufacturing ecosystem allows the firm to turn over more quickly and improves collaboration with partners. Let’s understand the term smart manufacturing closely.
What is Smart Manufacturing?
Smart manufacturing is a practice of integrating digital tools and contemporary technologies such as data analytics, IoT, AI, cloud computing, and many more with traditional manufacturing processes. The application of these new technologies and techniques in the manufacturing industry as a whole has opened up a world of possibilities for improving development, lowering operational costs, and making better use of resources.
Why This Matters
What is an “ecosystem” in smart manufacturing?
Basically, an ecosystem comes off when varying entities are associated significantly in order to overcome various challenges and achieve set objectives. After a thorough investigation, experts concluded that the manufacturing ecosystem strategy will undoubtedly aid the manufacturing industry in remaining competitive, accelerating digital transformation, and improving efficiency and performance.
Following are some keys takeaways from the UK
- The manufacturing ecosystem has the capability to accelerate digital transformation, thus manufacturers are able to attain double revenue growth, digital maturity and the new services deliver to customers.
- 93% of British manufacturers believe the construction of wide ecosystems throughout their production lines may help their enterprise remain competitive.
- 67% of the companies polled felt that ecosystems' creation of smart manufacturing and digital objectives is increasingly important.
- Based on the present economic situation, 47% of respondents continue their smart investment in manufacturing
Benefits of Ecosystem in Smart Manufacturing Experienced by The Organization from The Last Two Years
Every manufacturing company needs a system that can function in a manner to fulfill all manufacturing requirements of each area, such as quality, production, lead time, tools, and many more. Hence, during this critical situation, companies are demanding an all-in-one solution.
Many organizations utilizing the ecosystem approach in smart manufacturing for a long period and stated the following benefits:
32% - New products and services are being introduced to the market at a faster rate than ever before.
25% - Increased market income for a product or service
22% - Growth of innovation capacity in the company
21% - Accelerate the digital maturity of the organization
Overall, the digital manufacturing ecosystem is an excellent way to meet certain goals. Here are some common benefits manufacturing organizations will get after implementing ecosystem approach:
- Simplifies and improve the compliance
- Make the production quite easier
- Reduce scrap parts and improves quality control
- Increase the output
- Lower the manufacturing costs
- Optimize the tooling availability, performance, and life span
How Can Ecosystem Approach Amplify the Impact of Smart Manufacturing?
Smart manufacturing is helping the industry to progress toward digital transformation. The ecosystem approach, on the other hand, can make a significant impact on the speed and scope of their activities. For example, engaging with a network partner to address problems and discuss forthcoming possibilities can help the manufacturers to make faster progress. However, the ecosystem can result in much more ways than just deriving up the volume to smart manufacturing, such as members of an ecosystem can collaborate to solve shared challenges and seeking a solution that will benefit more than a participant. This is how a strong and transparent connection within the ecosystem can amplify the impact of smart manufacturing.
Top 5 Partners Are Contributing The Most Value to Manufacturing Ecosystem
The sort of manufacturing partners a company selects has a significant influence on the ecosystem approach to smart manufacturing & automation. Here are the top 5 partners that are continuously contributing to the manufacturing ecosystem:
- IT software vendor
- Industry 4.0 technology providers
- Operational technologies vendors
- Physical automation
- Professional services providers
Despite the economic downturn, now is not the time to slow down the implementation of smart manufacturing. Instead, the digital transformation turned into the necessity for solving unpredicted challenges that experienced by manufacturers to maintain the operations throughout the epidemic. The smart manufacturing ecosystem is simple to comprehend but difficult to execute. It necessitates a concerted effort, an organizational plan, and the selection of the appropriate service provider. KCS is the world's top digital services provider, having collaborations with manufacturers of all sizes. KCS experts first understand the client's goal for digital transformation and then provide a solution to address both typical and unique problems.
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