The manufacturing sector has undergone remarkable changes in the last few years. New technology is helping to increase higher efficiency and allowing manufacturers to cope with increased orders, more variation in product types, rapid product development and expanding distribution networks.
Selecting the right technology is essential to the continued success of your business. Here are six technological trends that you shouldn’t miss to boost cooperation, execution of processes and overall operational efficiency.
Real-time data management
Real-time information is crucial to comprehending the fundamental operations. By collecting, storing and gathering data in a central location, companies can make better strategic decisions by monitoring essential phases of the production process. Reports that would be published over weeks are now immediately on interactive dashboards that enable key stakeholders to react quicker and with more certainty.
Optimize production resources
Manufacturers can track throughputs and react quicker to any potential bottlenecks and minimize downtime due to unplanned interruptions as data are stored within an integrated platform. Different types of resources can be optimized simultaneously, and the availability of materials and production capacity can be scheduled to determine viable delivery dates for customers. This makes it easier to plan large quantities of production orders swiftly and precisely.
Forecasting margins for products
Manufacturing companies are usually the most uncertain about their pricing. Without confidence or the automated tools for tracking costs, producers cannot calculate the actual price per unit. Innovative technology can be used to identify, assign and compare the standard and actual costs for finished products. This helps manufacturers capture actual costs, which can improve the bottom line. Using a system to calculate exact item costs, product prices, and the margins that result from this helps increase profits.
Management of BOMs and lifecycles
The constant change in the bills of materials could result in faulty components on production lines. BOM revisions ought to be a priority. Modern manufacturing tools now allow managing multiple active BOMs at any given time as updates are automatically distributed to the relevant departments.
Eliminating the amount of Inventory that is not needed.
The idea of investing in empty inventory items is that manufacturers should avoid it at all costs. Inventory items can be incorrect, undervalued or insufficient. However, suppose you have a powerful tool for supply and demand. Available inventory items can be weighed to ensure that the proper quantities and components are always available in your warehouse.
Meet Industry Standards
The need for global companies to concentrate on traceability and compliance is increasing dramatically. Companies can increase significantly the quality levels of their products and traceability standards with an instrument that monitors quality assurance and gives full auditing and electronic document traceability as the norm.
