The manufacturing industry, as we once knew it, has changed dramatically. Now, digital intelligence is a crucial skillset for data analytics, robotics, and innovative solutions that have shifted the lens in which we view manufacturing practices. Although the manufacturing industry may have been one of the last sectors to join the digital transformation movement, organizations that have embraced it are now seeing the return.
One of the most challenging components of demand is ensuring enough inventory on hand to meet it. Some companies have struggled with knowing exactly how much inventory to keep on hand for accurate forecasting. However, cloud-based inventory models have helped alleviate this risk. Companies like Fast Radius, a provider of comprehensive additive manufacturing solutions, are pushing the boundaries to new heights 1 for inventory management. Their factory consists of numerous 3D printers and a high-efficiency rate that requires few people to oversee processes manually.
It’s A Buyer’s World
Today’s typical industrial or manufacturing buyer is more informed than ever before. Buyers can get as far as 70% through the buying cycle before the first sales meeting. For this reason, manufacturing companies have been forced to implement new ways to engage with potential buyers. A strong digital presence online is critical and now considered a minimum expectation to even pique a buyer’s interest.
The Decentralized Supply Chain Model
Some manufacturers may shy away from working with larger corporations, due to complicated supply chain restrictions. However, initiatives like Blockchain have offered great assistance to forge relationships with businesses that may not have previously interacted. Digital ledgers 2 are assisting partnerships with organizations of different sizes in a simple format.
Digital innovation is undeniable for any industry in today’s market place. Organizations must continue to find ways to integrate the latest technology to create better efficiencies and benefit the end user simultaneously. The future of manufacturing is now, and it is already being transformed.
1 Reimagining the Future of Manufacturing by Cathy Morrow Roberson
2 The Digital Transformation of Industrial Marketing and Sales by Tony Uphoff