21 Aug Manufacturing Trends to Watch for in 2020
The industrial manufacturing industry is in flux, driven by business pressure, market trends, and new technologies. By 2020, industrial machinery and components (IM&C) companies are anticipating and planning for trends that will directly affect their viability and priorities. Not surprisingly, most manufacturing businesses and their innovation programs will depend upon their ability to create digitally enhanced products, services, and experiences.
Omnichannel Customer Engagement
Driven by the customers of manufacturing companies who expect the consumerization of B2B sales and simplified sales processes with a consumer-grade buying experience, original equipment manufacturers will transition to true omnichannel customer engagements with digitalized sales processes.
Cross-Industry Networks Increase Operational Efficiency Across the Asset Lifecycle
Manufacturing companies stretch their current business models to go beyond the classic value chain from the initial design to the final disposal, creating cross-industry networks to increase the operational efficiency across the entire asset lifecycle.
Pay-Per-Use Business Models
Manufacturing companies will offer pay-per-use as an additional business model for software and digital services, as well as for their machines and equipment. Equipment-as-a-service contracts for auxiliary products, as well as for products for their customers’ core business, will become commonplace.
Plug and Produce to Increase Manufacturing Agility
Manufacturing companies will begin leveraging plug-and-produce approaches to increase their agility in manufacturing, like bringing new machines to a manufacturing line on the shop floor with easier system integration. Smart plug-and-produce-enabled products with edge intelligence will be an integral part of a self-optimizing, or lights-out, manufacturing system.
Smart Products Equipped with Edge Intelligence and IoT Capabilities
Manufacturing companies are already equipping their products with edge technologies, IoT capabilities, and integrated machine learning technologies, and this trend will continue to grow over the next five years.
IoT To Increase Revenue Through New Services
Manufacturing companies want to leverage IoT technologies and infrastructures to provide new services for the sales and marketing lines of business to increase revenue generated from products and digital services; drive new revenue from data and data-related services, as well as for the aftermarket service line of business, including an increased spare-parts business; and also revenue driven from new professional services.
More Software and Firmware in Products
Over the next few years, more software and firmware will be embedded in products to provide new features and functionality, enable digital capabilities, or replace existing physical capabilities through automation.
Virtual Reality and Augmented Reality in Daily Operations
Industrial manufacturers will continue to leverage virtual reality and augmented reality in their daily operations, especially in field-service management, where service technicians can use virtual and augmented reality technologies for guided repair in remote environments in certain countries or for particular products.
Big Data and Machine Learning in Manufacturing Planning and Scheduling
Industrial manufacturers have begun to utilize machine learning algorithms, a key component of artificial intelligence, to leverage available, valuable data sources and Big Data technologies to improve manufacturing planning and scheduling processes.