Solutions & Insights: The Rise of International Manufacturing
When forging ahead in the world of manufacturing, it’s important to have your eye on the competition. While some companies remain strongly focused on what their domestic competition is up to, we’re here to tell you that the international manufacturing market is on the rise and it’s for a very specific reason: technology. As underdeveloped countries step closer to the 21st century, there are big signs of growth and development with their manufacturing technologies and capabilities year over year.
Here are the Top 3 Signs that International Manufacturing is on the Rise
1) Internet of Things (IoT) – A term first coined in 1999 that relates to the interconnection of devices, machines, and other items. These devices are connected using electronics, software, and sensors. These separate objects can share information and communicate through a central computing system, a concept embraced by the international community. The Asian Pacific region is responsible for close to one-third of all international spending on IoT (software, hardware, and services), whereas the US market will only account for 15% of the total spending on IoT in the year 2018. The information gleaned from the interconnection of machines and data is extremely valuable when streamlining your production. About 76% of early-adopters of advanced technology in manufacturing say that IoT increased their insights into customer preferences and behavior, allowing them to adapt proactively rather than reactively.
According to Global Trade Magazine, IoT technology was valued at over 20 Billion in 2017 and is set to grow more than 20% from 2018-2020. Now that IoT is in place at many facilities, they are starting to incorporate IoT into their product design. Once these systems work together in full harmony, production capabilities will explode!
2) 3D Printing – 2018 is set to be a boom year for 3D printing. With the infrastructure in place and production hiccups ironed out, 3D printers are proving to be scalable and capable of ramping up their production. A new generation of smart 3D printing machines interconnected to automated systems that reduce the time-consuming set-up and tear-down costs in pre- and post-production.
Many manufacturers find that by 3D printing their prototypes, they can save costs and time by keeping this vital part of the manufacturing process in-house. These 3D printed models help the engineers visualize the part before production starts. With an eye on cost and quality control, 3D printing is an extremely important part of the product cycle. If your facility hasn’t embraced 3D printing yet, know that your international competition already has.
3) Advanced Software – As the machines get smarter with sensors, actuators and communication technologies, it’s the software that brings it all together. With technology advancing at a rapid pace, it’s the early-adopters of advanced software who are seeing major growth. The international community has been quick to adapt high-powered Enterprise Resource Planning technology to their facilities. The implementation of this software has leveled the playing field for international competition. Is your manufacturing facility fully utilizing software to stay ahead of the curve?
Realtrac Performance ERP is a prime example of software that serves as a conductor in your production orchestra. With technologies like Rightboard, Realtrac Performance ERP takes information from many different workstations and turns that information into measurable data. This real-time information allows a production manager to better allocate resources and ensure workstation productivity.
Once you’re receiving and understanding all the information from the software, you can make informed decisions to maximize your production capabilities. Ed Brown, Plant Manager at Sidley Diamond Tool Company says, “Since the implementation of Realtrac, we have seen a decrease in production times, we have seen a decrease in delivery times, and we have also seen a rise in profits.” The best decisions are the well-informed ones. Well-informed decisions mean cost savings and, most importantly, lead to profits.
Want to stay ahead of the competition both domestic and abroad? Beat them at their own tricks. Invest in your IoT and embrace the advantages of applying advanced digital technologies to your manufacturing facility.