Industry Outlook: Manufacturing Predictions for 2020

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Organizations worldwide are looking to gain more data-driven insights into the production and supply chain of manufacturing processes like extrusion. 2020 is all about catching up with technology to utilize its full potential for Industry 4.0. It involves using interconnected systems to communicate, analyze and drive more intelligent actions.

Industrialists that have adopted these changes report having achieved around 30% reduction in maintenance costs. By modifying your maintenance culture, you could also decrease downtime, increase productivity and get good investment returns. 

During this COVID-19 pandemic, safeguarding workforce health and preventing plant closures are top priorities, as around 80% of manufacturers expect to hit a financial slump.

This post will speak of some of the top manufacturing trends for 2020 that can help you maintain a competitive edge in the market.

Trend 1. Rise of the robots

There is already an increasing number of businesses using robotics in manufacturing and industrial settings. One McKinsey study reveals that from 2012 to this year, the market for robotics in industries has increased by double digits every year, and will continue through 2021.

29% of small to mid-tier industrialists in North America, including plastics extrusion manufacturers, are interested in investing in automation in 2020.

The primary advantages are that you can use robots for a broad range of repetitive tasks, such as labeling, packaging, pick and place, stacking, etc. They can also help industries navigate the uncertain times surrounding COVID-19 when enhanced safety protocols became the new normal.

You can minimize recurring labor shortages, scale up faster and deliver larger customer production jobs. You can improve quality with human-robot collaboration, reduce costs and increase productivity.

Trend 2. Data-driven predictive maintenance

2020 becomes the year that industrial organizations start focusing on smart ways for operational-data gathering. For instance, material wastage is one of the largest cost factors for commodity products in an extrusion process. By gathering smart data from your operational environments, you can move away from wasteful practices.

Instead of looking at vast unstructured sources, shifting your focus to specific data sets that add value, such as asset-condition indicators, can help.

Data-driven approaches for predictive analytics in AI-powered workflows can improve accuracy, future demand level estimation, raw material forecasts, etc. As a new-age manufacturer, you can gain production efficiency by minimizing labor shortages, material costs and regulatory costs.

Trend 3. Personalization

Whether you are direct to consumer brand or using a middleman to reach out, one thing to adopt is customer personalization.

Industries are moving away from the one-size-fits-all approach that worked for years. Brands are now expected to deliver high-quality goods with supreme craftsmanship and match each consumer’s personalized needs.

Indeed, a survey shows that about 38% of customers lean towards switching companies because of low online personalization, which brings you to user engagement.

Manufacturers have realized that they need enhanced visibility to reflect their more in-depth market knowledge to stay ahead. You need a more robust understanding of what customers want and aesthetically present your narrative. Email subscriptions, loyalty programs and mobile apps can also lead to better market intelligence and faster order responsiveness.

Explore how technology can enhance processes

All major manufacturing sectors are reeling from the effects of COVID-19. This situation makes evaluation of supply chain agility and streamlining the distribution networks all the more critical. Using the Industrial Internet of Things and automation technologies, VR and AR can help reduce worker density on the site. Particularly in processes like extrusion, you need the best processing equipment and real digital transformation to achieve ROIs and add an individualized value proposition.

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Owner: Clayton Cardinalli
Owner tag: @clayton_cardinalli