Innovation and Implementation of New Technology in Manufacturing

Innovation continues to increase from the new opportunities brought by COVID-19; technological innovation presents as the most notable. With the utilization of technology on the rise, manufacturers have new ways to solve problems related to remote work oversight and complex workflows. The implementation of digital technologies can help increase efficiencies by providing connectivity like never before.

Cloud computing, Internet of Things (IoT), digital manufacturing, Artificial Intelligence (AI), Smart Factory, Digital Twin, and the Fourth Industrial Revolution, to name a few, are progressions that have helped merge the gap between people and machines. These advancements can provide instantaneous connections anytime from anywhere. In a survey from the Manufacturing Alliance for Productivity and Innovation (MAPI), for the summer of 2021, 85% of manufacturing CEOs say their annualized investment in smart factory initiatives will be rising. In addition, 64% noted that digital innovation in distribution will drive a larger share of sales.

According to Manufacturing Global, many companies had to adapt to the digital changes quicker than originally anticipated. Changes included companies operating “lights out” as they use predictive systems to improve efficiencies to lower costs. However, the digital adoption is not going to be the same for every company. Manufacturing Global noted that many companies are in different stages of adoption as the world is working through varying levels of recovery.

The disruption of COVID-19 has helped accelerate the consideration of new technologies in manufacturing. In fact, analysts are claiming that manufacturing will experience years of innovation in the next 18 months. Innovation and implementation of new technology will help to shape the “new normal” brought by the pandemic.

If you would like more information on digital technologies that can increase efficiencies for your company, please contact a member of Schneider Downs’ manufacturing practice.

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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

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