In the face of tremendous upheaval and change in recent years, the Manufacturing sector has continued to surpass expectations and perform well. To expand on this growth, manufacturers are leveraging digital technology to help them reduce costs, increase revenue, and drive efficiency.
The last few years brought manufacturers unprecedented levels of volatility. As a result of the pandemic, geopolitical tensions, and rising inflation, they have faced a multitude of supply problems including sourcing bottlenecks, global logistics issues, and production shutdowns. In addition, other pressures such as challenges hiring and retaining talent, the increased possibility of cyberattacks, and cost pressures from the marketplace and shareholders have stretched organizations’ resources.
Manufacturers need to be focused on strategies to improve supply chain resilience and efficiency, whether that’s sourcing supplies nearer to home, carrying more inventory, or predicting and mitigating potential risks. They need to explore and pursue sustainability efforts including transparency into worker treatment, impact through the product lifecycle, and source materials. And they need to focus on gathering and using internal and third-party data and insights to make the best possible business decisions for future growth.
A digital transformation meets every challenge manufacturers face, by mitigating risk and enabling resilience. A flexible, secure cloud-based work platform, especially when equipped with virtual simulation tools, facilitates work and collaboration from anywhere and delivers accelerated cycle times, fewer late changes, and improved transparency throughout the product lifecycle. Digital twins—virtual representations of physical objects or systems—can be created for products, as well as performance, production, and even entire smart factories. These result in fewer physical prototypes, more predictability in performance, fewer production complications, and a greater likelihood of delivering what consumers are looking for.
Every manufacturer wants to do better with less. Those that embrace a digital transformation are the most likely to succeed in achieving agility and flexibility in product development and manufacturing, innovating products, and reducing costs.