The past couple of years have been turbulent for manufacturing, with the accelerated rate of digital transformation set to increase in 2022.
You can’t say “2022” without recognising supply chain issues, the ongoing pandemic, and general disruptions; business owners are navigating these challenges while working on recovery and growth post-Covid, while also seeking the right digital technologies and strategies to invest in.
Despite all these challenges, disruption is driving digital transformation in the manufacturing industry (Gartner, 2022) so it’s time to look at new solutions designed to meet modern needs. Manufacturing businesses must leverage new digital technologies and create an effective digital transformation strategy to help differentiate their services and gain a competitive advantage.
Key trends shaping technology
Overall manufacturing industry trends for 2022 will be driven by the ongoing march of technology, connectivity and automation.
The key technology trends that have the potential to be the most disruptive to manufacturing companies are listed below. These tech trends are reaching critical tipping points and challenging conventional business operations, which means now is the time to drive innovation and digital transformation in your business:
- Smart Factories – manufacturers will be increasingly motivated to implement smart technology to keep pace with competitors who are seeing the benefits.
- Data-Driven Maintenance – using ERP systems and AI to do predictive maintenance can reduce downtime and create material cost savings which is more important than ever.
- Increased Reliance on Virtual Processes – technologies such as digital twins, machine learning, AI, AR, and VR are helping manufacturers navigate COVID challenges by enabling remote monitoring, servicing, and equipment operation, without the need to be on-site.
For more digital trends that will change, and are already changing the industry, check out this Forbes article on the top biggest trends for manufacturing.
Meeting these new and increasing demands and technology trends clearly cannot be done with outdated legacy systems. Here’s another familiar saying: “if it ain’t broken, don’t fix it” but that attitude is what’s holding businesses back. Just because something’s always been done a certain way doesn’t mean it can’t be improved. And this transformation is challenging traditional thinking.
Continuing to operate with systems that can’t keep up with the demands of modern manufacturing and environmental challenges will not only hamper business growth, but using older software systems to manage staff, workflow and inventory will result in slower processes, issues with supply and wasted time and materials.
Leveraging tech designed for the manufacturing industry
For manufacturing businesses to achieve growth, they need to innovate. Cloud business management platforms like MYOB Advanced Manufacturing can help with this innovation through automating, connecting and digitising processes – and they can even help find efficiencies in unexpected places. Small improvements to everyday processes can make a real difference to your bottom line, how efficiently you operate internally, and how your staff spend their time.
If you are reading this, it’s probably because you’re thinking seriously about investing in new technology that’s been designed specifically for the manufacturing industry. To help you on your path to innovation, we’ve collaborated with our partner, MYOB, in a new eBook – Tech transformation for manufacturers.
In the eBook we look at:
- The complexity of the manufacturing industry – balancing the incoming supply of materials and parts with production and storage of goods and outgoing orders and shipping is a constant challenge. We outline six ways the right technology can help.
- Operational issues and market demands – inflation, supply chain problems and changing consumer demands are increasing the pressure on manufacturing businesses, especially if they’re relying on old software systems that are causing issues with efficiency, process management and access to data and minimising waste.
- An introduction to MYOB Advanced Manufacturing – a cloud business management system designed for New Zealand and Australian manufacturers, with a focus on streamlining processes, delivering accurate data, increasing productivity, and reducing costs.
We’ve barely scratched the surface in this blog; however, you’ll probably know that this is an exciting time of change, growth, and reinvention for the manufacturing industry. Innovation is on the rise when it comes to technology on the plant floor, and the operational side of the business must keep up. The industry is complex and unique, and real growth can’t be achieved if old technology is holding a business back.
Get the full story in our new eBook, Tech transformation for manufacturers. Download it today.
Endeavour Solutions implement ERP, business planning and business intelligence solutions from world-class software companies. Our aim is that your business has the information you need to make faster, smarter decisions. And that you can ‘join the dots’ right across your organisation – something we have been helping businesses with for over 30 years.
Contact us on 0800 422 272 or visit our website: www.endeavour.co.nz
