The Future Of Digital Manufacturing
Only about a third of manufacturers investing in digital transformation have been able to maximize the outcome. The rest are being held back by outdated business models and technology. Manufacturers have made progress but there is still more to be done for the industry to realize the full potential of IoT and other emerging technologies. It is essential for manufacturers to get up to speed on the realities and the challenges to IoT adoption and embrace the smart, digital solutions that will continue to push the industry forward. The benefits of IoT adoption for the manufacturing industry are undeniable which is why we’ll continue to see IoT and other digital technologies speed ahead. Digital Manufacturing is about more than just technology helping manufacturers operate more efficiently.
Manufacturers predict almost half of all their products will be smart, connected and capable of generating product-as-a-service revenue by 2020. Manufacturers are predicting smart, connected products launched will jump from 35% in 2017 to 47% in 2020, growing at a compound annual growth rate of 10.3% a year, up from just 14% in 2014. Therefore, Manufacturers are struggling to ensure digital continuity throughout their entire product life-cycles. Manufacturers have installed programs to enable collaboration and greater innovation with start-ups, third parties, and suppliers, expanding their digital ecosystems to include co-creators in new product development.
The challenge with digital manufacturing is organizations only have so many resources and they need to try to find a balance between maintaining their legacy product line and spending money on the next fad of products. Manufacturers need to balance the two priorities of using digital technologies to get legacy products to market quicker while investing in new smart products to enable them to drive revenues from services. This task is not easy for Manufacturers to accomplish. The first step is to create a roadmap and enlist the help of experts to help guide you through this process. 2W Tech has IT Experts on staff that specialize in Manufacturing solutions and can help assist you with your digital manufacturing journey.
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