Capgemini’s Digital Transformation Institute (DTI) and Digital Manufacturing services relay the findings of their Smart Factories report. The report finds that many technologies such as the IoT, Big Data Analytics, Artificial Intelligence, Advanced Robotics, 3D printing and Cloud Computing will impact the manufacturing landscape. Sectors such as industrial manufacturing, aerospace and defense, and automotive and transportation have the largest numbers of manufacturers working towards a culture of smart manufacturing. 

Over 70% of manufacturers either already have a smart factory initiative or are working on formulating it, while a mere 14% are satisfied with their level of success. Even lower, 6% of manufacturers are “Digital Masters” who find that they have a comprehensive understanding of digitizing production processes with a strong foundation of vision, governance and employee skills.

The report also found that smart factories could add $500 billion to $1.5 trillion in economic value over the next five years.  Manufacturers expect on-time-delivery of the finished products to accelerate by 13 times with the implementation of smart manufacturing. That means huge rewards for their business and the customer. Cost items could be rationalized at 12 times the rate of improvement since 1990; material, logistics and transportation cost to be rationalized at 11 times.

Currently, the manufacturers who operate at an average level of effectiveness may experience benefits that would launch them into an industry leadership position. Through the productivity and efficiency increases that smart factories will bring, costs reduction will also rise. 

Ultimately, these potential improvements with digital technologies can not be ignored by manufacturers and could mean a large shift in business. 

To Read More, Click HERE.

Manufacturing, News