Top 6 Tech Trends Your Business Can’t Ignore : The manufacturing industry has experienced unprecedented change in recent years. But new technologies are helping to drive levels of efficiencies and help manufacturers cope with new order volumes, increased product variations, rapid product development, and ever-expanding distribution networks.
Choosing the right technology is key to the future success of your company. Here are six tech trends you simply can’t ignore to enhance collaboration, process execution, and overall operational excellence.
Real-time data management
Access to real-time information is critical to understanding core operations. By capturing, storing and analysing data centrally, businesses can improve strategic decision-making by tracking crucial stages in the production cycle. Reports that used to take weeks are published instantly on interactive dashboards to help key stakeholders react faster with greater confidence.
Optimise production resources
Manufacturers can monitor throughputs to respond faster to any unexpected bottlenecks and reduce unwanted downtime when data is stored in an integrated system. Multiple resource types can be optimised simultaneously and material availability and manufacturing capacity can be scheduled to calculate viable delivery dates for customers. This helps to plan large numbers of short-run production orders quickly and accurately.
Product margin forecasting
Manufacturing firms are often the least confident in their pricing. Without confidence or automated cost tracking tools, manufacturers cannot calculate actual costs per unit. Innovative technology will capture, assign and compare actual and standard costs for finished goods. This allows manufacturers to capture true costs to boost the bottom line. Having a system that calculates accurate item costs, product prices, and the margins on these, helps to boost profits.
Managing BOMS & lifecycles
Constantly changing bills of materials can lead to incorrect components in production lines. BOM changes should be a strategic initiative. Advanced manufacturing solutions now offer the option to manage several active BOMs at any time, with updates automatically circulated to relevant departments.
Reducing excess Inventory
Investing in dead inventory is something manufacturers should do at all costs. Inventory items are often inaccurate, underestimated or incomplete. But when you’ve got powerful supply and demand software at your fingertips, inventory items can be balanced to ensure the right components and quantities are always in your warehouse.
Meet Industry Standards
The global need to focus on compliance and traceability is increasing significantly. Companies can dramatically improve product quality levels and traceability standards by using a system that controls quality control and provides a full audit and electronic documentation trail as standard.
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