For the past few decades, there’s been an emphasis on incorporating more advanced technology into the manufacturing process.
This directive has gone by many names – smart manufacturing, digital transformation, the fourth industrial revolution, advanced manufacturing – all under the common premise of bringing more cyber systems, intelligent automation, robotic process automation and business process management into the manufacturing process so that repetitive actions can be automated and optimized. The value of such efforts can be tremendous, with inefficiencies avoided, faster processes implemented, improved quality and cost savings just a few of the benefits. But these plusses need to be viewed alongside the potential of high initial costs, cybersecurity risks, integration/monitoring issues and regulatory compliance, among other challenges.
As mentioned, these initiatives have been progressing for some time, and the industry has had its share of success stories along with some hard-learned lessons, but the movement is still in a relatively early phase. In 2019, for instance, the World Economic Forum reported that only 29% of industrial companies had deployed “fourth industrial revolution” technology at scale. While this study was performed just over four years ago, a simple Google search reveals that today closer to 50% of companies in the manufacturing sector are in the process of implementing AI and other practices into their operations. That means it’s time to consider the impact technology improvements can make to your operation before your company is outpaced by the industry.
When implementing new processes and procedures into your business, consider a few of the following Schneider Downs Consulting services that can help make a difference: digital transformation, cybersecurity, business process automation and data analytics. Don’t hesitate to contact a member of your SD team for more information.
About Schneider Downs Industry Groups
Schneider Downs recognizes that every industry is different, often presenting unique challenges that require individualized insight, innovation and experience. Our experience in these industries is enhanced through participation in focus groups, which address the characteristics that make these industries unique.
For more information on additional industries we serve please visit Schneider Downs Industries or contact us at [email protected].
