Technology has already been introduced to the manufacturing industry i.e., industry 4.0. It has already revolutionized how manufacturing processes operate, enabling opportunities to tap into more innovative and flexible technical platforms impacting the overall product lifecycle.
Having a bright future ahead, the manufacturing industry in India added the Gross Value of $350.27 billion during the first half of 2021, as per the statistics released by IBEF. India is rapidly emerging as the preferred country for foreign manufacturers, and several research conducted claim that India is most likely to cross $ 1 trillion by 2025.
However, 2021 brought various challenges to the industry like the following:
- Inefficient Labor Productivity
- Improving efficiency in manufacturing plants
- Unanticipated Domestic and Foreign Market
- Poor Collaboration among distinct departments
- Complying with government regulations on COVID-19
- Travel Restrictions causing delivery failures
Such challenges triggered trends that are most likely to follow 2022 prominently.
IoT will Continue to Be the Big Thing
Despite the Internet of Things (IoT) getting more common in the manufacturing industry due to its flexibility, reliability, and scalability, it remains on the top of the list after so many years of its adaptability and innovation. Hence, the following year is no exception either.
IoT connects unique devices within an internet infrastructure while enabling manufacturers to be more strategic while making decisions, use real-time data and track the organizational situations, cut costs with its various innovative features. It also drives product innovation, improved safety, and enhanced efficiency. According to MPI Group, about one-third of production processes now incorporate embedded intelligence and intelligent devices.
A New Approach to ERP
Enterprise Resource Planning (ERP) has become essential for manufacturers due to its reliability, Scalability, real-time information availability, and cost-efficiency. However, COVID-19 has changed how fundamentally manufacturers would implement their ERP: they would rather mount additional applications on their existing ERP than let it handle everything on its own.
A manufacturer-centered ERP like Microsoft Dynamics 365 scales with your business.
Depending upon the requirements, it can add more power apps to the ERP for everything, from employee’s safety apps to back-to-work systems. Such solutions help cope with the temporary issues without having to go through a multi-layer development project.
Manufacturers these days are even inclining towards data-driven approaches to ERP upgrades. It allows them to move data forward, consolidate around modern data platforms and construct tangent data around their existing data model. This trend is most likely to continue in 2022.
Production Balancing with Predictive analysis
Properly functioning equipment is one of the primary requirements while manufacturing. Shortage or disruption of such assets can be a costly affair in terms of repairs, productivity, and downtime. According to a report, 98$ organizations have reported that one hour of downtime costs them more than $100,000.
Therefore, it is necessary for manufacturers to ensure the good conditioning of all their equipment. Predictive maintenance can reduce downtime, sudden outage and even extend the machinery life cycle by years. The predictive analysis enables manufacturers to watch-over equipment performance and to automate the data accumulation with IoT. Such insights allow a better understanding of equipment functioning and where they are most likely to face damages. These insights are essential for better and more logical asset management.
Big Data Becomes More Eminent
Having IoT and predictive maintenance trends on the rise, big data becomes even a bigger deal for manufacturers than ever before. You can expect every surface to become a data extracting sensor to generate real-time insights. The art of pulling data from multiple sources, amalgamating with robust cloud computing capacities, and making it possible for manufacturers to dice and slice in a way to deliver a more extensive understanding of their business.
Platform-as-a-Service Trend Will Rise
Companies usually focus on the key areas driving revenue while outsourcing everything else. There is a fairly good reason companies avoid handling payrolls exclusively in-house. There are a lot of factors contributing to it such as constantly changing law requirements and the business owner might have to pay a heavy price in case, he fails to comply with it. There could be legal actions taken against the owner, financial penalties charged, or some other reputational punishments. To avoid such consequences, businesses are implementing platform-as-a-service. Companies can tap into a comprehensive development environment via the cloud and pay only for the services they consume. Their payment increases only if your business requirements increase, and your growing business requires more resources
It is time for manufacturing businesses to level up their technology and tap into some amazing trends making their place in the market. Microsoft Dynamics 365 provides a unified software service every business needs to thrive in 2022. Trident Information Systems has been a Gold Microsoft Partner since 2004 and provides the latest adaptable and scalable technology services complementing the business environment. Contact us for further information.
