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Much has been stated about Industry 4.0 and its impact on the manufacturing and logistics industries. Without a doubt, it has accelerated the use of advanced tools and smart technology in manufacturing and logistics management organizations. It has increased productivity, lowered operating expenses, enhanced decision-making capabilities, increased operational efficiency, shortened production time, and provided a better customer experience.
And now it’s time to look forward and embrace Industry 5.0. Whereas the focus of Industry 4.0 was on the utilization of technology and optimizing them in business operations. The goal of Industry 5.0 is to connect humans and smart machines. Industry 5.0 is on the horizon and will drive the Manufacturing and Logistics industries alongside Industry 4.0. Hence, manufacturers must get ready to embrace the change and follow the Top Tech Trends in Manufacturing, 2023’ to stay ahead of the competition and capture market share in an ever-evolving business environment.
Blockchain technology has the potential to transform the Manufacturing and Logistics industries. It can build robust supply chains, expedite operations, and increase overall security. According to Gartner, the business value-add of blockchain is estimated to reach $3.1 trillion by 2030. Leveraging blockchain technologies manufacturers can improve data integrity, enable smarter data exchange, and automate decision-making. Furthermore, globally integrated supply chain networks can use blockchain technology to more safely and efficiently procure, source, manufacture, and handle logistics across diverse organizations, benefiting enterprises of all sizes.
Since the advent of digitization, every organization has gone digital, embracing AI-enabled technologies to automate the entire process. According to the report, AI in the industrial business is expected to reach USD 16.3 billion by 2027. Manufacturing and logistics service providers can use artificial intelligence and automation to identify, assess, and address potential disruptions, mitigate risks, predict failures, track inventory, increase visibility, and simulate process optimization for better business and customer experience. Siemens, one of the world’s leading manufacturers, uses AI to reduce machinery costs, increase automation uniformity, and for real-time visibility.
One of the enablers of warehouse automation are robots and cobots. Using AI-enabled robots, collaborative with humans, in Manufacturing can reduce repetitive tasks help pick, pack, and sort, and lift heavier parts without compromising labor safety. Smart robots can also inspect parts, detect issues in real-time, and improve the overall quality of products and processes. It is easier to retrain and reteach robots when they are repurposed for various activities. This can minimize operational costs while keeping human workers focused on more difficult, higher-value jobs. According to Fortune Business, the global logistics robots market is projected to grow by USD 17.82 billion by 2028. An automobile manufacturer, Nissan deployed robots in its motor production facility to overcome problems around maintaining production timelines. They have invested in cobots to help employees install engine intakes, among other tasks.
By exploring the blend of the physical and virtual worlds with digital twins we replicate any physical process or object. As per the report the global digital twin market is expected to grow to USD 73.5 billion by 2027. Digital twins we can be used in warehouses to create appropriate 3D models, experiment with designs, or build new equipment and test its capabilities. Digital twins in manufacturing could be used to replicate the dimensions of a new product or to generate a digital clone of the factory floor’s equipment to examine how the machinery functions in different situations. Manufacturers can also use digital twins or VR to remotely monitor, diagnose, and optimize their assets, lower service costs, and improve supply chain operations.
The Internet of Things (IoT) is a highly prevalent and widely used technology in manufacturing, and COVID-19 has rekindled interest in IoT technology thanks to its remote monitoring, inventory management, and predictive maintenance features. According to McKinsey, the Industrial Internet of Things (IIoT) will be a $500 billion market by 2025, owing to advancements and rising demand in the manufacturing sector. IoT-enabled devices enable manufacturers to monitor equipment performance from a distance and identify potential issues before they occur. In addition, incorporating IoT technology into the logistics and supply chain industries enhances and allows for more efficiency, transparency, real-time visibility, condition monitoring, and fleet management.
Embracing the future of Manufacturing and Logistics
In the future, insights derived from a combination of AI, IoT, digital twins, blockchain, and AR/VR will enable organizations to build more resilient operations and transparency across the manufacturing and logistics industry. Innover with its manufacturing and logistics solutions assists organizations in adapting to emerging and growing technologies, allowing them to become more connected, reliable, and efficient, as well as capture growth and embrace long-term sustainability and profitability.
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