Despite an unsteady economic climate, the manufacturing industry has continued to exceed expectations and showcase favourable trends for 2023.
According to a monthly survey, India’s manufacturing sector activity rose to a 13-month high in December, supported by healthy inflows of new business and strong demand conditions.
Top manufacturing trends in 2023
IIoT still reigns supreme
When we looked at trends back in 2022, IIoT and the digitization of the manufacturing industry emerged as major trending themes. 2023 will not be very different as we move into the future of manufacturing with Industry 4.0
The spotlight shines on Procurement as a Service
As technology like IIoT, AI, etc. matures, it also becomes more affordable and accessible, with a reliance on digitization to execute everything, including sourcing & procurement tasks.
Thus making procurement as a service popular throughout the globe.
Predictive maintenance gets smarter & more efficient
Predictive maintenance will evolve in a new direction in manufacturing trends in 2023.
Predictive maintenance
The goal of predictive maintenance (PdM) is to prevent equipment breakdowns by using data analysis to find operational irregularities and possible flaws in the machinery. By reducing the frequency of maintenance, it seeks to reduce unplanned outages and needless preventative maintenance expenses. It uses both historical and real-time data from various areas of your operations to predict problems before they happen. This is achieved by
- Continuously monitoring asset health and performance in real-time
- Analyzing historical work order data to identify patterns
- Benchmarking MRO inventory usage to predict potential component failures.
Predictive resolution
Predictive resolution is the idea of detecting and fixing issues before they arise and is based on real-time data analysis and predictive analytics. It goes above and beyond conventional predictive maintenance by anticipating any problems and acting to fix them before they adversely affect the production process or the quality of the final product.
It helps manufacturers increase output, decrease downtime, and optimise efficiency by utilising technology like artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT).
Better Production Efficiency Using Digital Twins
A digital twin is a replica of equipment or an object in appearance and functionality that is rendered within a virtual environment. It is like having a sophisticated computer model that perfectly captures the appearance, behaviour, and even ageing of the component. There is a lot of interest in digital twins in different industries, including manufacturing, because of their potential to increase production quality, decrease downtime, and improve operating efficiency.
Employees Seek More Favorable Working Conditions
Given the current state of the market, manufacturing employees have more leverage thanks to technology, now more than ever before.
From flexible hours to advancement opportunities and workplace wellness programs, we’re seeing manufacturers implement new programs and policies to change how they manage operations.
Health and safety, of course, remain a top priority for manufacturers everywhere.
To learn more about the trends in the manufacturing industry, head over to our LinkedIn page
