World Business: The 2020 pandemic examines our manufacturing system. It gives exposure to inefficiency New technologies can help the manufacturing system adapt.
Could the pandemic shock now open the way for a change of pace in manufacturing innovation?
Can the transformation be successful?
Philip Stoten, CEO of SCOOP, posed this question to a group of the most influential manufacturing executives.
They give the answer by providing a number of penetrating insights on the transformation.
In this context, they can expect a good response in manufacturing and supply chains in the coming years
Competitive economic environment
Firstly, there are many disruptions which cause competitive environment than ever before, Thus it hinders the growth of the innovation of the company.
However, the strongest and most innovative companies are surviving and even thriving, and coming out on the other side leaner, meaner, and with a reduced field of competition.
Digital transformation is the current urgent need in many companies, while the pandemic shocks show innovative manufacturing industries’ capability.
They are transforming from the old ways of doing business to something more agile and resilient.
Industry 4.0 digital technologies
The adoption of Industry 4.0 digital technologies is essential for factories, companies, and manufacturing ecosystems.
This is because Covid-19 has shown the importance and value of digitizing and automating factory operations.
Besides, the digital transformation will also democratize and accelerate product innovation.
Use of Industry 4.0 technologies
They can be the crucial enabler and accelerating the deployment of remote control.
Furthermore, it can also monitor systems and autonomous devices. For data collection and analysis and then subsequently 5G deployments for no-latency control of manufacturing equipment.
In a nutshell, the world economy needs to boost living standards across the globe in the coming decade. Therefore, the compulsory of innovation across the manufacturing ecosystem is unavoidable.
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