As the manufacturing industry faces challenges including inflationary pressures, skilled worker shortages, and supply chain disruption, companies are increasingly looking to leverage innovations in manufacturing technology in order to thrive and grow. Embracing technological advancements and inventive new techniques can help businesses improve their productivity, efficiency, and flexibility.
Here are six trends in manufacturing technology that are transforming the industry:
1. Additive Manufacturing (3D Printing)
3D printing, also called additive manufacturing, is transforming traditional manufacturing models by streamlining prototyping and accelerating production. 3D printing constructs objects layer by layer from digital blueprints, using a variety of materials, including plastic, metal, and ceramics. It enables design flexibility, customization, and complexity and is being put to use in a number of industries, including aerospace, automotive, healthcare, and consumer goods. While the adoption of 3D printing techniques is on the rise, some businesses may still encounter challenges with the technology, including the ability to scale production effectively and consistency in material quality to achieve a uniform result each time.
2. Robotics and Automation
Robotics and automation have reshaped the manufacturing landscape, bringing efficiency and precision to manufacturing processes. These technologies involve the use of robots and automated systems to perform complex or labor-intensive tasks with minimal human intervention.
Industries ranging from automotive to electronics have embraced robotics and automation to enhance productivity, reduce labor costs, and improve product quality. These systems offer measurable benefit in managing repetitive tasks, which can ensure consistent results and free up employees’ time to focus on other tasks.
3. Digital Twins
Digital twins, which are a virtual representation of physical objects or processes that bridge the gap between the physical and digital worlds, are revolutionizing how products are designed, produced, and maintained. In manufacturing, digital twins allow for real-time simulations, performance predictions, and optimization.
The automotive and aerospace industries utilize digital twins to streamline product development by virtually testing prototypes before physical production. These virtual replicas enhance efficiency, enabling proactive maintenance by predicting equipment failures and optimizing operational processes. The technology empowers manufacturers to make informed decisions, reduce downtime, and optimize resources.
4. Industrial Internet of Things (IIoT)
The Industrial Internet of Things (IIoT) has reshaped the manufacturing landscape by interconnecting devices, sensors, and machinery, facilitating data exchange and analysis in real time. This networked ecosystem enhances efficiency, productivity, and decision-making across various industries.
In manufacturing, IIoT enables predictive maintenance, where sensors monitor equipment conditions and alert for maintenance before failures occur. This minimizes downtime and reduces costs by allowing remedial maintenance to be performed ahead of a much larger, more costly incident occurring.
Industries such as automotive, pharmaceuticals, and consumer goods are leveraging IIoT to create interconnected "smart factories," which offer agility, flexibility, and data-driven insights for continuous process improvement.
5. Augmented Reality (AR)
Augmented Reality (AR) has revolutionized manufacturing assembly processes and training initiatives by overlaying digital information onto the physical world. AR in manufacturing enables remote assistance, allowing experts to guide on-site workers through intricate procedures in real time, which can help reduce errors and enhance overall productivity.
Industries like aerospace and electronics employ AR to simplify complex assembly tasks. Workers wearing AR-equipped devices see digital annotations, animations, and measurements superimposed on their work area, aiding in precise component placement and connections.
6. Enterprise Resource Planning (ERP)
Enterprise Resource Planning (ERP) systems have become integral to modern manufacturing. ERP solutions centralize data and processes related to production, inventory, and finance, which fosters efficiency and informed decision-making.
In manufacturing, ERP optimizes supply chains by providing real-time insights into inventory levels, demand fluctuations, and production schedules. Manufacturers gain visibility across the production lifecycle, from sourcing materials to final product delivery. ERP's data-driven approach enables strategic planning, resource allocation, and predictive analytics, enhancing overall performance and profitability.
Making the Most of Manufacturing Technology
Innovative manufacturing technologies can empower companies to more efficiently deliver high-quality products, and embracing these advancements may be essential for businesses to thrive in an increasingly competitive and dynamic marketplace. However, knowing what steps to take to invest in the technology may be daunting for some businesses, which is where turning to an advisor with deep industry knowledge can help, according to Mark Tambussi, sales leader in PNC Equipment Finance.
“Staying ahead of the curve in a rapidly advancing technological landscape requires specialized knowledge and capabilities,” Tambussi said. “At PNC, we have experts who are attuned to the manufacturing industry and the cutting-edge solutions that are transforming it, and we can offer insight to help manufacturing businesses optimize their products and processes and advance their operations.”
Ready to Help
PNC Equipment Finance can facilitate the lease or purchase of advanced technology and help take the complexity out of capital expenditures. For more information, reach out to your relationship manager or visit pnc.com/ef.