Manufacturing leaders must accelerate the pace of innovation and seize potential growth opportunities arising from industry disruptions
SANTA CLARA, California, April 4, 2017 /PRNewswire/ -- Within a few years, factories across industries will become high-tech engines fuelled by the convergence of Mega Trends and technologies such as artificial intelligence, connected platforms and 3D printing. As these advancements to Manufacturing 4.0 take root, manufacturers need to prepare for potential disruptions. The industry must also manage the challenges of an aging workforce, an exponential increase in data and increasing cybersecurity vulnerabilities. In the midst of these transformations, how should manufacturing enterprises respond to and prepare for the disruptions ahead?
The latest white paper from Frost & Sullivan's Manufacturing Leadership Council, VISION 2030: The Factory of the Future, provides insight on how manufacturing leaders can navigate the complexities of Manufacturing 4.0 and capitalize on growth opportunities that will help the industry redefine the future.
"Vision 2030: The Factory of the Future's framework is a compelling approach to examine industry transformation scenarios," said Vice President – Growth Implementation at Frost and Sullivan, Sath Rao. "While frameworks help synthesize a systematic approach to covering all bases, it is important for manufacturing leaders to understand and act on the transformative nature of disruptions and focus on big ideas".
As manufacturing becomes increasingly connected and information-intensive, every aspect of the enterprise is likely to be affected. Manufacturers will need to be confident that the connected world will remain safe and secure. In addition, the need to train next-generation employees to use new and advanced technologies, including generating insights from exponential Big Data, will require a major change in mindsets with a vision towards the future.
"Technology transformations and business enablers are accelerating disruptions and provide an opportunity for forward looking manufacturing leaders to seize change," said Rao.
Overall, while incremental improvements can be achieved by leveraging digital tools, significant growth can be made if leaders focus on identifying big transformative ideas, similar to cognitive manufacturing. It is up to manufacturers to remain aware of these disruptors and take advantage of their growth potential.
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Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
SOURCE Frost & Sullivan