Utilizing Technology for Sustainable Expansion in Manufacturing: Optimizing Returns through Technological Advancements
Kerrie Jordan serves as the Group Vice President, Product Management at Epicor. The rapid technological advancements in manufacturing industries have made 86% of manufacturing leaders believe that the technologies they employ today will drive their competitiveness in the coming five years. Despite this, many leaders find navigating this fast-paced shift challenging, faced with limited resources and the need for clear returns on investment (ROI).
To sustain growth in a highly competitive market, manufacturing companies should invest in cutting-edge technologies like artificial intelligence, automation, and smart factory technology. These technologies can optimize operations, boost efficiencies, and maximize ROI. However, knowing which technology to incorporate and where to place it can be daunting.
According to our Future of Work in Manufacturing report, 39% of workers and 52% of managers believe their workplace is relatively modern compared to the industry average. While managers may perceive more modernization efforts, their low modernization rating might be attributable to overlooking contemporary technologies within their work environment. On the other hand, 49% of workers and 65% of managers announced they are investing in new technology above all in 2024.
The concept of technology integration is far from simple; the process can be long and needs financial investment, planning, integration, and education. Nonetheless, manufacturers can profit from various types of technology, spanning from factory floor operations to back-office analytics.
One of the commonly used technologies in modern manufacturing is generative artificial intelligence (AI). AI can help identify inefficiencies in production schedules by analyzing data and utilizing it for better decision making. AI can also optimize employee scheduling, machine maintenance, and streamline other operations that require precise planning, tracking, and logic. Manufacturing leaders believe that AI can contribute to more efficient production cycles and resource allotment, with 76% of them anticipating its potential in identifying inefficiencies in production schedules and 51% seeing its potential in foreseeing raw material prices.
Automation and robotics are already established in manufacturing factories to eradicate manual, repetitive processes or tasks that may be unsafe for humans. Automation fosters cost savings, accelerates processes, promotes safety, and advocates for lights-out manufacturing—the unattended operation of manufacturing technologies. Bureau of Labor Statistics research indicates that over 700,000 jobs in manufacturing are at risk of automation by 2030. Manufacturers can use Internet of Things (IoT) devices and sensors to optimize factories and monitor processes, environments, and tracks records to encourage improvements. Sensors can also help manufacturers enhance their supply chain efficiencies.
Nowadays, manufacturing leaders have numerous possibilities and choices for incorporating technology into their organizations. AI, automation, IoT devices, ERPs, analytics, and other technologies can improve operations, make factories safer, foster decision making, boost sustainability, and establish the foundation for manufacturing to grow.
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Kerrie Jordan, in her role at Epicor, can provide valuable insights on optimizing manufacturing processes using advanced technologies. The rapid integration of AI, automation, and smart factory technology in the industry can help leaders navigate this shift, ensuring clear returns on investment. Kerrie Jordan might provide guidance on monitoring the impact of these technologies on production schedules and employee scheduling in manufacturing companies.
