Innovations in Production Technologies: What Every Operations Manager Should Know
February 20th, 2024: 6 mins
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Being innovative is the key for every industry to succeed in today's cut-throat competition, and this holds true for the manufacturing industry as well. Innovations in production technologies are essential to match pace with the design and development of the latest products, catering to the forever-changing consumer demands. Not just that, implementing the latest technologies helps eliminate existing challenges and increase overall efficiency.
Operation managers are at the crux of this revolution, seeking more optimized processes every day for better product designs and effective solutions. The only way to ensure this is by adapting the latest techniques. Staying innovative isn't an option in the manufacturing sector anymore; it's imperative for consistent growth and evolution.
Below, we have discussed the top innovations that are sure to make operations management easy, efficient, and faster. Continue reading below to know more.
Latest Innovations in Production Technologies
By now, you already have an idea of how the latest technologies are reshaping and influencing the domain of production, resulting in enhanced productivity, quality, and sustainability. In this regard, let's explore some of the cutting-edge technologies that are revolutionizing production.
3D Printing
This technology helps create complex three-dimensional designs, which are otherwise challenging to achieve through traditional manufacturing processes. Analysts anticipate rapid annual growth in the 3D printing market, ranging from 18% to 27%.
This innovation eliminates the need for tooling, which allows operation managers to reduce production time and costs. 3D printing also facilitates the production of highly precise objects and models, thereby opening the door to the production of more personalized items.
Robotics
Robotics technology has made remarkable progress, with modern robots being equipped with advanced sensors, artificial intelligence, and other state-of-the-art technologies. These advancements empower them to carry out tasks with enhanced precision and efficiency.
In recent years, the manufacturing industry has experienced a substantial transition towards automation in manufacturing, which can largely be attributed to the progress and implementation of robotics. By leveraging robotics, manufacturers implement smart factory solutions, enhancing productivity, lowering costs, and expediting the improvement of product quality, all with heightened precision.
Augmented Reality (AR)
An outstanding advantage of augmented reality (AR) in the manufacturing sector lies in its ability to optimize training and onboarding processes. Consider a scenario where a newly hired employee is being trained with AR glasses. These glasses provide real-time guidance on how to assemble a component, highlighting every step sequentially while offering detailed instructions. This immersive and interactive training approach makes it easier for anyone to learn with precision and reduces the chances of errors, thereby enhancing the efficiency of onboarding and production processes.
Advanced Process Control
Advanced Process Control (APC) is a sophisticated technology that facilitates the continuous monitoring and control of industrial processes in real-time. By employing mathematical algorithms and models, it aims to enhance the performance of various processes, including temperature, pressure, flow, and chemical composition. In 2020, the advanced process control market was assessed at US$1,699.590 million, with a projected compound annual growth rate (CAGR) of 8.36%, foreseeing a market expansion to US$2,981.447 million by 2027.
APC's capabilities allow for the control of industrial processes with real-time monitoring, eventually leading to performance optimization and reduced process variability. By offering optimized instructions for the overall production process, APC contributes to achieving production targets with minimal energy consumption.
Industrial Internet of Things
Assimilation of the Internet of Things (IoT) as a production technology has led it to garner impactful results, offering real-time connectivity to several devices. Operations managers can leverage this exchange of information through the cloud to assess the production pipeline right from supply chain optimization to avoiding potential production risks.
IoT’s utilization in the manufacturing sector is called the Industrial Internet of Things (IIoT). Latest reports have found that factories using IoT have become 72% more productive. With IIoT, machines gather data and send reports. They link up to a special network just for the factory and gather info for the whole place. By the year 2025, experts predict there will be around 75.44 billion connected devices all over the world. This shows how much potential IoT has in different industries, especially manufacturing.
Cloud Computing
Cloud computing works like a virtual version of a physical computer. It handles tasks like storing data, processing information, and running servers all over the internet.
Manufacturers or operation managers can use cloud computing for various tasks, from managing production to handling logistics. Through the cloud, factories and facilities can share data globally. When multiple facilities connect through one network, it makes production standards more consistent, leading to sped-up production and lower costs.
Summing Up
With these technological advancements in production, operation managers are set to achieve greater heights, ensuring efficiency and safety within the sector simultaneously. As businesses embrace these innovations, operations become smoother and safer while production becomes more streamlined and accessible.
And how to keep up with these latest production innovations?
Upskilling is the way to go!
Online Executive MBA programs, such as Executive MBA in Operation & Production Management, craft in-demand curricula, helping working professionals gain an edge demanded to keep up with the changing narrative of technology within the production field.
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