How to Stay Ahead in Manufacturing in 2021
“The present is theirs; the future, for which I really worked, is mine.” ― Nikola Tesla
Although the manufacturing industry experienced setbacks due to the COVID-19 pandemic, there is still an opportunity for growth.
2021 will prove to be challenging because it will require manufacturers to think differently about their production processes. New technologies and techniques are needed to stay competitive in the post-pandemic world.
Read below about common errors that cause manufacturers to fall behind, and tips to get (and stay) ahead in 2021.
How to stay ahead in manufacturing in 2021
What causes manufacturers to fall behind?
Falling behind in manufacturing means losing revenue and potential customers to competitors due to avoidable errors.
What are some of these avoidable errors?
Not integrating new technologies: Manufacturers who keep up with technology and industry trends stay afloat in the competitive global market. Manufacturers who do not will miss out.
Being disorganized: Organization is key to productivity and overall company health. A disorganized manufacturing company is likely to have more errors that can potentially cost customer relationships.
Sleeping on data: If manufacturers aren’t using their data as the cornerstone to improving production, they are neglecting the full potential of their production lines.
Not utilizing talent: The people who work on the factory floor, as well as other staff in the company, are crucial to the success of the company. By not continuing their education, manufacturers run the risk of missing out on happier, more skillful, and more productive employees.
Not using lean manufacturing: Lean methodology gives manufacturers the chance to increase revenue while improving customer experience. When lean manufacturing isn’t prioritized, companies experience considerable losses.
What are the risks of falling behind competition?
It’s a jungle out there. If you don’t keep up with competition by making the errors listed above, you run the risk of seeing these effects in your production line and your bottom line:
Missing out on important data
Longer equipment downtime
Lower production efficiency
More wasted product
Less demand
We would venture to say that it’s simpler to stay ahead rather than stick with traditional manufacturing methods.
While implementing these new technologies and techniques may incur growing pains, the changes that are established will make it easier to track energy usage, spending, and productivity in the long run. With these measurements, you can effortlessly adjust production to meet your goals.
5 tips to stay ahead in manufacturing in 2021
To leave unnecessary risks in 2020 and continue growing your business this year, check out these five tips.
1. DIVE INTO IOT
The Internet of Things (IoT) has exploded over the past few years, providing manufacturers with the intercommunication necessary between industrial equipment for highly-refined production.
63 percent of manufacturers believe that using IoT technology will increase profitability because it allows industry professionals to develop strategies using real-time information from their production lines.
Innovation is the heart of manufacturing since the Industrial Revolution. By keeping up with technology, manufacturers can stay relevant and maintain satisfied customers.
2. KNOW MARKUP COSTS
Year after year, costs are driven up by inflation. These markup costs could detonate your manufacturing budget and reduce your bottom line significantly.
Aim to do strategic cost analyses regularly to stay informed about the latest developments in costs. This includes everything from raw materials to labor costs.
Also, consider analyzing your competitors’ prices to stay competitive.
As the saying goes, knowledge is power. Put yourself in a better position to make educated purchasing decisions and stay ahead of rivals with consistent cost analysis.
3. KEEP UP ON MAINTENANCE
Equipment breakdowns can result in massive downtime costs; for example, one minute of downtime can cost an average of $5,600 on the production floor.
Prevent costly unplanned downtime while also extending the life of your equipment by maintaining them on a regular basis. You can do this through a smart predictive maintenance program or simply by keeping a spreadsheet.
Whichever way you do it, as long as you stay on top of equipment repairs and part replacements, you are saving your facility from expensive human errors.
4. IMPROVE PRODUCTION WITH 3D PRINTING
Additive manufacturing isn’t new, but with new developments, it is bursting onto the manufacturing scene in a new way.
3D printing makes prototyping and production faster, easier, and less expensive. You can test products and troubleshoot products without the high costs of traditional manufacturing, supply products on demand, and keep fewer materials on hand which reduces your need for expensive warehouse space.
Adding a 3D printer doesn’t have to break the bank, either. You can purchase or finance a refurbished printer at a fraction of the cost of new equipment. If you’re in the market for additive manufacturing equipment, check out the iGAM Marketplace.
5. GET LEANER AND MEANER
Lean manufacturing is fundamental to manufacturing in 2021. Gone are the days where incurring material and energy waste wouldn’t heavily impact the bottom line.
Now, to stay competitive, you need to be aware of how much time, money, and resources you are using to produce your goods. Even minor setbacks can cause you to lag behind global competition.
Check out this article we wrote on Robotics and Automation News to learn more about sustainable and lean manufacturing methods, such as kaizen, 5S, and kanban. Plus, you can learn more about lean terminology and other industrial automation terms on our glossary page.
Act now and reap the benefits
A future of growth and prosperity is within reach, despite the struggles of 2020. With these five tips, you can get ahead of the competition.
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