Technologies in Manufacturing
Almost every industry has a need for custom, high-quality parts like never before. From automotive to aerospace, electrical connectors to chemical processes, every industry demands innovation. In simple terms, advanced manufacturing is manufacturing that uses innovative technologies. Traditional manufacturing depends on space for mass production at limited quality. Manufacturing remains a critical force in both advanced and developing economies. The global manufacturing sector has undergone a tumultuous decade: large developing economies leaped into the first tier of manufacturing nations, a severe recession choked off demand, and manufacturing employment fell at an accelerated rate in advanced economies.
There are a number of new and emerging technologies that make advanced manufacturing possible. Most of the revenue of advanced manufacturing loops back into R&D into further perfecting the manufacturing methods. To clarify, this means pushing innovation on manufacturing equipment and methods to new limits. Traditional manufacturing generally invests in higher production at lower cost, rather than innovation. Therefore, instead of developing new equipment, they usually buy more manufacturing space and more machines. The lighthouses are helping manufacturers around the world adopt the latest technologies through a shared learning journey. They serve as beacons to overcome the challenges in upgrading technology at scale in manufacturing.
The global manufacturing industry has been lagging in the adoption of advanced technologies. More than 70% of companies investing in big data analytics, artificial intelligence, or 3D printing fail to move beyond the pilot phase of development. Most companies struggle to scale up when upgrading technology given the costs and anticipated return on investment. Despite recent industry innovations, only a select group of leading organizations can deploy advanced manufacturing at scale, generating new value and customer experiences within the factory or across value chains.
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