Efficiency is a cornerstone of every business, and manufacturing is no different. Fortunately, advanced manufacturing allows companies to improve production efficiencies in nearly every aspect of the process.
These advanced techniques vary by industry and company, but they typically involve increased labor skill, customization, innovation, and high-tech production systems. They also include more competent resource management and reduced production timelines.
Cost-Effectiveness
One of the most significant benefits of advanced manufacturing is that it can be more cost-effective. Businesses can focus more on research and development by reducing production timelines and costs. This allows companies to bring more innovative products to the market faster.
In addition, advanced manufacturing techniques can help reduce production and distribution costs by improving efficiency. For example, if your truck is running late and you’re carrying refrigerated goods, the system can communicate that to the warehouse in real-time, preventing any product spoilage.
Another benefit is that advanced management systems can put small and large manufacturers on equal footing. This is especially true for companies in industries that require high safety standards, such as aerospace and defense. By implementing these technologies, smaller companies can become more versatile at the drop of a hat, maximizing efficiencies while lowering costs. Ultimately, this may offer them an advantage over bigger rivals who must adopt new technology more quickly.
Flexibility
Flexibility is a critical element of advanced manufacturing, which offers the ability to create products at scale using versatile production methods that fully utilize capital plants and allow for mass customization. This helps manufacturers streamline unit quantities and material content/inventory to reduce time to market and increase market responsiveness.
This flexibility allows manufacturers to stomp out inefficiencies across the value chain. For example, Stanley Black and Decker used a 3D printer to rapidly produce prototypes for new product development, helping them shorten the time needed to bring those products to market. It also helped them respond to retailer orders that slowed when homeowners began to remodel their homes during the lockdown.
These kinds of flexible and adaptive solutions are the future of advanced manufacturing. Whether a natural disaster, pandemic, economic gap, or fast-paced innovation — the ability to quickly adapt and find new ways forward is vital in today’s competitive markets. And this is where the advanced manufacturing industry is leading the way.
Reliability
Reliability measures how well a system functions for a defined period. A system with low reliability leads to expensive repair and replacement costs, lost production, and decreased profits. Predicting and assessing reliability is critical to manufacturing and cyber-physical systems.
Reliable production depends on information communication technologies like cloud computing, machine learning, and artificial intelligence. This allows for efficient monitoring and up-to-date maintenance and repair schemes. This, in turn, reduces production downtime and keeps production lines running at total capacity.
Composite materials also allow for a more efficient manufacturing process. Using these materials, manufacturers can create more efficient products that require less raw material while being environmentally friendly. This makes advanced manufacturing more affordable for small businesses. However, these technological tools can only be fully internalized by a company with the appropriate infrastructure. This includes a thorough value chain analysis and a clear understanding of cost and value.
Sustainability
Advanced manufacturing is a set of innovative technologies that leverage machinery with digital and cloud-based advancements like artificial intelligence, the Internet of Things, and augmented reality. The combination allows workers to quickly adapt production to changing supply needs and improve efficiencies.
It reduces production timelines and offers greater flexibility in the design process, allowing companies to adjust to changes faster. Moreover, it reduces the need for human intervention in some stages, which saves time and money.
The technology helps minimize the use of natural resources and protects the environment. It also supports a sustainable economic model by reducing the cost of labor, raw materials, and energy. This, in turn, helps to reduce the carbon footprint of businesses and their products. Moreover, it promotes leaner resource management and enhances market responsiveness. This is a win-win situation for the business and its clients. Besides, it increases the value of the product and boosts customer satisfaction. This, in turn, improves the company’s bottom line.
