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Posted On Tuesday, 20 June 2023 20:14
Posted On Tuesday, 20 June 2023 20:10
Posted On Tuesday, 20 June 2023 19:29 Written by

The manufacturing industry plays a crucial role in producing components for automobiles, electronics, medical devices, machinery, and other systems. These components bring ideas to life, transforming them into tangible products. Consider the device you are using to read this article – it likely contains both internal and external manufactured components. The manufacturing industry is continuously evolving at an exponential pace.

In the past, I have extensively researched and written about a remarkable technological advancement that is causing significant disruptions across multiple industries. Today, I want to remind all the forward-thinking leaders that this application is accelerating even faster now and will continue to do so in the future: Artificial Intelligence (AI).

Assuming that AI won’t affect your business or organization simply because it hasn’t directly impacted you yet is a critical mistake. AI, autonomous machinery, and AI-enabled software and hardware are here to stay. They are certainties for the future, known as Hard Trends.

However, the manufacturing industry’s technological changes encompass numerous other Hard Trends that offer valuable insights for adapting and anticipating their strategic impact on your business. I have compiled a collection of 12 such Hard Trend future certainties that are already reshaping the manufacturing landscape.

Here is an updated look into each one:

  1. 1. The integration of AI is growing at an exponential rate.

AI is a type of machine intelligence that encompasses machine learning, deep learning, and cognitive computing. It is now more commonly available as a service, which reduces the initial investment required and saves both time and money when it comes to mundane tasks. It is crucial to remember that these processes are meant to collaborate with humans in groundbreaking ways, rather than working against them or attempting to replace them.

  1. 2. The progress in AI propels the development of augmented thinking and augmented movement.

Augmented thinking leverages AI-enabled analytics to deliver immediate and practical human insights, while augmented movement enhances human capabilities. This is the realm where the human aspect of collaborating with AI and different forms of autonomous technology becomes significant. Tasks that were once arduous or unattainable for humans alone can now be accomplished with the assistance of AI applications.

  1. 3. Accelerated Expansion of Semiautonomous and Fully Autonomous Technology

AI and networked motors, actuators, and sensors are already employed in various autonomous technologies to automate diverse functions. Semiautonomous technologies, on the other hand, combine human input with predefined parameters to grant autonomous functions a level of control. Similar to the progress in augmented thinking and augmented movement, individuals involved in manufacturing will evolve into troubleshooters and critical thinkers responsible for maintaining the operational efficiency of AI applications.

  1. 4. The Rapid Advancement of Voice Commerce, Business Bots, and Voice-Enabled Products with AI and Wireless Broadband

The rising popularity of smart e-assistants and chatbots extends across professional industries. This familiar form of AI technology, exemplified by Siri and Alexa in our personal lives, is swiftly finding its way into the manufacturing sector through application bots. In the manufacturing workspace, one can observe the presence of Siri-like virtual assistants on various machinery, leveraging intelligent sensors to gather real-time data and anticipate mechanical issues. This integration enhances productivity by enabling proactive measures.

  1. 5. An Increase in Datafication Further Drives AI-Enabled Analytics

Big Data is a phrase that encompasses technologies employed to capture and harness the exponentially growing data from diverse sources. Edge computing, a process that involves analyzing data in close proximity to its origin, facilitates fast and efficient data processing and implementation. In the manufacturing sector, where an immense volume of data is generated daily, AI applications leverage this data to provide enterprise-wide visibility and valuable insights. This empowers users to swiftly make crucial decisions based on accurate information.

  1. 6. Cloud Computing Provides Integral Digital Transformations

Businesses are poised to adopt different forms of cloud computing applications, including public, private, hybrid, and personal clouds. This shift in software, hardware, and computing capacity acquisition and maintenance not only reduces costs but also expedites IT processes. The integration of innovative cloud computing platforms and services with AI applications enables rapid product creation, service development, and market exploration across diverse industries.

More Tech Trends Redefining Manufacturing

  1. 7. Increasing Virtualization of Software and Hardware

Businesses are increasingly adopting the virtualization of software and hardware to enhance cybersecurity measures, leveraging Hardware as a Service (HaaS) and Software as a Service (SaaS) models to establish “IT as a Service” environments. With the ongoing growth of virtualized processing power, mobile devices are transforming into powerful supercomputers, fostering innovation within the manufacturing sector. Envision the remarkable advancements that will unfold when AI-enabled applications seamlessly integrate with these streamlined services!

  1. 8. Increasing Virtualization for Everything as a Service (XaaS)

The rapid adoption of cloud-based platforms expedites the virtualization of processes, facilitating the efficient updating and deployment of new services. This trend has extended to diverse applications in various industries, such as Videoconferencing as a Service, Collaboration as a Service, and HR as a Service. Consider the possibilities when AI as a Service becomes accessible, lowering entry costs for manufacturers to integrate autonomous technology into their operations!

  1. 9. Virtual Reality and Augmented Reality Take Hold

Augmented reality (AR) presents a distinct form of digital disruption, enabling users to utilize a digital camera to superimpose real-time information onto objects. On the other hand, virtual reality (VR) offers a complete immersion into virtual environments. In the manufacturing industry, AR glasses and VR headsets will increasingly become the standard, enabling wearers to troubleshoot machinery on-site or work remotely in a field traditionally dependent on on-site presence.

  1. 10. The utilization of additive manufacturing enhances efficiency across industries

Additive manufacturing processes, commonly referred to as 3D printing, have become an essential component in numerous industries, particularly in light of existing and persistent challenges in the global supply chain. Initially intended for prototyping purposes, 3D printers now play a crucial role in producing various products such as automotive lighting components, medical equipment, smartphone cases, jet engines, buildings, and notably, prosthetic limbs. In essence, this technology enables companies to swiftly manufacture items while reducing overhead expenses and shortening lead times.

  1. 11. Internet of Things and Edge Computing Increase, Forming the Internet of Everything

The expansion of the Internet of Things (IoT) will be propelled by machine-to-machine communications, facilitated by chips, microsensors, and wired or wireless networks. This integration of networked sensors will enable the sharing of real-time data and the execution of diagnostics and repairs with minimal human intervention. Consequently, the Internet of Everything (IoE) will gain further momentum. With this evolution, edge computing will also witness significant growth, consolidating the data generated by IoT and IoE. This, in turn, will deliver instant insights and enable on-the-spot actions at the point of use.

  1. 12. Wireless broadband growth enhances global networking and device connectivity.

The rapid and responsive 5G connectivity, with the upcoming certainty of 6G networks, empowers manufacturers to establish secure and swift public or private 5G networks within their operations. The availability of connectivity worldwide continues to expand, reinforcing the trend of virtualizing the workplace and propelling us towards a more interconnected and efficient global society.

Posted On Tuesday, 20 June 2023 00:00 Written by
Posted On Tuesday, 20 June 2023 00:00 Written by
Posted On Monday, 19 June 2023 12:18 Written by
Posted On Monday, 19 June 2023 08:28 Written by
Posted On Monday, 19 June 2023 00:00 Written by

Let’s be honest, the Federal Reserve Board has some serious credibility issues. They either spend all their time looking at old and dated data or refuse to accept any information that doesn’t match their own agenda. How else could we have ended up with “Inflation is transitory” situation? How else do we have key elements and components of reports that the Fed says it uses as it’s economic guide that are data points that seriously lag the markets, but view them as if it were real time information? One such data point really drove home this to me. A key inflation component is used car prices. The report the Fed views a model that tracks used car sales that are seriously 90 days or more lagging the markets. So, while that component shows used car prices continuing to rise, in real time markets, those prices have been falling. In fact, massive numbers of repossessions, vehicle surrenders, and cars being traded in for now returning new car inventories are swelling lots and wholesale auctions across the country. If the real time data was used in the current CPI report instead of using dated data, the reported inflation rate could have been one full percentage point LOWER than that report just released! Just imagine how differently the markets would have reacted. Think about how different their own “Dot Chart Projections” would have looked for the end of the year? Yesterday the dot chart the Fed produced projected that the fed funds rate would be 5.6% by the end of 2023! Not that it has ever been a good judge of the future rates, but just imagine how much lower that number would have been using real time data? Unless of course they don’t want that data? The Fed has missed the boat again. They will be embarrassed again. They will make no move to fix the issues and the information they are using to make policy decisions that impact our lives daily, and they don’t seem to care. The only good thing about this is eventually the old news will catch up to the Fed and once again they will start changing policy from behind the curve and the process will begin once again!

Sorry for the rant! I just keep thinking that someday someone will care enough to provide reports in real time to the people that impact the WORLD! Good news, mortgage applications were up more than 7% last week, so there is that!

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Posted On Monday, 19 June 2023 00:00 Written by
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