The world is moving quickly and manufacturers are finding the speed of their business is increasing consistently. Product life cycles are shrinking, political and trade realities are putting pressure on businesses and the winners are the ones who can react quickly. Manufacturers need to innovate business processes and embrace digital technologies to stay ahead of the curve. Cloud, big data/analytics, social business, mobile and other third platform technologies will be critical to success.
"Manufacturers are actively applying innovative technologies to their service processes and starting to see measurable results. Companies that haven't yet started experimenting with augmented reality, service bots, or blockchain for improved customer engagement will fall behind their peers quickly as this technology continues to evolve rapidly," said Heather Ashton, research manager, Service Innovation and Connected Products Strategies at IDC.
Meanwhile, technologies including IoT, blockchain, augmented reality/virtual reality (AR/VR), and cognitive computing are accelerating the speed of innovation and enhancing the way manufacturers make their products. "It's not data deluge itself that is driving interest in innovation accelerators — it's the common challenges and business drivers that manufacturers face every day: enterprise quality, understanding customer needs, improving productivity, and ensuring a good customer experience. Machine learning, combined with IoT and cognitive analytics, will become a tool for effectively managing these challenges," said Jeff Hojlo, program director, Product Innovation Strategies at IDC.
These two analysts have their hand on the pulse of the manufacturing and have looked into their crystal balls to find out where the industry will go over the next five years A new report from IDC Manufacturing Insights, titled IDC FutureScape: Worldwide Manufacturing Product and Service Innovation 2018 Predictions, features ten predictions about where things are likely to go. Click on the image below to start a slideshow from EETimes sister site EBN for a discussion of how manufacturing products and services will evolve in the coming years.
10 Tech Trends Transforming Manufacturing in the Next Five Years
— Hailey Lynne McKeefry, Editor in Chief, EBN