Manufacturing Trends For 2024
Manufacturing Trends Shaping 2024: Navigating the Path to a Smart and Sustainable Future
With manufacturing output, new orders and employment levels falling for much of 2023, the manufacturing industry is looking for ways to quote, sell and manufacture more efficiently in 2024.
Here’s our round-up of the trends set to shape the manufacturing industry in 2024.
Industrial Automation: Streamlining Processes for Efficiency
Industrial automation has been a driving force in manufacturing since the first industrial revolution. In 2024, we will see a noticeable shift as developments in software solutions and robotics make automation more accessible and cost-effective.
Robotic automation can be used to streamline various production processes, from material handling to finishing operations.
Automation of tasks and processes through digital transformation is emerging as a critical path to protect growth in the face of rising costs, and for those businesses choosing to automate, the average rate of growth in 2022 was 30% higher than those relying on manual processes.
Artificial Intelligence: Unleashing the Power of Data
The abundance of data generated by modern manufacturing equipment needs thorough analysis to deliver effective insights.
Artificial Intelligence (AI) will be a key player in manufacturing trends for 2024, providing solutions for analyzing vast datasets and identifying actionable insights.
AI applications can provide benefit to inventory management, supply chain visibility, cost reduction in warehousing, and quality control.
Industrial Internet of Things (IIoT): Transforming Manufacturing Operations
The integration of interconnected sensors, devices, and instruments through the Industrial Internet of Things (IIoT) will continue to revolutionize manufacturing.
Real-time data and connectivity allow remote monitoring and control of operations, paving the way for advanced solutions like predictive maintenance.
IIoT enhances efficiency, reduces costs, and improves worker safety by streamlining processes and asset management.
Green Manufacturing: Embracing Sustainability
In 2024, manufacturers are increasingly prioritizing sustainability through green manufacturing practices.
This involves eco-conscious processes that minimize environmental footprints, emphasizing resource efficiency, reduced waste generation, and the use of renewable energy sources.
Green manufacturing also focuses on product design for sustainability, incorporating recyclable materials and designing products for a circular economy.
Customization: Meeting Consumer Demands with Mass Customization
Mass customization is no longer the exception but a growing trend that will continue in 2024.
With CPQ solutions, manufacturers can offer personalized products without sacrificing efficiency, gathering valuable insights into customer preferences that lead to further innovation. This not only meets consumer demands for unique products but also enhances the overall manufacturing process, making it more flexible and responsive to market needs.
According to research from PWC, companies who have a CPQ tool report significant improvements on key business metrics across the sales lifecycle.
Discover more about how your business can benefit from CPQ in our recent blog.
Reshoring: Rediscovering Local Manufacturing
In response to global supply chain challenges and a need for greater resilience, reshoring is gaining momentum in 2024.
Manufacturers will increasingly review the benefits of bringing production closer to home, reducing dependence on overseas suppliers. Reshoring enhances supply chain visibility, reduces lead times, and promotes local employment.
Unlocking Productivity in 2024
The Make UK (The Manufacturers’ Organisation) 2024 survey (in association with PWC) indicates a positive outlook for manufacturing this year. Manufacturing businesses are investing in digital technologies more than ever before and reaping multiple benefits, including increased productivity, improved products, reduced waste, and labor efficiencies.
Read a summary of the survey findings here.
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