Top 5 manufacturing industry trends in 2023
There are times when everyone thinks to themselves, “Isn’t there a better way to work?” Which is exactly why trends are essential. These are changes that are brought into the world of any industry, including manufacturing, for the betterment of the current workflow. It helps manufacturers enhance their existing procedures and find a better way to build their ideal and efficient manufacturing systems. Some of these trends in recent years have included digital transformation, artificial intelligence,Industry 5.0, and others. Now let’s take a look at what the future holds for the manufacturing industry in India in the upcoming years.
Top 5 manufacturing industry trends in 2023
- 3D printing
3D printing has been around for quite a while. But it’s never been used to its full capacity. Around 68% of companies that do use, do not use it for product manufacturing but rather for creating prototypes of the products. Thus, it has not reached its full potential yet. It is known to have a greater capacity for producing smaller machine parts based on their design and complexity. In the upcoming years, we can see 3D printing being used equivalently to regular machinery for printing the end-products in-house instead.
- ERP trends
ERP, also known as enterprise resource planning, is software that allows companies to plan, fabricate, and deliver products to their end users. Which is why we need it, especially in times like COVID-19, where we have seen firsthand what a crisis can do to a well-built manufacturing system. This is also beneficial because of its ability to provide and transfer information without any hitches.
- CSR activities
As we live in a world where environmental sustainability has become a crucial issue, many companies will focus on this trend. But that is not all; besides reducing their carbon footprint, the manufacturing industry will also be focusing on economic responsibility, which helps provide equal opportunities for everybody in the community.
- LEAN initiative
Lean manufacturing is an initiative taken by manufacturers around the world that allows them to create an efficient manufacturing process with the lowest possible waste management. This includes eco-friendly product usage, a reduced carbon footprint, remanufacturing plans, etc. Thereby allowing them to not only create an effective production process but also profit from being environmental conscious.
- Inflation & disruption
Though inflation and disruption are not exactly trends, keeping your manufacturing process ahead of these with creative initiatives is one. We have seen firsthand what COVID-19 has done to material procurement. This is why implementing strategies like just-in-time inventory (JIT) has proven to be extremely beneficial.
The world is all about evolving. From the Stone Age to automation and now AI, we have always been evolving and creating trends for the betterment of our lives. But not knowing these can cause various problems and challenges to arise. Therefore, you should know what such trends and opportunities are and get ahead of them beforehand. If this article has piqued your interest, then make sure to visit the Radiant Appliances & Electronics blog page to learn more about similar industry-related topics today.
