Are you losing your business growth opportunities by not using Digital Factory
Insights
What Experts are saying about Digital Factory?
Every manufacturing expert believes the concept of a digital factory to be a grace for the growth of their industry. The key to the sustainability and competitiveness ofevery manufacturing driven economy is digital factory. In the areas of product engineering, a new concept developed on the integration of digital transformation and methodologies is a digital factory.
The comprehensive network of digital models, tools, simulation software, analytics, and 3D/virtual reality, data management, data analytics, and industrial automation, CAD and computer networks is defined as the digital factory by industry experts. The application of digital technology for modelling, communications and to operate the manufacturing process of the product is done through the digital factory. Digital factory solves all the issues related to configuration, design, screening and control of the production system of the factory.
The entire concept of the digital factory is a key topic in the field of Industry 4.0. The emergence of the fourth industrial revolution Industry 4.0 is putting an emphasis on digital technology. It focuses heavily on interconnectivity, machine learning, real-time data analysis and automation. Industry 4.0 also comprises a parallel connection with IoT, smart manufacturing, machine learning, big data, and physicalproduction with smart technologies.
Why was the concept of Digital Factory required?
Just recall the age where manufacturing was done with huge cost integration including labour cost, machine cost and other operational and overhead expenses. Are you thinking what made the emergence of the Digital Factory concept? Manufacturing was done efficiently previously also.
The entire industrial world is tormenting with economic pressure, operational inefficiencies, inventory management, resource planning and labour allocation. The need to overcome all the operational complexities in the manufacturing world promoted theintroduction of the digital factory concept. This concept is very broader which revolves around all the technological advances from the catalogues of IoT, 3D visualization, virtual reality, simulation software and analytics. Entire manufacturing universe is focusing on increasing their productivity with high-quality products and the lowest possible prices. Digital Factory is often entitled to the utilization of virtual reality for the design and optimization of production processes.
One of the major advantages of a digital factory is that it meets the needs of product designing, quality, time and cost requirements. It involves the application of simulation software for the development of a new product to resource planning and equipment planning.
Due to the drastic demand of digitalization in the 21st era, companies have started investing in digital factory concept which is changing the face of manufacturing companies and shaping their future. Manufacturing industry experts are even able to implement new manufacturing processes, plant concepts and integrated technologies with the digital factory.
What are the key advantages of Digital Factory for Manufacturing Experts?
- According to the survey and analysis by ExpertsConsultwith manufacturing experts, the digital factory concept is of great advantage for them and carries huge growth opportunities. The implementation of this concept will directly result in economic development as well as will improve the production parameters of a product.
- At the production stage, it even enables you to test and reveal all the possible shortages and production problems which minimize huge production cost during the operation phase. Experts predict the ROI in digital concept to be very high in a very short span.
- Entrepreneurship risk can be reduced in the production phase of new production. The digital factory also enables the industry experts and entrepreneurs to conduct in an ergonomics analysis for their organization.
- Experts analysed, this concept has enabled them to reduce the product launch time upto 25% and enables the growth in production volumes by approx. 15%
- It is becoming very difficult for all companies to survive in today’s competitive business environment. Digital Factoryconcept promotes customer centricity and regional manufacturing to meet the tailored requirements of their end users in no additional cost and time. This will also help them to reduce transportation and logistics cost across the entire value chain and supply chain of the industry.
- In this procedure, the required area of manufacturing is reduced, prototypes are also reduced or full eliminated and required changes within the system are done randomly and efficiently.
Which Factors Driving the Adoption of Digital Factory In The Market?
What are the challenges hampering the growth of Digital Factory?
What are the application areas of Digital Factory?
The concept of Digital Factory is of great advantage for the manufacturing consultants. This mainly supports the production of highly sophisticated products, production planning, simulation and cost optimization. The major areas of application of digital factory include the automotive industry, mechanical engineering, aerospace, marine industry, consumer goods, electronics, amongst others. According to the analysis by a market research expert, the automotive industry is leading in the adoption of digital factory technology. It is also be used in hazardous or remote production facilities. In the aerospace and defence industry, the companies use the digital factory for designing new aircraft and engine design that are changing the limits of manufacturing.
ExpertsConsult Future Insights on Digital Factory
By the research and analysis by a market research firm, the global value for a digital factory was USD 91,422.60 million in 2018 and is estimated to reach a value of 673,000 million by 2026 growing at a CAGR of 33 % during the forecasted period 2018 to 2025 owing to the rising need to cater the changing preferences of the customers and buying behaviour.
Digital factory allows flexibility to analyze, adapt and schedule the changes required in the pre-production process. It can help increase productivity and target a wider segment of customers. It is one of the rapidly evolving technologies of the 21st century, and it even helps to reduce the supply chain complexity and global penetration of the market. The adoption of a digital factory concept will enable the companies to capture higher market share, increase product quality & productivity by increasing their supply and demand process and even focus labour force retention and upgrade their skill sets.
Research and survey conducted by ExpertsConsultwith the industry experts of Digital Factory show that digital factory concept is entirely transforming the manufacturing world with the implementation of innovative technologies and upgrading the skill sets of their existing labour force and by hiring the experts. Also, many of the leading manufacturing companies have started investing and rolling out the concept of a digital factory. The increasing need for digitalization and growing investments in this field is also promoting the entrance of many new players with a digital factory.
- Rising pressure on industry experts to handle changing consumer preferences and the need to reduce costs for competitive and regulatory reasons is driving the adoption of the digital factory across the manufacturing industry.
- The need to automate the production process and the meet the rising demand for digitalization which can enable the manufacturing experts to ensure quality products in optimized costs is leading to an increased demand for digital factory globally.
- The willingness to automate the manufacturing procedure and to scale up the transforming technologies ranging to additive manufacturing to IoT connectivity and robotics designing across all industries.
- Lack of technically skilled workers is restricting the growth of the digital factory.
- The requirement of huge investment in training and continuous education of employees.
- Employees lack an openness to innovate and adopt digital technologies.