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the manufacturing sector is in the midst of a technological revolution. From the cloud to automation to big data, recent advancements in information technology are helping manufacturing companies improve their plant productivity, their customer relations and their bottom line.<br><br>Yet, technology encompasses a lot of ground. Some up and coming trends have true capacity to change the shop floor. Others are less helpful. That said, over 1/3 of manufacturers anticipate a boost in profits through the improved use of technology over the following year.<br><br>It is therefore critical for manufacturers to investigate technological advancements with the greatest potential upside, or risk being left behind. Technology is rapidly changing the manufacturing industry in numerous ways. As a result, making strategic IT investments is essential for continued growth. Aggregating different strategies in diverse operations – while difficult – allows for the greatest returns in an increasingly competitive global marketplace. These and many other insights are from a recent research study Deloitte in collaboration with the Council on Competitiveness and Singularity University published this month titled Exponential Technologies in Manufacturing (PDF, 64 pp., no opt-in). The study’s goals include discovering the latest opportunities and barriers manufacturers face in evaluating and adopting technologies, and explores how global manufacturing companies can best capitalize on emerging technologies. The study defines exponential technologies as those that enable change at a rapidly accelerating, nonlinear pace facilitated by substantial progress and cost reduction in the areas of computing power, bandwidth, and data storage.<br>
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The Machine Maker Incredible Stories of Indian Manufacturing Latest technology in manufacturing industry: SECO group technology gets operational excellence in the industry 4.0 Era: In the era of Industry 4.0 it is fashionable to highlight the newest production techniques and digitalization technologies. However, maximum productivity and cost-efficiency still are based on a foundation of operational excellence. India should start adopting digital manufacturing solutions:The concept of a Smart Factory, although recent, is a system that was envisioned earlier – largely as science fiction. Much of this was due to the fact that there was no internet, no wireless technology, no data analytics system, not a great deal of computing power, as also not enough capability of data exchange. Quality Management to Lean Management Practices in India: In my last column, I tried to briefly chronicle how quality management evolved over the years and gained prominence until the idea of Total Quality Management (TQM) flourished, which I had implemented with an acronym 'TORQUE' (Total Organizational Quality Enhancement) at Bharat Electronics. ‘TORQUE’ initiative yielded excellent results. Changing Scenario of Quality Management: Scientific business management in modern sense was introduced in industry in early 20th century. Walter Andrew Shewhart framed “problem” in terms of assignable-cause and chance-cause variation and introduced control chart as a tool to distinguish between the two. Shewhart explained that bringing a production process into a state of statistical control, where there is only chance-cause variation, and keeping it in control, is necessary to predict future output and to manage a process economically. This as a distinct theory and school of thought has always withstood the test of time.
