Advanced technology trends , but to realize its full potential , it is about quality rather than quantity . Unless data is verified for accuracy , accurate insights can ’ t be extracted to inform business strategy or provide value to customers .
In 2021 , the World Economic Forum conducted a survey which revealed that insufficient skills was the biggest challenge to capturing value from manufacturing data . It also highlighted the need to eradicate data silos within organizations and from complex manufacturing equipment , which produce hundreds of distinct data points each day . To unleash the true value of data at the industry ’ s disposal requires an un-siloed and standardized approach to creating a common data model so it can be clearly understood and used strategically .
As more manufacturers develop their strategies in 2023 , we expect an increase in hiring and valuing digital natives who understand analytics and can help to unlock further value from a business . A datadriven approach will create a collaborative ecosystem in which manufacturers can collectively share their anonymized datasets . This will provide a clearer picture of how they ’ re performing compared with industry peers and allow benchmarking against Key Performance Indicators ( KPIs ).
The rise of automation and intelligent integrations
This year we also expect an increase in reliance on digital work instructions and intelligent integrations . For example , eFlex Systems , a provider of cloudbased Manufacturing Execution System ( MES ) technologies recently acquired by Epicor , helps manufacturers to increase productivity by modernizing their production environments through digital work instructions , advanced process control , and real-time visibility .
Although our global economic outlook remains uncertain , the manufacturing industry recognizes that digital innovation is the key ingredient to becoming more competitive , increasing growth and improving profitability . We believe those who prioritize these top three technology trends will increase their chances of success for 2023 and beyond . ■
For a list of the sources used in this article , please contact the editor .
Vaibhav Vohra www . epicor . com
Vaibhav Vohra is responsible for Epicor ’ s product strategy and management , learning , and design . Epicor equips hard-working businesses with enterprise solutions that keep the world turning . For 50 years , Epicor customers in the automotive , building supply , distribution , manufacturing , and retail industries have trusted Epicor to help them do business better . Innovative Epicor solution sets are carefully curated to fit customer needs and built to respond flexibly to their fast-changing reality .
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