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THE SMART MOVE
Unlocking business value with a three-pronged smart factory set up
For the manufacturing sector , success hinges on the integration of digital and physical systems , heightened visibility , and increased flexibility . A digital first approach certainly reduces costs and increases efficiency – but what is leading the charge ? All signs point to smart factories , powered by a combination of smart technologies and a new customer experience mindset . Their adoption rates are rising . The global smart factory market is now expected to grow at a CARG of 9.52 percent from $ 128.74 billion in 2022 to $ 321.98 billion by 2032 .
Kevin Bull highlights how manufacturers can unlock new value across their ecosystem by going smart in three areas .
An important part of a smart factory setup is unlocking Industry 4.0 technologies to provide new manufacturing efficiencies . But for this digital strategy to work , manufacturers must become more agile – and they know it with 63 percent of manufacturers prioritizing agility over the next 12-to-14 months .
Unlike their predecessors , smart factories rely on contemporary technology to allow manufactures to be more adaptable to realtime changes and operate automatically . The pay off ? A smart factory makes every value chain link connected , informing manufacturing decisions instantly .
The three critical components to creating a smart factory are making decisions based on data-driven insights , using reactive and proactive demand forecasting , and an effective customer experience and engagement strategy – all underpinned by cutting-edge technologies .
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