🚀 Shaping the Future - Issue 06

According to the World Economic Forum, 54% of all employees will need to be upskilled by 2025 to prepare for the increase in automation and artificial intelligence (AI).

👩‍🔧 Discovering Product Development

In the dynamic world of manufacturing, engineers serve as the architects of innovation, driving the creation of products that shape our lives. During our last Women In Manufacturing conversation, Mackenzie Meyers highlighted the value of open communication and knowledge exchange within teams as colleagues working hands-on often possess invaluable insights that can refine engineering solutions.

Collaboration emerges as a powerful catalyst for innovation within the manufacturing domain. By fostering open communication and close collaboration with frontline colleagues, the industry gains diverse insights that refine solutions and promote a culture of continuous enhancement. In parallel, embracing automation not only streamlines testing processes by reducing variability and ensuring consistent results but also aligns with sustainability targets, contributing to environmentally conscious practices.

For an in-depth exploration, you can catch the complete conversation in this video. Delve into the art of leveraging mentors and industry events as invaluable tools for expanding networks and propelling careers forward.

🧠 Tech and Innovation Take Center Stage

In the dynamic landscape of manufacturing, a noteworthy convergence of innovation and technology is driving a significant shift, particularly within the ambit of Industry 4.0. Delving into a recent fireside chat between Industry 4.0 Club CEO Mike Yost and Patrick Gaughan from Axiom Manufacturing Systems , we explore the profound implications of this fusion on manufacturing processes and operational optimization, transcending business sizes.

A pivotal takeaway resonates: the value of innovation extends beyond incremental enhancements, serving as a catalyst to propel manufacturing entities into uncharted territories. This mandates the conscious embrace of both continuous improvement and innovation to harness untapped potential and explore novel markets. Technology, as a central pillar, is underscored for its capability to expedite data acquisition and process enhancement. An innovative technology application involving AI-infused sensors demonstrates how industries can evolve by incorporating cutting-edge tools.

The chat reaffirms the transformative role of innovation and technology in molding the future of manufacturing. The harmonious interplay of lean manufacturing principles, innovation, and sophisticated technologies culminates in unparalleled growth prospects, enhanced competitiveness, and a foundation of operational excellence. As we navigate the Industry 4.0 era, the imperative is clear: businesses must actively embrace innovation and leverage technological prowess to chart a course towards transformative change.

In case you missed the Fireside Chat last Tuesday, you can watch the full conversation here.

📈 Key Industry Trend to Keep an Eye On

A major component of Industry 4.0 is the automation of manual tasks and the transition of these tasks from humans to bots and machines. But the onset of this technology doesn’t mean absolute human replacement—instead, it calls for new human skills. To meet the demands of this digital transformation along supply chains, manufacturers might instinctively start by beefing up recruiting efforts, but for the sake of time and money, it’s worth taking a closer look at the benefits of upskilling and reskilling existing workers.

Upskilling refers to increasing a worker’s skillset to help them improve in their current roles, while reskilling involves teaching workers skills to transition to new roles. According to the World Economic Forum, 54% of all employees will need to be upskilled by 2025 to prepare for the increase in automation and artificial intelligence (AI). Workers will abandon technical tasks to develop skills robots cannot perform, such as critical thinking, problem solving, and creativity.

When the need arises for an employee who can fulfill a certain skill set, companies typically look to bring in outside hires with specific backgrounds. But due to the acceleration of AI and automation, they’re realizing the substantial cost savings that can come from leveraging workers who are already on their payroll.

Research from the Wharton School of Business has revealed that external hires can cost 18% to 20% more than reskilling from within, and new hires can take approximately 2 years to get up to speed on the job. However, existing workers already are familiar with basic processes and systems, and post-training productivity gains tend to outweigh time lost to reskilling and upskilling, especially when training is efficient.

Reskilling and upskilling in the manufacturing industry must be intentional, demonstrable, and active. Instructor-led training doesn’t resonate in the manufacturing industry because the “skills” portion of learning isn’t addressable in a classroom. Instead, sessions should be interactive and include periodic assessments to test how students are grasping new skills.

Manufacturing’s rapid propulsion into Industry 4.0 spurred by the COVID-19 pandemic has launched the industry into uncharted territory. To navigate these new waters, reskilling and upskilling existing workers will be crucial and, if done right, will save companies time and money while continuing to meet the evolving demands of consumers. An amazing opportunity for practitioners, technology & service providers and promoters.

📚 What we’ve read this week

1. Boosting machinery sector profitability via cloud-aided digitalization [McKinsey]

   The report underlines the benefits of harnessing the capabilities of expansive cloud hyper scalers, enabling smooth integration with partner solutions. It highlights the pivotal role of support from system integrators and independent software vendors throughout the implementation process. To maximize impact across diverse business aspects, the report suggests that industrial enterprises adopt a comprehensive strategy. Through cloud-driven digital transformation, machinery manufacturers can witness a notable boost in their EBIT, ranging from five to eight percentage points. This enhancement translates to heightened efficiency, productivity, communication, and customer contentment.

2. Automation in Garment Making [Fribre2Fashion]

   Automation is transforming the fashion industry, enhancing efficiency and enabling customisation in garment making. Countries like China, Bangladesh, and Vietnam are leading the way with automated cutting, sewing, and assembly systems. Yet, it brings potential challenges, especially for the workforce. This article delves into the benefits and the concerns.

3. Smart Pyramid Framework For Advancing Manufacturing Excellence [Falkonry]

   

   In the intricate landscape of modern manufacturing, Falkonry presents a transformative approach through its ingenious "smart pyramid" framework, which serves as a holistic roadmap for manufacturers to unveil concealed insights, elevate their decision-making capabilities, and forge a path towards operational excellence. At the heart of this framework lies the pivotal Discovery layer, centered around anomaly detection, illuminating previously unexplored areas within data streams to provide a robust foundation for driving operational advancements and pioneering improvements. By encompassing layers like Data Management, Discovery, Decision Support, and Decision Automation, Falkonry empowers manufacturers to navigate the intricacies of Industry 4.0 with precision and purpose, propelling their analytics journey through informed insights and transformative change.

🎤 Upcoming Event

• Unlocking the Potential:  The Evolutionary Impact and Practical Applications of Chat GPT for Manufacturers Part 2

  Thursday August 24th 2023

  Time: 11:30 am - 12:30 pm EST

  Host: Mike Ungar and Pingel

  To Register: Follow this link

👋 Get Involved

Join the Industry 4.0 Club and be part of our vibrant community, dedicated to shaping the future of manufacturing. By actively participating, you can make a meaningful impact in advancing Industry 4.0 and contribute to reshaping the manufacturing landscape.

We’re always looking for new contributors to share their expertise, experience and spread the word. You can contact us directly at info@industry40club.com with subject like “Getting Involved” and follow us on all social media (LinkedIn & Twitter) or donate to help fund the club’s activities.

 💬 About Shaping the Future

Shaping the Future is Industry 4.0 Club’s official newsletter. We’ll be experiencing different formats over the coming weeks until we find the one that resonates the most with our members. You can help us improve by sharing feedback and suggestions. The newsletter will land in your inbox every Sunday morning; please subscribe to not miss anything and forward the email to someone you think would benefit from this.

If you were forwarded this and found it interesting, please subscribe and share!