🚀 Shaping the Future - Issue 36
This week's Fireside Chat will highlight CESMII's new program designed to train individuals to become Smart Manufacturing ready.
🚨3rd Annual MX.0 Southeast
Returning to Greenville, SC, for the third year, the MX.0 Southeast event brings regional manufacturers together, equipping them with the necessary lessons and network to take the steps from Industry 3.0 to 4.0, and beyond. The M(anufacturing) X.0 agenda hosts national and regional manufacturers on stage who share practical, tried, and tested examples of ‘how to do’ digital transformation.
2024’s agenda brings case studies in change management, applying AI and Mixed Reality, rolling out Digital Twins, planning and scaling systems and processes, Cobots and Robots, tackling workforce problems, real-time data analytics, and much more.
🧠Scale Digital Transformation Plans
Last week’s Fireside Chat delved into the importance of digital transformation in manufacturing, stressing its organizational-wide impact rather than being solely the responsibility of one individual. The panel discussed the challenges faced by small and medium-sized manufacturers in understanding and implementing digital initiatives, suggesting engagement with local manufacturing associations for exposure to industry trends and national organizations like Manufacturing USA institutes for resources, although acknowledging the difficulty of navigating such resources effectively.
You can watch the conversation below.
👩🏭IoT Adoption by OEMs
Last week’s Manufacturing Future and Technology episode revolved around the maintenance of equipment, particularly emphasizing the importance of IoT connectivity for proactive maintenance and remote diagnosis. The panel highlighted that maintaining old equipment can be costly, estimating maintenance at around 40% of the original cost due to a lifespan of 15 years and a maintenance period of 5 to 7 years. They find a 40% growth rate of connected assets to be low, suggesting it should be higher based on the doubling rate of installations.
You can watch the conversation below.
📚What we’ve read this week
Industry 4.0 is redefining the ‘smart’ industry [EY]
A wide range of technological innovations, including the industrial Internet of Things (IIoT), machine learning (ML), analytics, virtualization, and robotics, have fueled the rise of smart, automated industries in the past few years. With the increase of IoT sensors, the rollout of 5G, and deployment of edge cloud in factories, there will be an enormous amount of data available that can be collected and analyzed to optimize existing processes as well as improve quality, efficiency, and most importantly, turnover.
Capturing the true value of Industry 4.0 [McKinsey]
A select group of companies have started pulling ahead in their efforts to implement Industry 4.0 across their manufacturing networks. Leading manufacturers are now realizing significant value from data and analytics, AI, and machine learning (ML). However, a large majority remain stuck in pilot purgatory, struggling to capture the full potential of their transformation efforts or deliver a satisfactory return on investment.
Designing Factories That Are Built for the Future [Boston Consulting Group]
Manufacturers face a tough set of challenges right now. They need to boost productivity in their factories, but also reduce their environmental footprint. They have to be more flexible and adaptable to successfully respond to rapidly changing market conditions. And they are struggling to recruit, upskill, and retain top talent. Tackling any one of these challenges is hard; addressing them all requires a new approach.
Adapting Your Organization for Responsible AI [Bain]
Leading companies should commit to managing six specific system risks and to ensuring that key responsible AI commitments, governance processes, technology, and culture are in place.
How Industry 4.0 and AI Can Transform Manufacturing [Bain]
Around the world, manufacturers have spent the past 50 years implementing a range of programs and techniques to reduce costs and improve product quality and customer service. Those investments aren’t obsolete, but they also aren’t enough. To compete effectively in the future, you need to rethink what’s possible today.
🎤 Upcoming Events
👋 Get Involved
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💬 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.
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