Manufacturers embrace digital tech, decarbonization, cost-cutting, labor shortages, ROI from data harmonization in 2023.
The manufacturing industry has been undergoing a major shift over the past few years, with digital technologies being adopted on a large scale. This trend is expected to continue in 2023, as companies look to gain greater productivity and efficiency from the use of machine learning, artificial intelligence, and other digital solutions. Companies are also looking to reduce their emissions and minimize their resource consumption in order to meet their decarbonization goals. Additionally, cost-cutting has become a priority due to the inflationary environment, and labor shortages are causing companies to look for creative solutions to fill gaps in their workforce.
In order to make the most of the labor shortage and generate ROI from their data harmonization efforts, companies will be investing more in technologies that enable quick learning and reduce the need for on-the-job training. Automation will be considered as an option to fill the gaps left by missing factory employees, but digital solutions that make the jobs of existing employees easier will also be popular. Artificial intelligence and machine learning can be used to derive insights from data that would be too complex for the human eye to detect.
2023 will likely be a year of both challenges and opportunities for the manufacturing industry. Companies will have to continue to invest in digital solutions in order to keep up with the changing landscape, but this investment will also bring about significant gains in productivity and efficiency. In addition, companies that lag behind in their environmental accomplishments will face more negative consequences. As the manufacturing industry continues its journey towards Industry 4.0, more innovation is expected to be embraced.