Manufacturing Industry Predictions for 2023

In February, Forbes took a deeper dive into some manufacturing industry and logistics predictions for 2023. Penned by Fabio Belloni, chief growth officer and cofounder of Quuppa, the leading authority on advanced location technologies, the article looked at the many challenges the manufacturing industry continues to deal with. These include ongoing supply chain disruptions and rising energy costs.

Thankfully, Belloni sees some good news on the horizon for the industry, too.

Efficiency – Location technologies, such as product-as-service (PaaS) business models are helping make manufacturers more efficient. The model is defined as the process of selling the outcomes a product can provide rather than the product itself. Manufacturers see PaaS as a smart way to create better customer engagement with the potential to expand business into new areas. The PaaS model also includes leasing, rather than selling equipment. Solutions providers have the opportunity to offer maintenance contracts and customization based on specific needs and conditions, according to Belloni.

Connections – The Internet of Things (IoT) is the connection of physical devices through a range of wireless conductors. Reporting information from sensors and actuators is received on a smartphone, tablet or reporting dashboard. IoT devices help manufacturers become more efficient in the ways they collect and analyze data. This is particularly important as younger generations seek out technology to streamline operations and detect inefficiencies. This information can also help improve the safety of operations and reduce unnecessary waste.

Belloni expects the capabilities of IoT to expand over the next two years. But the use of more technology also demands cybersecurity standards and awareness rise accordingly. Businesses must be more careful than ever to counteract the activities of bad actors. Safety measures could include the implementation of mobile device management strategies that add more security in the form of a secure VPN, password protection and/or GPS tracking.

Track and Document – The use of real-time data obtained through manufacturing execution systems (MES) is another trend in manufacturing industries. MES provides tracking and documentation of the overall manufacturing process with real-time data. The systems provide monitoring, production scheduling, inventory control, employee scheduling and reporting. It can also be used to keep track of parts, including descriptions and digital photos. MES integrates with enterprise resource planning systems, too.

Improved Safety – Continuing labor shortages mean manufacturers are trying to do as much or more with fewer people. With this comes increased chance of injury among employees. IoT technology can be one way manufacturers can upgrade their safety factor. This can include sensor-tracking body suits to improve posture and environmental sensors tasked with measuring air quality. Real-time locating systems let supervisors know where equipment and staff are at always.

The big question that remains is whether or not manufacturers, especially small- to medium-sized companies, have the ready funds to make these capital investments based on an unknown ROI.

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