How will Smart Factory Benefit Organizations?
Smart factory brings together freshly emerging and disruptive technologies to realize unparalleled levels of operational performance, signifying zero losses. Its solution integrates human abilities and intelligent technologies to assist speed up and sustain performance improvement.
Benefits that Smart Factory bring back Firms
According to a study, the worldwide smart factory market is projected to grow from slightly below $212 billion in 2017 to $358 billion by 2023. The momentum is justified by significant operational benefits that a sensible factory can generate for manufacturers embracing it. a number of the benefits comprise:
• On-demand, real-time visibility into performance across the assembly chain.
• Information and technologies to perk up physical process control.
• Refine master production and processes through advanced analytics.
• Adaptive, flexible, and proactive creation.
• End-to-end integration with customers and suppliers.
These benefits translate into a big impact on key performance metrics. for instance, by enhancing Overall Equipment Effectiveness (OEE), the smart factories can facilitate manufacturers defer capital investment and increase revenue. Additionally, they will also improve workforce morale and productivity and substantially reduce operational costs. The intelligent factory features a notable impact across critical areas of supply chain management and manufacturing operations.
There are vital challenges related to the execution and smooth functioning of a sensible factory. The adoption of digital manufacturing in an in-depth manner would pose a substantial number of challenges. While uncertain economic benefits and cybersecurity technologies are the first reasons, other factors would be equally crucial.
Some of the crucial challenges comprise:
• Uncertain economic benefits of online investment.
• Lack of individuals skills in technology, cybersecurity, and analytics.
• Lack of understanding of the effect of digital manufacturing.
• Inadequate technology infrastructure in terms of OT-IT and hardware.
• Standardization of assets, technologies, people, and processes.
• The danger related to information security and data privacy.
• Lack of leadership support and clear vision.
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