Manufacturing Trends for 2021
Despite the turmoil of 2020 still lingering into the new year, there are trends to watch for in 2021. The following are a few of the topics manufacturers will be talking about.
The Internet of Things (IoT) has been in the industrial world for a while now and it tops 2021’s list as well. IoT is the connection of different devices in a company’s internet infrastructure. It lets manufacturers make better decisions using real-time data to lower costs, raise efficiency, increase safety, just to name a few benefits. According to a studies, over 30% of manufacturers have plans to incorporate IoT technology into their processes and incorporate IoT technology into products.
Equipment shutdowns are a major cost to manufacturers because of downtime, loss of productivity, and lower customer satisfaction. A recent report indicates an hour of downtime results in over $100,000 in lost revenue from 98% of the manufacturers surveyed. Predictive maintenance programs can minimize unplanned failures while prolonging equipment life. Using IoT technology and predictive analytics, manufacturers track equipment performance to better evaluate systems for predictive maintenance programs.
The Job Market
Industry hasn’t been left unaffected by the job loss due to the COVID-19 pandemic. Manufacturers producing non-essential items have been suffered the most. On the other hand, producers of essential goods have increased production and hired new workers. In 2021, owners will need to monitor workforce and shifts in demand. Tech and data- savvy employees will be in high demand because of the continuing shortage of tech-skilled candidates.