Do you know that the mobile handset manufacturer Nokia once sold rubber boots? Wonder what’s the reason behind christening such off-beat name for oil major Shell? If your intuitions picked up the images of sea shells when you heard of it, you are bang on! There are many such stories behind today’s big names as they reinvented their businesses altogether. You don’t have to totally invent the business, which will be a bigger challenge, reinventing the manufacturing wheel will undoubtedly reap higher benefits. Read on to know more about how to reinvent your manufacturing wheel.
Introduced decades ago by an IBM worker, AI as it’s popularly known as has picked up its pace and cruised into almost all industries. Today the Weak AI (such as Siri, Cortana etc.) continue to dominate the industry while the strong AI is still in the development stage. However, AI can be best leveraged to reinvent your business wheel. By applying the advanced neural networks, you could churn out the voluptuous output in a day, which would otherwise consume weeks. In fact, Japanese robotics major FANUC stands as a testimony to our argument. This company deployed robots to build other robotic machines to carry out its manufacturing work.
China-based mobile handset spare parts manufacturer, Changying Precision proved its competitors wrong that using AI was never a wild goose chase. It successfully bolstered its productivity and even reduced its manpower to 60 from the earlier 650. It even had plans to further cut the force to 20, thanks to the AI that reinvented their business wheel.
It doesn’t stop with this company or this industry, Prima Frutta, a California based cherry company witnessed a steep growth of 50% production within a month after it switched to automated equipment that would take care of end-to-end manufacturing in blazing speed. The success story of Daimler Trucks North America’s Western Star Facility followed the same footsteps and clinched the success by embracing the digitization.
IoT is yet another technology with which companies are reinventing their business wheels. Several reports suggested that at least 6.4bn connected devices are in use, while the global spend on them would reach an estimated $16bn by 2025. According to the renowned software solutions group, Tata Consultancy Services said that the manufacturing industry has witnessed a revenue increase of at least 28.5%. IoT is also enabling the energy industry to fill the gaps as bills are generated in advance leaving a confusion about the accurate amount of energy used per month. At least 77% of companies reportedly fixed it by connecting the devices. French railway company, SNCF has leveraged IoT to predict the maintenance of the rail engines as the path-breaking technology pulls out the data from silos.
Conclusion: When Azim Premji moved to Bengaluru as an individual with meager thoughts to set up company, probably no one close to him would have thought that he would be the chairman of the company that yields nearly $6.9Bn from the US alone. When individuals can build empires from scratch, it wouldn’t be tough for enterprises to reinvent their wheel in the manufacturing industry. If you are in search of an end-to-end software solutions company to help you out, Techwave is here to help you out. For further queries, please email us at email@example.com.