Emerging Technologies
Industrial Metaverse: The industrial metaverse has the potential to boost labor productivity by 12%, potentially addressing the skilled labor shortage
Generative AI: This technology shows promise in product design, aftermarket services, and supply chain management, offering cost reductions and improved efficiency
Investments in the right technologies can help manufacturers pivot quickly. For example, enhanced data and analytics capabilities can improve forecasting. Additionally, it could also accelerate the value mapping of suppliers and raw materials along with the impact of a shortage. This advanced analysis can expedite the implementation of preventive measures during uncertain periods.
Implementing digital capabilities across the value chain can help secure profitability, and manufacturers have multiple levers to engage when it comes to digital sophistication. The right mix of technology adoption that strengthens the core (process automation, data analytics) while also pushing the edges can improve efficiency.
Robotics and automation can enhance efficiency, whereas artificial intelligence and machine learning capabilities can provide the required edge. Increased automation is likely to drive productivity but also lead to changes in the workforce composition in the industry. For example, some manufacturers have accelerated warehouse automation in response to pandemic-related labor shortages.
