We’re not in the business of looking back; as a software company focusing on Configure-Price-Quote solutions, our business thrives on looking forward, especially in the realm of Industry 4.0. We’re always working on the next release or a new way to serve our customers better. At the same time, with IoT, AR, and more innovations popping up each day, we can’t help but take notice. As we move into 2018, let’s look back at 3 pieces of news in December that caught our attention.
When it comes to Smart Manufacturing, or Industry 4.0, there’s always innovation happening around every corner in the manufacturing industry. Many large manufacturers have used Industry 4.0, from AR to IoT to Machine Learning, to streamline their businesses, increase productivity rates, and create brand new products. See our top 5 picks for innovations that you need to know about in December.
The JPMorgan Manufacturing Purchasing Managers' Index (PMI) has steadily hovered above the 50 point mark (indicating expansion instead of contraction) in the last year. This month it has hit its highest since April 2011, at 53.5. This leaves the industry looking healthy for Q4, with many countries (including Singapore, Germany, and the United States) showing increased activity in the manufacturing sector.
How can your company get ahead of the competition, win more RFQs, get more business, and keep costs low? Well, unless your business has a very unique product, your opportunities lie with streamlining your processes and a profitable sales approach.
Call it what you want - smart manufacturing, digital manufacturing or Industry 4.0, the end goal is an ingenious manufacturing method for a faster, smarter and better way of working. In the evolving landscape of this industry, companies must work towards reaching the expanding levels of smart manufacturing by utilising the potent combination of software, data analytic and Industrial Internet of Things (IIoT) to gain a competitive advantage. Due to the massive push towards digitising everything, manufacturers must learn to embrace the technology quickly or risk losing out to competition.
A for Automation, B for BOM, C for CPQ - Get your daily dose of ABCs.
With this glossary, we are bringing together relevant acronyms for manufacturing businesses and offer further guidance around these topics. We are aiming to help you build your vocabulary as we continuously update this list with the latest terms.
Tags: Manufacturing Automation, Cloud Computing, CPQ Configure Price Quote, Digital Manufacturing, EMS Electronics Manufacturing Services, ERP, Glossary, Manufacturing CRM, Manufacturing Business, OEM, SAP Cloud Platform, SAP ERP, BOM (Bill of Material), Industry 4.0, Manufacturing, Q2O, Smart Manufacturing