Real-world realities, ranging from shifting trade agreements and an increasingly competitive landscape, are pushing manufacturers to innovate business processes and embrace digital technologies. Applying third platform technologies such as cloud, big data/analytics, social business, and mobile, will be critical to success.
“Manufacturers are actively applying innovative technologies to their service processes and starting to see measurable results. Companies that haven't yet started experimenting with augmented reality, service bots, or blockchain for improved customer engagement will fall behind their peers quickly as this technology continues to evolve rapidly,” said Heather Ashton, research manager, Service Innovation and Connected Products Strategies at IDC.
Meanwhile, innovation accelerators like IoT, blockchain, augmented reality/virtual reality (AR/VR), and cognitive computing will further enhance manufacturing businesses. “It's not data deluge itself that is driving interest in innovation accelerators — it's the common challenges and business drivers that manufacturers face every day: enterprise quality, understanding customer needs, improving productivity, and ensuring a good customer experience. Machine learning, combined with IoT and cognitive analytics, will become a tool for effectively managing these challenges,” said Jeff Hojlo, program director, Product Innovation Strategies at IDC.
These two analysts have ten predictions for the industry, which are features in a new report from IDC Manufacturing Insights, titled IDC FutureScape: Worldwide Manufacturing Product and Service Innovation 2018 Predictions. We sat down with both to drill down into the predictions in more detail. Click on the image below to start a slideshow that looks at what to expect in manufacturing in the next five years.
What trends are most affecting your business? Let us know in the comments section today.
— Hailey Lynne McKeefry, Editor in Chief, EBN