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Manufacturing industry turning to robotics and AI in challenging economic landscape, says Deloitte

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The manufacturing industry is turning to robotics and artificial intelligence as well as a range of other strategies to navigate an increasingly challenging economic landscape, according to a report by Deloitte.

The management consultancy says that, as the risk of a global economic downturn grows, the industrial manufacturing industry faces a challenging landscape in 2020 replete with trade tensions, muted job growth, supply chain volatility and an ongoing skilled talent shortage.

Yet, despite these headwinds, industry leaders are rapidly developing coping strategies – not only to weather the brewing storm, but to thrive in spite of it. [Read more…] about Manufacturing industry turning to robotics and AI in challenging economic landscape, says Deloitte

Innovation in industrial manufacturing taking many forms, finds Deloitte

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Not all types of innovation are created equal when it comes to the transformation taking place today in the industrial manufacturing sector.

A new report series, Innovation in Industrial Manufacturing, by Deloitte about innovation in industrial manufacturing shows that patent-based innovation – in both business process improvement and new product development – has become a key marker for how industrial companies are leveraging their research and development budgets to remain competitive in the Fourth Industrial Revolution.

In the report series, Deloitte reviewed the US Patent and Trademark Office (USPTO) filings and citations of 43 Fortune 100 industrial manufacturers, between 2006-2018, and found important insights into how companies are investing in R&D, how digital technology is developing in the sector – specifically “exponential technologies” such as 3D printing, blockchain, cybersecurity, IoT, and so on – and outlines “winning approaches” to innovation for manufacturers. [Read more…] about Innovation in industrial manufacturing taking many forms, finds Deloitte

US skills gap worsens in manufacturing – new report

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As growth in the U.S. economy continues and manufacturers create more and more jobs in a thriving sector, the industry’s pre-existing workforce crisis could get even worse according to a new 2018 skills gap study, released by Deloitte and The Manufacturing Institute.

The widening manufacturing skills gap is expected to grow from about 488,000 jobs left open today to as many as 2.4 million manufacturing jobs going unfilled between this year and 2028 (compared with 2 million jobs between 2015 and 2025 per an earlier study).

In turn, $454 billion in manufacturing GDP could be at risk in 2028, or more than $2.5 trillion over the next decade.

[Read more…] about US skills gap worsens in manufacturing – new report

The growth of robotic process automation in life sciences and pharma

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In partnership with Intelligent Automation in Life Science

Robotic process automation, sometimes called “intelligent automation”, simply put, refers to the use of software to perform routine or repetitive tasks. 

An overly simple example might be setting up an auto-response on your email account for when you’re not around to answer a sender’s email yourself.

But that really is a gross over-simplification compared to what RPA can do. In theory, any task currently completed by a human could be done with RPA.  [Read more…] about The growth of robotic process automation in life sciences and pharma

Many manufacturers ‘falling behind’ in digital transformation, says Deloitte

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A large number of manufacturers are “falling behind” in the race towards digital transformation, according to a new study by Deloitte, one of the world’s largest management consultancies.

Deloitte says that even though the fourth industrial revolution, or Industry 4.0, was “born in the factory, many manufacturers were falling behind in adopting broader digital transformation initiatives that span the entire enterprise.

To provide a quick overview, digitalization refers to the practice of integrating operations technology, such as robots and other machines, with information technology, such as sensors, networks and, of course, computers.  [Read more…] about Many manufacturers ‘falling behind’ in digital transformation, says Deloitte

Manufacturers ‘slow’ to introduce digital supply chains, says new report

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Manufacturing companies are slow to integrate digital supply chains into their networks, according to a new report by Deloitte and the Manufacturers Alliance for Productivity and Innovation. 

Deloitte, one of the largest management consultancies in the world, says the lag is occurring despite the “significant advantages” digital supply networks, or DSNs, can provide.

The study, Embracing a digital future: How manufacturers can unlock the transformative benefits of digital supply networks, reveals a disconnect between executives’ opinions of their DSN efforts and actual implementation.  [Read more…] about Manufacturers ‘slow’ to introduce digital supply chains, says new report

Foundational insights: Exclusive interview with Deloitte’s manufacturing leader

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Some sectors of technology change so fast it can be bewildering for people whose jobs and livelihoods depend on keeping up with new innovations and developments which can mean the difference between profit and loss, success and failure. 

Traditionally, larger companies have been wary of the threat of smaller, more nimble and more flexible competitors launching more innovative products and services faster and at a lower price point and taking away their market share.

It doesn’t always happen, but it does sometimes. Corporate history is littered with many stories of successful companies which went from being the dominant market leader to being an also-ran, or worse.  [Read more…] about Foundational insights: Exclusive interview with Deloitte’s manufacturing leader

The growing importance of software in the manufacturing sector

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It’s not just manufacturing – it applies to all industries. But manufacturing is the sector that outside observers might expect to be the least affected by the digital world. 

Nothing could be further from the truth of course, especially now.

Some people might think that everything in a factory is entirely mechanical, and maybe just has some electrical components – with a chip or two for the industrial robots.

But increasingly, factories are becoming a hive of hi-tech activity, and the new buzz is almost entirely about the software.  [Read more…] about The growing importance of software in the manufacturing sector

HP and Deloitte partner to provide digital technologies for industrial companies

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HP, one of the world’s largest manufacturers of computer technology, and Deloitte Consulting have partnered to provide a range of products and services intended to help industrial companies to digitise their operations. 

The idea of digitalisation is still something many industrial companies are getting used to, and it’s something that has yet to be fully realised.

Many large industrials, such as Siemens and GE Digital, have demonstrated various facets of what digitisation means, but the reality may be that it’s too big and complex to even describe in a short time.  [Read more…] about HP and Deloitte partner to provide digital technologies for industrial companies

Americans positive about future of manufacturing but wouldn’t want to work in it

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Americans are optimistic about the future of manufacturing despite saying they wouldn’t want to work in the sector. 

The US manufacturing industry suffers from an important image problem that undermines its competitiveness, says a new opinion survey by Deloitte and the National Association of Manufacturers.

Only 50 per cent of Americans think manufacturing jobs are interesting and less than 30 per cent are likely to encourage their children to pursue a career.  [Read more…] about Americans positive about future of manufacturing but wouldn’t want to work in it